Table 4 Information demand, high-tech enterprise recognition, and R&D disclosure.

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

 

Information demand=Analyst

Information demand=Inst

 

(1)

(2)

(3)

(4)

(5)

(6)

Dep. =

LnR&D Sent

LnR&D SentQ

LnR&D SentFLS

LnR&D Sent

LnR&D SentQ

LnR&D SentFLS

HTE

−0.010

−0.021

−0.003

0.022

0.023

0.018

[−0.66]

[−1.21]

[−0.17]

[1.41]

[1.31]

[1.07]

HTE × Information demand

0.018***

0.022***

0.015***

0.034***

0.030***

0.043**

[4.07]

[4.50]

[3.11]

[3.35]

[3.17]

[2.43]

Size

0.109***

0.109***

0.129***

0.107***

0.107***

0.127***

[11.12]

[10.59]

[12.43]

[10.91]

[10.33]

[12.28]

Analyst

0.010**

0.019***

0.014***

0.019***

0.030***

0.022***

[2.37]

[4.24]

[3.25]

[5.80]

[8.44]

[6.30]

Inst

0.053***

0.048**

0.029

0.033

0.030

0.004

[2.68]

[2.19]

[1.38]

[1.20]

[0.99]

[0.15]

MFCount

0.016***

0.014**

0.013**

0.016***

0.014**

0.014**

[2.92]

[2.31]

[2.35]

[3.01]

[2.41]

[2.42]

ARInfo

−0.008

−0.076

−0.005

−0.008

−0.076

−0.005

[−0.19]

[−1.58]

[−0.10]

[−0.19]

[−1.58]

[−0.10]

DA

0.027

0.100**

0.040

0.030

0.104**

0.043

[0.63]

[2.12]

[0.87]

[0.70]

[2.19]

[0.92]

Age

0.039

0.104**

0.113**

0.045

0.111**

0.118**

[0.81]

[2.00]

[2.22]

[0.94]

[2.14]

[2.32]

Age2

−0.140***

−0.207***

−0.176***

−0.145***

−0.212***

−0.180***

[−5.64]

[−7.64]

[−6.63]

[−5.82]

[−7.83]

[−6.79]

R&DIntensiy

4.696***

5.400***

4.432***

4.667***

5.369***

4.401***

[14.34]

[15.10]

[12.91]

[14.25]

[15.02]

[12.82]

R&DIntensiy2

−14.506***

−16.621***

−13.414***

−14.388***

−16.496***

−13.295***

[−10.29]

[−10.97]

[−9.07]

[−10.22]

[−10.90]

[−8.99]

INTANG

−0.129

−0.123

−0.141

−0.119

−0.110

−0.134

[−1.22]

[−1.04]

[−1.26]

[−1.13]

[−0.94]

[−1.20]

B/M

−0.023

−0.003

−0.028

−0.020

−0.001

−0.025

[−1.15]

[−0.16]

[−1.32]

[−1.03]

[−0.04]

[−1.21]

ROAVol

−0.382***

−0.395***

−0.308***

−0.374***

−0.384***

−0.303***

[−4.07]

[−3.83]

[−3.07]

[−3.99]

[−3.73]

[−3.02]

RetVol

−0.089

−0.031

−0.144**

−0.087

−0.029

−0.143**

[−1.44]

[−0.46]

[−2.15]

[−1.41]

[−0.43]

[−2.13]

ROA

0.090

0.158*

0.021

0.094

0.164*

0.023

[1.13]

[1.82]

[0.25]

[1.18]

[1.88]

[0.28]

Loss

−0.024**

−0.008

−0.035***

−0.024**

−0.008

−0.035***

[−1.99]

[−0.55]

[−2.59]

[−1.99]

[−0.56]

[−2.60]

SEO

0.015**

0.023***

0.020**

0.015**

0.024***

0.020**

[1.99]

[2.81]

[2.50]

[2.06]

[2.89]

[2.56]

Lev

−0.126***

−0.064*

−0.129***

−0.122***

−0.060*

−0.126***

[−3.84]

[−1.79]

[−3.73]

[−3.74]

[−1.67]

[−3.65]

SOE

−0.043**

−0.072***

−0.060***

−0.043**

−0.072***

−0.060***

[−2.07]

[−3.19]

[−2.79]

[−2.08]

[−3.19]

[−2.79]

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Enterprise FE

Yes

Yes

Yes

Yes

Yes

Yes

Province FE×Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted R2

0.724

0.689

0.713

0.724

0.688

0.712

Number of obs.

24,833

24,833

24,833

24,833

24,833

24,833

  1. This table demonstrates the regression results of the role of information demand between the high-tech enterprises recognition and R&D disclosure. 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 and year levels. *, **, *** 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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