Table 5 The Role of Opportunistic Motivations in the Difference of R&D Disclosure between Real High-tech Enterprise and Pseudo-high-tech Enterprise.

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

 

(1)

(2)

(3)

(4)

Dep. =

LnR&D Sent

LnR&D SentQ

LnR&D SentFLS

R&D SentFOG

HTE

0.044***

0.042***

0.039***

0.062

[4.04]

[3.51]

[3.37]

[0.92]

HTE × PseudoHT

−0.037***

−0.036***

−0.033***

0.170***

[−3.96]

[−3.59]

[−3.23]

[2.99]

ABMANAComp

0.017

0.031**

0.003

0.008

[1.38]

[2.26]

[0.20]

[0.10]

HTE × ABMANAComp

0.002

−0.010

0.015

−0.030

[0.10]

[−0.58]

[0.91]

[−0.31]

HTE × PseudoHT × ABMANAComp

−0.057***

−0.060***

−0.062***

0.287**

[−3.21]

[−3.07]

[−3.16]

[2.47]

Size

0.111***

0.112***

0.131***

−0.132**

[10.63]

[10.18]

[12.06]

[−2.18]

Analyst

0.017***

0.028***

0.020***

0.043*

[4.91]

[7.45]

[5.44]

[1.96]

Inst

0.040*

0.036

0.016

0.285**

[1.94]

[1.59]

[0.74]

[2.26]

MFCount

0.017***

0.016***

0.013**

−0.060*

[3.05]

[2.65]

[2.28]

[−1.73]

ARInfo

−0.028

−0.082*

−0.030

0.378

[−0.61]

[−1.67]

[−0.62]

[1.30]

DA

0.031

0.098**

0.033

0.374

[0.69]

[1.99]

[0.69]

[1.33]

Age

0.057

0.144***

0.133**

0.837***

[1.15]

[2.69]

[2.55]

[2.98]

Age2

−0.153***

−0.227***

−0.188***

−0.765***

[−5.88]

[−8.06]

[−6.87]

[−4.91]

R&DIntensiy

4.568***

5.363***

4.368***

0.663

[13.39]

[14.43]

[12.22]

[0.34]

R&DIntensiy2

−14.199***

−16.691***

−13.266***

−8.340

[−9.78]

[−10.71]

[−8.70]

[−1.07]

INTANG

−0.073

−0.075

−0.138

−1.782**

[−0.65]

[−0.60]

[−1.16]

[−2.42]

B/M

−0.032

−0.009

−0.033

−0.043

[−1.59]

[−0.42]

[−1.53]

[−0.34]

ROAVol

−0.422***

−0.430***

−0.332***

0.209

[−4.37]

[−4.08]

[−3.22]

[0.33]

RetVol

−0.100

−0.027

−0.144**

0.821**

[−1.58]

[−0.39]

[−2.10]

[2.11]

ROA

0.074

0.132

0.017

−1.076**

[0.90]

[1.47]

[0.20]

[−2.03]

Loss

−0.025**

−0.008

−0.033**

0.021

[−1.98]

[−0.56]

[−2.36]

[0.25]

SEO

0.018**

0.028***

0.023***

0.196***

[2.40]

[3.35]

[2.83]

[4.05]

Lev

−0.121***

−0.070*

−0.121***

0.008

[−3.59]

[−1.87]

[−3.36]

[0.04]

SOE

−0.037*

−0.072***

−0.054**

−0.389***

[−1.75]

[−3.08]

[−2.40]

[−2.79]

Year FE & Enterprise FE

Yes

Yes

Yes

Yes

Province FE × Year FE

Yes

Yes

Yes

Yes

Adjusted R2

0.727

0.692

0.715

0.321

Number of obs.

23,223

23,223

23,223

23,223

  1. This table demonstrates the regression results of the role of opportunistic motivations in the difference of R&D disclosure between real high-tech enterprise and pseudo-high-tech enterprise. 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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