Table 3.
Tax incentives and enterprise R&D investment.
| Variables | R&D | R&D | R&D |
|---|---|---|---|
| (1) | (2) | (3) | |
| Taxpt | −0.0090*** (−5.6701) | ||
| Taxp t-1 | −0.0101*** (−5.8533) | ||
| Taxp t-2 | −0.0073*** (−3.7894) | ||
| Roa | −0.0371*** (−8.3791) | −0.0337*** (−7.3641) | −0.0350*** (−7.2543) |
| Lev | −0.0530*** (−25.8786) | −0.0519*** (−23.8641) | −0.0503*** (−21.3642) |
| Growth | −0.0092*** (−6.5001) | −0.0105*** (−7.0108) | −0.0115*** (−7.0692) |
| G5 | −0.0220*** (−7.2041) | −0.0218*** (−6.6197) | −0.0218*** (−5.9780) |
| Cashflow | −0.0195*** (−6.3282) | −0.0222*** (−6.6960) | −0.0249*** (−6.7807) |
| Capital | −0.0148*** (−5.4275) | −0.0160*** (−5.4747) | −0.0156*** (−4.9092) |
| Size | −0.0003 (−0.9310) | −0.0004 (−1.2012) | −0.0005 (−1.2931) |
| Constant | 0.0690*** (8.6982) | 0.0777*** (9.2550) | 0.0837*** (9.2026) |
| Year effects | Yes | Yes | Yes |
| Industry effects | Yes | Yes | Yes |
| N | 18,946 | 16,650 | 14,348 |
| Adj. R2 | 0.3215 | 0.3293 | 0.3222 |
Robust standard errors in parentheses.
***
p < 0.01.