Table 8 Mechanism synergy effect test regression results I.
Variable | NQP | NQP | NQP | NQP |
|---|---|---|---|---|
TII | 0.508*** | 0.791*** | 0.533** | 0.697** |
(2.62) | (3.12) | (2.21) | (2.42) | |
sp | 0.0163*** | 0.0169*** | ||
(6.55) | (6.57) | |||
sd | 0.0110*** | 0.0112*** | ||
(4.72) | (4.69) | |||
Soft | 0.650 | 0.639 | ||
(1.16) | (1.17) | |||
Hard | 0.492** | 0.597*** | ||
(2.51) | (3.16) | |||
DID | 0.0101* | 0.0111* | 0.0105* | 0.0117* |
(1.65) | (1.80) | (1.69) | (1.88) | |
size | -0.0066 | -0.0049 | -0.0063 | -0.0044 |
(-0.86) | (-0.64) | (-0.82) | (-0.57) | |
sale | 0.0144** | 0.0145** | 0.0143** | 0.0143** |
(2.51) | (2.49) | (2.48) | (2.46) | |
cflow | 0.126*** | 0.12*** | 0.123*** | 0.125*** |
(6.03) | (6.06) | (5.89) | (5.93) | |
age | 0.0802*** | 0.0840*** | 0.0792*** | 0.0836*** |
(3.01) | (3.11) | (2.93) | (3.05) | |
growth | -0.0001 | -0.0001 | -0.0001 | -0.0002 |
(-0.09) | (-0.09) | (-0.06) | (-0.11) | |
top10 | -0.0008*** | -0.0008*** | -0.0008*** | -0.0008*** |
(-3.56) | (-3.66) | (-3.68) | (-3.81) | |
roa | -0.190*** | -0.196*** | -0.200*** | -0.206*** |
(-6.75) | (-6.93) | (-7.07) | (-7.26) | |
lev | 0.0258 | 0.0228 | 0.0254 | 0.0230 |
(1.36) | (1.20) | (1.34) | (1.21) | |
_cons | 0.105 | 0.0610 | 0.105 | 0.0557 |
(0.77) | (0.44) | (0.77) | (0.40) | |
Firm | YES | YES | YES | YES |
Year | YES | YES | YES | YES |
N | 27,211 | 27,211 | 27,211 | 27,211 |
r2 | 0.737 | 0.736 | 0.736 | 0.736 |
