Table 4. Endogenous mediating mechanism analysis, full sample.
| (Model 1c) | (Model 2c) | (Model 3c) | (Model 4c) | (Model 5c) | (Model 6c) | |
|---|---|---|---|---|---|---|
| LnRD | LnRD | LnRD | LnRD | RDI | LnRD | |
| LnGS | 0.131*** | 0.0724*** | 0.0788*** | 0.0589*** | 0.0589*** | 0.0920*** |
| (10.57) | (6.40) | (6.73) | (5.03) | (5.03) | (7.97) | |
| CF1 | -0.0517** | -0.0729*** | -0.0730*** | -0.0445* | ||
| (-2.67) | (-3.77) | (-3.77) | (-2.30) | |||
| LnGS * CF1 | 0.00319** | 0.00432*** | 0.00432*** | 0.00278* | ||
| (2.94) | (3.99) | (3.99) | (2.58) | |||
| S | 0.0146** | 0.0150** | 0.0212*** | 0.0212*** | 0.0135** | |
| (3.12) | (2.97) | (4.22) | (4.22) | (-2.67) | ||
| ROE | 0.645*** | 0.265 | 0.645*** | 0.645*** | 0.401* | |
| (3.49) | (1.43) | (3.43) | (3.43) | (2.19) | ||
| Size | 0.674*** | 0.786*** | 0.655*** | -0.345*** | 0.789*** | |
| (23.93) | (36.9) | (22.83) | (-12.04) | (39.01) | ||
| OC | -0.646*** | -1.085*** | -0.669*** | -0.668*** | -0.899*** | |
| (-3.63) | (-6.42) | (-3.78) | (-3.77) | (-6.18) | ||
| Q | 0.0229* | 0.0225** | 0.0185* | 0.0185* | 0.0266*** | |
| (2.47) | (2.88) | (1.99) | (1.99) | (3.45) | ||
| Constant term | 15.22*** | 1.914** | -0.265 | 2.545*** | 9.455*** | -0.619 |
| (79.02) | (3.25) | (-0.59) | (4.18) | (15.53) | (-1.48) | |
| N | 2960 | 2960 | 2960 | 2960 | 2960 | 2960 |
| Model specification | TWFE | TWFE | FE | TWFE | TWFE | RE |
| Individual FE | Y | Y | Y | Y | Y | N |
| Time FE | Y | Y | N | Y | Y | N |
| R 2 | 0.4353 | 0.5602 | 0.5469 | 0.5635 | 0.0951 | |
| F/WALD | 248.80 | 252.48 | 389.52 | 221.63 | 18.04 | 3354.79 |
Sources: RESSET database and China Stock Market (CSMAR) database, 2012–2019.
Notes: 1) FE: Fixed–effect model, RE: Random–effected model; TWFE: Two–ways fixed–effect. 2) the value of t–test in parentheses, sig: * p<0.1, ** p<0.05, *** p<0.01.