Table 2 The Impact of the High-tech Enterprise Recognition on R&D Disclosure.

From: The impact of the recognition of high-tech enterprise on R&D disclosure

 

(1)

(2)

(3)

Dep. =

LnR&DSent

LnR&DSentQ

LnR&DSentFLS

HTE

0.036***

0.035***

0.035***

[3.47]

[3.04]

[3.18]

Size

0.107***

0.107***

0.127***

[10.91]

[10.34]

[12.28]

Analyst

0.019***

0.030***

0.022***

[5.75]

[8.40]

[6.24]

Inst

0.053***

0.047**

0.029

[2.66]

[2.18]

[1.37]

MFCount

0.016***

0.014**

0.014**

[3.00]

[2.41]

[2.41]

ARInfo

−0.008

−0.076

−0.005

[−0.19]

[−1.59]

[−0.11]

DA

0.031

0.104**

0.043

[0.70]

[2.19]

[0.92]

Age

0.044

0.111**

0.117**

[0.93]

[2.14]

[2.32]

Age2

−0.144***

−0.211***

−0.179***

[−5.78]

[−7.81]

[−6.75]

R&DIntensity

4.682***

5.383***

4.420***

[14.30]

[15.06]

[12.88]

R&DIntensity2

−14.440***

−16.541***

−13.360***

[−10.25]

[−10.93]

[−9.03]

INTANG

−0.117

−0.109

−0.131

[−1.11]

[−0.92]

[−1.17]

B/M

−0.021

−0.002

−0.026

[−1.07]

[−0.07]

[−1.26]

ROAVol

−0.371***

−0.382***

−0.300***

[−3.97]

[−3.71]

[−2.99]

RetVol

−0.087

−0.028

−0.142**

[−1.40]

[−0.42]

[−2.12]

ROA

0.095

0.165*

0.026

[1.20]

[1.90]

[0.30]

Loss

−0.024**

−0.007

−0.035***

[−1.98]

[−0.54]

[−2.59]

SEO

0.015**

0.024***

0.020**

[2.07]

[2.90]

[2.57]

Lev

−0.122***

−0.059*

−0.126***

[−3.72]

[−1.66]

[−3.63]

SOE

−0.043**

−0.072***

−0.060***

[−2.07]

[−3.19]

[−2.79]

Year FE

Yes

Yes

Yes

Enterprise FE

Yes

Yes

Yes

Province FE×Year FE

Yes

Yes

Yes

Adjusted R2

0.724

0.688

0.712

Number of obs.

24,833

24,833

24,833

  1. This table demonstrates the regression results of our primary tests on the impact of the high-tech enterprise recognition on R&D disclosure. Column 1 shows the results using R&D disclosure quantity (LnR&DSent) as the dependent variable. Columns 2 and 3 show the results where LnR&DSentQ and LnR&DSentFLS are the dependent variables in regressions. All continuous variables are winsorized at the top and bottom percentiles. The t-statistics reported in parentheses are based on standard errors clustered at the enterprise level. *, **, *** indicate that the estimated coefficient is statistically significant at the 10%, 5%, and 1% levels, respectively. All variables are defined in Appendix A.
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