Multiple regression results on R&D: Interactions between two proximity types and alternative measures for R&D and proximity
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Dependent | R&D | Quantity | Performance | R&D | R&D | R&D | R&D | R&D |
| GD | −0.268** (−2.20) | −0.395** (−2.32) | −0.632** (−2.03) | −2.267*** (−4.57) | −0.308*** (−3.15) | |||
| Related | 0.698 (1.36) | 1.069** (2.56) | 0.52 (1.28) | 5.536*** (3.59) | 63.00*** (2.89) | |||
| GD* related | 0.082* (1.69) | |||||||
| Sup5 | −0.081 (−0.89) | |||||||
| GD* Sup5 | 0.006 (0.84) | |||||||
| Ftype | 0.015** (2.36) | |||||||
| Concur | −1.710*** (−4.26) | −0.216 (−1.31) | 0.228 (0.56) | −0.983 (−1.53) | −3.366*** (−4.39) | −24.89*** (−2.74) | −0.779 (−1.40) | −1.543*** (−4.65) |
| Director | −0.12 (−0.77) | 0.03 (0.56) | 0.010 (0.08) | −0.202 (−1.11) | −0.271** (−2.00) | −1.273 (−1.03) | −0.032 (−0.17) | −0.022 (−0.18) |
| Ex_share | −0.025 (−0.21) | −0.025 (−0.89) | 0.059 (1.06) | −0.061*** (−2.92) | −0.121*** (−3.02) | −1.584*** (−2.77) | −0.009 (−0.03) | 0.019* (1.82) |
| Size | 0.811** (2.01) | 0.376*** (3.09) | 0.19 (0.69) | 0.633 (1.39) | 0.515* (1.65) | 6.856* (1.95) | 0.253 (0.52) | 0.286 (0.96) |
| Lev | −7.095*** (−4.22) | 0.583 (1.02) | −0.34 (−0.32) | −3.192 (−1.36) | −4.923*** (−3.19) | −18.1 (−1.26) | −2.589 (−1.15) | −5.825*** (−4.34) |
| ROA | −18.15*** (−5.41) | 0.798 (0.47) | 0.056 (0.02) | −0.223 (−0.03) | −20.57*** (−3.94) | −62.85 (−1.57) | −9.456** (−2.04) | −13.81*** (−5.88) |
| Cash | 0.029 (0.02) | −0.222 (−0.28) | −0.84 (−0.62) | 6.121*** (2.86) | 9.044*** (6.28) | 4.584 (0.35) | 2.001 (0.95) | 0.279 (0.29) |
| Operate | −0.848 (−0.43) | 0.256 (0.27) | 1.706 (0.83) | 4.721 (0.90) | 11.08** (2.45) | 51.85 (1.56) | −1.622 (−0.57) | 1.441 (0.88) |
| Finance | −3.259*** (−5.33) | −0.038 (−0.08) | 0.003 (0.07) | −3.575** (−2.21) | −4.095*** (−3.20) | −25.05 (−1.17) | −3.441*** (−3.52) | −2.493*** (−4.38) |
| _cons | −2.697 (−0.32) | 0.618 (0.18) | 7.306 (1.02) | −1.093 (−0.12) | −2.196 (−0.34) | −136.3* (−1.85) | 4.752 (0.47) | 4.686 (0.75) |
| N | 1126 | 1126 | 1126 | 1126 | 1126 | 703 | 670 | 1106 |
| R-sq | 0.176 | 0.222 | 0.347 | – | – | – | 0.101 | 0.112 |
| chi2 | 126.5 | 124.89 | 73.8 | 92.92 | 151.7 | 111.41 | 116.47 | 121.42 |
| p | 3.06E-21 | 0.001 | 0.009 | 1.41E-15 | 1.70E-27 | 0.0326 | 6.99E-05 | 2.60E-21 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Dependent | R&D | Quantity | Performance | R&D | R&D | R&D | R&D | R&D |
| GD | −0.268** (−2.20) | −0.395** (−2.32) | −0.632** (−2.03) | −2.267*** (−4.57) | −0.308*** (−3.15) | |||
| Related | 0.698 (1.36) | 1.069** (2.56) | 0.52 (1.28) | 5.536*** (3.59) | 63.00*** (2.89) | |||
| GD | 0.082* (1.69) | |||||||
| Sup5 | −0.081 (−0.89) | |||||||
| GD | 0.006 (0.84) | |||||||
| Ftype | 0.015** (2.36) | |||||||
| Concur | −1.710*** (−4.26) | −0.216 (−1.31) | 0.228 (0.56) | −0.983 (−1.53) | −3.366*** (−4.39) | −24.89*** (−2.74) | −0.779 (−1.40) | −1.543*** (−4.65) |
| Director | −0.12 (−0.77) | 0.03 (0.56) | 0.010 (0.08) | −0.202 (−1.11) | −0.271** (−2.00) | −1.273 (−1.03) | −0.032 (−0.17) | −0.022 (−0.18) |
| Ex_share | −0.025 (−0.21) | −0.025 (−0.89) | 0.059 (1.06) | −0.061*** (−2.92) | −0.121*** (−3.02) | −1.584*** (−2.77) | −0.009 (−0.03) | 0.019* (1.82) |
| Size | 0.811** (2.01) | 0.376*** (3.09) | 0.19 (0.69) | 0.633 (1.39) | 0.515* (1.65) | 6.856* (1.95) | 0.253 (0.52) | 0.286 (0.96) |
| Lev | −7.095*** (−4.22) | 0.583 (1.02) | −0.34 (−0.32) | −3.192 (−1.36) | −4.923*** (−3.19) | −18.1 (−1.26) | −2.589 (−1.15) | −5.825*** (−4.34) |
| ROA | −18.15*** (−5.41) | 0.798 (0.47) | 0.056 (0.02) | −0.223 (−0.03) | −20.57*** (−3.94) | −62.85 (−1.57) | −9.456** (−2.04) | −13.81*** (−5.88) |
| Cash | 0.029 (0.02) | −0.222 (−0.28) | −0.84 (−0.62) | 6.121*** (2.86) | 9.044*** (6.28) | 4.584 (0.35) | 2.001 (0.95) | 0.279 (0.29) |
| Operate | −0.848 (−0.43) | 0.256 (0.27) | 1.706 (0.83) | 4.721 (0.90) | 11.08** (2.45) | 51.85 (1.56) | −1.622 (−0.57) | 1.441 (0.88) |
| Finance | −3.259*** (−5.33) | −0.038 (−0.08) | 0.003 (0.07) | −3.575** (−2.21) | −4.095*** (−3.20) | −25.05 (−1.17) | −3.441*** (−3.52) | −2.493*** (−4.38) |
| _cons | −2.697 (−0.32) | 0.618 (0.18) | 7.306 (1.02) | −1.093 (−0.12) | −2.196 (−0.34) | −136.3* (−1.85) | 4.752 (0.47) | 4.686 (0.75) |
| 1126 | 1126 | 1126 | 1126 | 1126 | 703 | 670 | 1106 | |
| 0.176 | 0.222 | 0.347 | – | – | – | 0.101 | 0.112 | |
| chi2 | 126.5 | 124.89 | 73.8 | 92.92 | 151.7 | 111.41 | 116.47 | 121.42 |
| 3.06E-21 | 0.001 | 0.009 | 1.41E-15 | 1.70E-27 | 0.0326 | 6.99E-05 | 2.60E-21 |
t-statistics in parentheses; *p < 0.1; **p < 0.05; ***p < 0.01 (Two-tailed tests of significance)
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