Table 5 Benchmark regression and mediating effect regression results.

IM_{i, t}

0.0861***

0.0861***

0.0846***

(0.0245)

(0.0245)

(0.0245)

GTI_{i, t}

0.0114**

0.0094*

(0.0051)

(0.0051)

FS_{i, t}

0.3687***

0.3790***

0.3790***

0.3681***

0.3785***

(0.0080)

(0.0083)

(0.0083)

(0.0080)

(0.0083)

FA_{i, t}

0.0641***

0.0635***

0.0635***

0.0639***

0.0634***

(0.0015)

(0.0015)

(0.0015)

(0.0015)

(0.0015)

Own_{i, t}

-0.0514**

-0.0411*

-0.0411*

-0.0519**

-0.0415*

(0.0226)

(0.0229)

(0.0229)

(0.0226)

(0.0229)

Lev_{i, t}

0.5685***

0.5280***

0.5280***

0.5685***

0.5282***

(0.0299)

(0.0301)

(0.0301)

(0.0299)

(0.0301)

Roa_{i, t}

1.6570***

1.5966***

1.5966***

1.6545***

1.5945***

(0.0447)

(0.0449)

(0.0449)

(0.0447)

(0.0449)

Q_{i, t}

0.0077***

0.0094***

0.0094***

0.0077***

0.0094***

(0.0022)

(0.0021)

(0.0021)

(0.0022)

(0.0021)

Top10_{i, t}

0.0014***

0.0019***

0.0019***

0.0014***

0.0019***

(0.0004)

(0.0004)

(0.0004)

(0.0004)

(0.0004)

Dual_{i, t}

0.0115

0.0127

0.0127

0.0117

0.0129

(0.0092)

(0.0092)

(0.0092)

(0.0091)

(0.0092)

Dir_{i, t}

0.0217***

0.0181***

0.0181***

0.0219***

0.0182***

(0.0032)

(0.0032)

(0.0032)

(0.0032)

(0.0032)

Isp_{i, t}

0.5917

0.1666

0.1666

0.5883

0.1746

(0.4328)

(0.2520)

(0.2520)

(0.4328)

(0.2520)

_cons

3.6138***

4.0566***

4.0566***

3.6164***

4.0564***

(0.3778)

(0.2112)

(0.2112)

(0.3778)

(0.2112)

N

13,498

12,854

12,854

13,498

12,854

R-sq

0.571

0.584

0.584

0.571

0.585