TABLE 5.

State-owned enterprises.

	(1)	(1)	(1)	(2)	(2)	(2)	(3)	(3)	(3)
Variables	Innov	Innov	Innov	Innov	Innov	Innov	Innov	Innov	Innov
fin	11.95***			9.32***			7.35***
	(0.60)			(1.035)			(0.354)
co		15.45***			14.62***			10.56***
		(1.033)			(1.93)			(0.847)
de			7.11***			2.88***			1.77*
			(0.392)			(0.445)			(0.654)
loan				12.57**	−4.86	23.91***
				(3.29)	(4.62)	(2.08)
fin × loan				0.19*
				(0.068)
co × loan					−0.03
					(0.112)
de × loan						0.42***
						(0.03)
sto							−9.11**	9.270***	10.79**
							(1.86)	(1.067)	(2.89)
fin × sto							0.32**
							(0.05)
co × sto								0.339***
								(0.025)
de × sto									0.38**
									(0.07)
Control variables:	Control	Control	Control	Control	Control	Control	Control	Control	Control
Constant	327.0**	396.75**	205.28**	272.30**	350.46*	154.33***	457.19**	547.62**	293.25***
	(67.99)	(95.82)	(39.27)	(68.31)	(110.79)	(22.66)	(97.20)	(113.66)	(46.74)
Year	Control	Control	Control	Control	Control	Control	Control	Control	Control
ID	Control	Control	Control	Control	Control	Control	Control	Control	Control
N	216	216	216	216	216	216	216	216	216
R-squared	0.67	0.716	0.559	0.688	0.727	0.601	0.697	0.743	0.605

Robust standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1.