Table 5. Exogenous mediating mechanism analysis, full sample.
| (Model 1d) | (Model 2d) | (Model 3d) | (Model 4d) | (Model 5d) | (Model 6d) | |
|---|---|---|---|---|---|---|
| LnRD | LnRD | LnRD | LnRD | RDI | LnRD | |
| LnGS | 0.131*** | 0.0724*** | 0.0876*** | 0.0712*** | 0.0712*** | 0.0995*** |
| (10.57) | (6.4) | (7.71) | (6.29) | (6.29) | (8.9) | |
| CF2 | 0.380** | 0.336* | 0.336* | 0.314* | ||
| (2.66) | (2.39) | (2.38) | (2.23) | |||
| LnGS * CF2 | -0.0230* | -0.0200* | -0.0200* | -0.0181* | ||
| (-2.54) | (-2.24) | (-2.24) | (-2.03) | |||
| S | 0.0146** | 0.0113* | 0.0151** | 0.0151** | 0.0106* | |
| (3.12) | (2.39) | (3.23) | (3.23) | (2.24) | ||
| ROE | 0.645*** | 0.299 | 0.613** | 0.614** | 0.405* | |
| (3.49) | (1.59) | (3.21) | (3.22) | (2.18) | ||
| Size | 0.674*** | 0.801*** | 0.680*** | -0.320*** | 0.809*** | |
| (23.93) | (36.37) | (22.83) | (-10.74) | (38.79) | ||
| OC | -0.646*** | -1.033*** | -0.635*** | -0.634*** | -0.850*** | |
| (-3.63) | (-6.06) | (-3.56) | (-3.56) | (-5.80) | ||
| Q | 0.0229* | 0.0239** | 0.0231* | 0.0231* | 0.0282*** | |
| (2.47) | (3.05) | (2.48) | (2.48) | (3.66) | ||
| Constant term | 15.22*** | 1.914** | -0.751 | 1.792** | 8.700*** | -1.196** |
| (79.02) | (3.25) | (-1.64) | (2.87) | (13.94) | (-2.81) | |
| N | 2960 | 2960 | 2960 | 2960 | 2960 | 2960 |
| Model specification | FE | 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 | 0.5456 | 0.5613 | 0.0905 | |
| F/WALD | 248.80 | 252.48 | 387.58 | 219.64 | 17.08 | 3341.96 |
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.