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Regression results of the mediating effect of debt financing.
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| lnPatent | Floan | lnPatent | |
| Treat × Policy | 0.084∗∗ | 0.005∗∗ | 0.081∗∗ |
| (0.038) | (0.002) | (0.036) | |
| Floan | −0.494∗∗∗ | ||
| (0.187) | |||
| Constant | −11.068∗∗∗ | 0.047∗∗∗ | −7.840∗∗∗ |
| (0.544) | (0.000) | (0.555) | |
| Controls | YES | YES | YES |
| Year | YES | YES | YES |
| Industry | YES | YES | YES |
| N | 18216 | 18805 | 18216 |
| R 2 | 0.360 | 0.001 | 0.086 |
Note. ∗p < 0.1;∗∗p < 0.05;∗∗∗p < 0.01.
