Table 6.
Tests for mediating effects of R&D investment.
| (1) | (2) | (3) | |
|---|---|---|---|
| Variable Name | R&D | Lnpa | Lnino |
| Gfinance | 0.1822 *** | 0.2474 *** | 0.0381 *** |
| (0.0476) | (0.0279) | (0.0057) | |
| R&D | 0.1705 *** | 0.1620 *** | |
| (0.0154) | (0.0472) | ||
| Lev | 0.8547 *** | −1.0065 *** | −0.2675 *** |
| (0.1454) | (0.1903) | (0.0539) | |
| Roa | −0.9155 | 14.8655 *** | 6.0359 *** |
| (0.5646) | (0.7382) | (0.2090) | |
| Size | −0.5601 | 1.8700 *** | 0.0158 |
| (0.4637) | (0.6060) | (0.1716) | |
| Q | −0.1158 | −0.3004 * | −0.0289 |
| (0.1369) | (0.1789) | (0.0506) | |
| Cr | 0.3463 *** | 0.0317 | 0.2138 *** |
| (0.1298) | (0.0203) | (0.0478) | |
| Cash | 0.0042 | −0.1017 *** | −0.0198 *** |
| (0.0046) | (0.0061) | (0.0017) | |
| Age | −0.0024 | −0.0031 | −0.0018*** |
| (0.0016) | (0.0021) | (0.0006) | |
| Lgdp | −0.1077 *** | 0.6626 *** | 0.1386 *** |
| (0.0366) | (0.0479) | (0.0136) | |
| Lpeo | −0.0424 | 0.5881 *** | 0.2035 *** |
| (0.0594) | (0.0776) | (0.0220) | |
| Constant | 3.1965 * | −49.7578 *** | −20.4601 *** |
| (1.8378) | (2.4026) | (0.6802) | |
| Observations | 14,764 | 14,762 | 14,762 |
| R-squared | 0.1572 | 0.6833 | 0.4393 |
| year FE | YES | YES | YES |
| individual FE | YES | YES | YES |
Notes: *** and * denote significance levels of 1% and 10% respectively; values in brackets are robust standard errors of clustering, and “YES” indicates controlling for firm and year fixed effects, as below.