Table 5.

Group regression results of the adjustment effect of tax enforcement.

Variable	R&D	R&D
	State = 1	State = 0
	(1)	(2)
Taxpt-1	0.0049 (0.5079)	−0.0307*** (−3.5028)
Taxpt-1 × Taxenforce	−0.0104 (−1.1557)	0.0168** (1.9652)
Taxenforce	−0.0011 (−0.4918)	0.0100*** (5.6276)
Control, year, industry	Yes	Yes
N	5,256	11,394
Adj. R2	0.2892	0.3319

Robust standard errors in parentheses.

^***p < 0.01;

^**p < 0.05.