Multiple regression results on R&D: proximity and interactions between proximity and moderating variables
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| Dependent | R&D | R&D | R&D | R&D | R&D | R&D | R&D | R&D | L. R&D |
| GD | −0.347*** (−3.95) | −0.269** (−2.36) | −0.258*** (−2.60) | −0.201*** (−2.72) | −0.192** (−2.52) | −0.210** (−2.57) | |||
| Related | 0.703** (2.00) | 1.693*** (3.46) | 0.708** (2.05) | ||||||
| Sup5 | −0.025*** (−3.11) | 0.018 (0.14) | 0.027** (2.31) | ||||||
| GD*Sup5 | 0.0016 (0.69) | ||||||||
| Cus5 | −0.024*** (−2.58) | ||||||||
| GD *Cus5 | 0.0015 (0.67) | ||||||||
| Gap1 | 0.468*** (7.64) | ||||||||
| GD *Gap1 | 0.0043* (1.82) | ||||||||
| Gap2 | 0.079*** (3.47) | ||||||||
| GD *Gap2 | 0.0052* (1.75) | 0.118*** (3.82) | |||||||
| Related* Sup5 | 0.023** (2.56) | ||||||||
| Related*Gap2 | −0.019 (−1.14) | ||||||||
| Concur | −1.647*** (−4.11) | −0.576* (−1.71) | −1.424*** (−4.32) | −1.470*** (−4.45) | −1.505*** (−4.65) | −1.487*** (−4.53) | −1.492*** (−4.52) | −1.605*** (−4.87) | −0.498 (−1.00) |
| Director | −0.117 (−0.76) | 0.080 (0.67) | 0.003 (0.03) | −0.015 (−0.12) | −0.036 (−0.31) | 0.005 (0.04) | −0.027 (−0.23) | 0.006 (0.05) | −0.129 (−0.82) |
| Ex_share | 0.002 (0.17) | 0.031*** (3.04) | 0.024** (2.40) | 0.023** (2.31) | 0.022** (2.31) | 0.019** (1.97) | 0.019* (1.84) | 0.015 (1.46) | 0.0187 (1.31) |
| Size | 0.789* (1.96) | 0.167 (0.56) | 0.098 (0.33) | 0.158 (0.53) | 0.366 (1.28) | 0.379 (1.29) | 0.107 (0.36) | 0.344 (1.17) | 0.278 (0.73) |
| Lev | −7.369*** (−4.40) | −5.456*** (−4.02) | −5.787*** (−4.34) | −5.670*** (−4.23) | −53.01*** (−8.58) | −11.48*** (−6.09) | −5.752*** (−4.32) | −11.37*** (−6.04) | −3.817** (−2.15) |
| ROA | −17.76*** (−5.30) | −13.50*** (−5.75) | −14.07*** (−6.08) | −13.41*** (−5.76) | −14.87*** (−6.48) | −13.93*** (−6.00) | −14.21*** (−6.15) | −13.81*** (−5.97) | 0.744 (0.21) |
| Cash | 0.0183 (0.02) | 0.532 (0.54) | 0.607 (0.63) | 0.479 (0.49) | −0.399 (−0.42) | 0.218 (0.23) | 0.723 (0.75) | 0.406 (0.42) | 1.45 (1.02) |
| Operate | −0.649 (−0.33) | −0.71 (−0.42) | 1.438 (0.89) | 1.126 (0.69) | 1.29 (0.81) | 1.062 (0.66) | 1.524 (0.94) | 0.864 (0.53) | 3.132 (1.14) |
| Finance | −3.259*** (−5.33) | −2.607*** (−4.65) | −2.605*** (−4.65) | −2.514*** (−4.45) | −2.319*** (−4.18) | −2.348*** (−4.20) | −2.602*** (−4.65) | −2.395*** (−4.26) | 0.288 (0.17) |
| Cons | −1.467 (−0.18) | 4.451 (0.71) | 10.07 (1.62) | 8.763 (1.41) | 16.92*** (2.76) | 4.929 (0.81) | 8.02 (1.28) | 4.766 (0.77) | 1.861 (0.23) |
| R-sq | 0.174 | 0.093 | 0.112 | 0.102 | 0.111 | 0.112 | 0.116 | 0.131 | 0.110 |
| Chi2 | 124.7*** | 101*** | 136.33*** | 132.44*** | 197.66*** | 147.79*** | 139.7 | 143.4 | 140.9*** |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| Dependent | R&D | R&D | R&D | R&D | R&D | R&D | R&D | R&D | L. R&D |
| GD | −0.347*** (−3.95) | −0.269** (−2.36) | −0.258*** (−2.60) | −0.201*** (−2.72) | −0.192** (−2.52) | −0.210** (−2.57) | |||
| Related | 0.703** (2.00) | 1.693*** (3.46) | 0.708** (2.05) | ||||||
| Sup5 | −0.025*** (−3.11) | 0.018 (0.14) | 0.027** (2.31) | ||||||
| GD*Sup5 | 0.0016 (0.69) | ||||||||
| Cus5 | −0.024*** (−2.58) | ||||||||
| GD *Cus5 | 0.0015 (0.67) | ||||||||
| Gap1 | 0.468*** (7.64) | ||||||||
| GD *Gap1 | 0.0043* (1.82) | ||||||||
| Gap2 | 0.079*** (3.47) | ||||||||
| GD *Gap2 | 0.0052* (1.75) | 0.118*** (3.82) | |||||||
| Related* Sup5 | 0.023** (2.56) | ||||||||
| Related*Gap2 | −0.019 (−1.14) | ||||||||
| Concur | −1.647*** (−4.11) | −0.576* (−1.71) | −1.424*** (−4.32) | −1.470*** (−4.45) | −1.505*** (−4.65) | −1.487*** (−4.53) | −1.492*** (−4.52) | −1.605*** (−4.87) | −0.498 (−1.00) |
| Director | −0.117 (−0.76) | 0.080 (0.67) | 0.003 (0.03) | −0.015 (−0.12) | −0.036 (−0.31) | 0.005 (0.04) | −0.027 (−0.23) | 0.006 (0.05) | −0.129 (−0.82) |
| Ex_share | 0.002 (0.17) | 0.031*** (3.04) | 0.024** (2.40) | 0.023** (2.31) | 0.022** (2.31) | 0.019** (1.97) | 0.019* (1.84) | 0.015 (1.46) | 0.0187 (1.31) |
| Size | 0.789* (1.96) | 0.167 (0.56) | 0.098 (0.33) | 0.158 (0.53) | 0.366 (1.28) | 0.379 (1.29) | 0.107 (0.36) | 0.344 (1.17) | 0.278 (0.73) |
| Lev | −7.369*** (−4.40) | −5.456*** (−4.02) | −5.787*** (−4.34) | −5.670*** (−4.23) | −53.01*** (−8.58) | −11.48*** (−6.09) | −5.752*** (−4.32) | −11.37*** (−6.04) | −3.817** (−2.15) |
| ROA | −17.76*** (−5.30) | −13.50*** (−5.75) | −14.07*** (−6.08) | −13.41*** (−5.76) | −14.87*** (−6.48) | −13.93*** (−6.00) | −14.21*** (−6.15) | −13.81*** (−5.97) | 0.744 (0.21) |
| Cash | 0.0183 (0.02) | 0.532 (0.54) | 0.607 (0.63) | 0.479 (0.49) | −0.399 (−0.42) | 0.218 (0.23) | 0.723 (0.75) | 0.406 (0.42) | 1.45 (1.02) |
| Operate | −0.649 (−0.33) | −0.71 (−0.42) | 1.438 (0.89) | 1.126 (0.69) | 1.29 (0.81) | 1.062 (0.66) | 1.524 (0.94) | 0.864 (0.53) | 3.132 (1.14) |
| Finance | −3.259*** (−5.33) | −2.607*** (−4.65) | −2.605*** (−4.65) | −2.514*** (−4.45) | −2.319*** (−4.18) | −2.348*** (−4.20) | −2.602*** (−4.65) | −2.395*** (−4.26) | 0.288 (0.17) |
| Cons | −1.467 (−0.18) | 4.451 (0.71) | 10.07 (1.62) | 8.763 (1.41) | 16.92*** (2.76) | 4.929 (0.81) | 8.02 (1.28) | 4.766 (0.77) | 1.861 (0.23) |
| 0.174 | 0.093 | 0.112 | 0.102 | 0.111 | 0.112 | 0.116 | 0.131 | 0.110 | |
| Chi2 | 124.7*** | 101*** | 136.33*** | 132.44*** | 197.66*** | 147.79*** | 139.7 | 143.4 | 140.9*** |
N = 1,126; t-statistics in parentheses; *p < 0.1; **p < 0.05; ***p < 0.01 (Two-tailed tests of significance)
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