Table 10.

Robustness test: the impact of QFII on corporate innovation with one period lag.

	(1)	(2)	(3)	(4)
	Ln_INVTotal	Ln_INVTotal	Ln_Invia	Ln_Invia
L.QFIIdum	0.194***		0.145***
	(5.080)		(4.874)
L.QFIIshare		0.182***		0.130***
		(5.952)		(5.541)
Size	0.236***	0.237***	0.191***	0.193***
	(20.304)	(20.516)	(21.130)	(21.353)
Lev	−0.277***	−0.282***	−0.155***	−0.159***
	(−4.925)	(−5.024)	(−3.583)	(−3.686)
Roa	1.562***	1.506***	1.268***	1.231***
	(7.807)	(7.560)	(8.129)	(7.920)
Growth	−0.042	−0.043	−0.030	−0.030
	(−1.516)	(−1.538)	(−1.421)	(−1.451)
CFO	0.915***	0.896***	0.573***	0.560***
	(6.756)	(6.619)	(5.614)	(5.492)
Top1	−0.002**	−0.001*	−0.002***	−0.002***
	(−2.179)	(−1.952)	(−3.992)	(−3.782)
Dual	−0.013	−0.015	0.010	0.008
	(−0.453)	(−0.535)	(0.440)	(0.373)
Board	0.263***	0.261***	0.218***	0.217***
	(3.501)	(3.475)	(3.755)	(3.732)
Indep	−0.013	−0.007	0.203	0.208
	(−0.054)	(−0.030)	(1.088)	(1.115)
Soe	−0.063***	−0.063***	0.037**	0.037**
	(−2.708)	(−2.695)	(2.022)	(2.044)
Age	−0.314***	−0.316***	−0.196***	−0.197***
	(−8.507)	(−8.587)	(−6.926)	(−6.983)
Constant	−4.516***	−4.547***	−4.067***	−4.096***
	(−13.744)	(−13.878)	(−15.838)	(−15.988)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18,404	18,404	18,404	18,404
R-square	0.271	0.272	0.232	0.232