Table 17 Cross-ownership and firms’...

Table 17

Cross-ownership and firms’ innovation quality and efficiency

	(1)	(2)	(3)
	${C i t e}_{t + 1}$	${A p p l y_r a t i o}_{t + 1}$	${A p p l y_I r a t i o}_{t + 1}$
Cross	0.116*	0.006**	0.010***
Cross	(0.064)	(0.003)	(0.003)
Growth	−0.021	−0.004***	−0.002***
Growth	(0.018)	(0.001)	(0.001)
IND	0.498**	0.017	0.012
IND	(0.240)	(0.011)	(0.010)
Lev	−0.290***	0.001	0.001
Lev	(0.093)	(0.004)	(0.004)
Cash	−0.496***	−0.002	−0.000
Cash	(0.123)	(0.006)	(0.005)
PPE	−0.790***	−0.046***	−0.039***
PPE	(0.093)	(0.004)	(0.004)
ROA	−0.513**	0.175***	0.131***
ROA	(0.241)	(0.011)	(0.009)
Share	−0.400***	0.003	−0.011***
Share	(0.096)	(0.005)	(0.004)
Separation	0.255	−0.010	−0.000
Separation	(0.178)	(0.008)	(0.007)
SOE	0.115***	−0.004**	0.002
SOE	(0.034)	(0.002)	(0.001)
Size	0.580***	0.010***	0.012***
Size	(0.018)	(0.001)	(0.001)
Tobin_q	0.102***	−0.002***	0.001
Tobin_q	(0.012)	(0.001)	(0.001)
Age	−0.127***	−0.016***	−0.012***
Age	(0.039)	(0.002)	(0.002)
Year FEs	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes
Constant	−13.077***	−0.151***	−0.225***
Constant	(0.457)	(0.026)	(0.023)
Observations	10,020	17,168	17,168
$R^{2}$	0.308	0.200	0.156

	(1)	(2)	(3)
	${C i t e}_{t + 1}$	${A p p l y_r a t i o}_{t + 1}$	${A p p l y_I r a t i o}_{t + 1}$
Cross	0.116*	0.006**	0.010***
Cross	(0.064)	(0.003)	(0.003)
Growth	−0.021	−0.004***	−0.002***
Growth	(0.018)	(0.001)	(0.001)
IND	0.498**	0.017	0.012
IND	(0.240)	(0.011)	(0.010)
Lev	−0.290***	0.001	0.001
Lev	(0.093)	(0.004)	(0.004)
Cash	−0.496***	−0.002	−0.000
Cash	(0.123)	(0.006)	(0.005)
PPE	−0.790***	−0.046***	−0.039***
PPE	(0.093)	(0.004)	(0.004)
ROA	−0.513**	0.175***	0.131***
ROA	(0.241)	(0.011)	(0.009)
Share	−0.400***	0.003	−0.011***
Share	(0.096)	(0.005)	(0.004)
Separation	0.255	−0.010	−0.000
Separation	(0.178)	(0.008)	(0.007)
SOE	0.115***	−0.004**	0.002
SOE	(0.034)	(0.002)	(0.001)
Size	0.580***	0.010***	0.012***
Size	(0.018)	(0.001)	(0.001)
Tobin_q	0.102***	−0.002***	0.001
Tobin_q	(0.012)	(0.001)	(0.001)
Age	−0.127***	−0.016***	−0.012***
Age	(0.039)	(0.002)	(0.002)
Year FEs	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes
Constant	−13.077***	−0.151***	−0.225***
Constant	(0.457)	(0.026)	(0.023)
Observations	10,020	17,168	17,168
$R^{2}$	0.308	0.200	0.156

Note(s): The number of patents cited (Cite) in year t+1 from the CSMAR database is utilized to measure innovation quality. The firms’ innovation efficiency is measured by the ratio of the number of patent applications to the amount of R&D investment (Apply_ratio, Apply_I ratio). ***, ** and * denote signiﬁcance at the 1%, 5% and 10% level, respectively

Source(s): Authors' own work

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