Table 9 Mechanism synergy effect test regression results II.
Variable | NQP | NQP | NQP | NQP |
|---|---|---|---|---|
TII | 0.0059*** | 0.005*** | 0.463** | 0.316** |
(5.59) | (5.18) | (2.18) | (2.35) | |
sp | -0.0002 | |||
(-0.07) | ||||
sd | 0.0009 | |||
(0.26) | ||||
Soft | 0.0957 | |||
(0.10) | ||||
Hard | 0.655*** | |||
(2.89) | ||||
Innov | 0.0026 | 0.0032* | 0.005*** | 0.0052*** |
(1.40) | (1.68) | (2.58) | (2.69) | |
DID | -0.0065 | -0.0048 | 0.0066 | 0.0071 |
(-0.86) | (-0.64) | (0.89) | (0.94) | |
size | -0.0103 | -0.0086 | -0.0072 | -0.0067 |
(-1.11) | (-0.94) | (-0.79) | (-0.73) | |
sale | 0.0125* | 0.0121* | 0.0129** | 0.0127* |
(1.94) | (1.86) | (1.98) | (1.96) | |
cflow | 0.115*** | 0.116*** | 0.118*** | 0.115*** |
(4.74) | (4.81) | (4.90) | (4.77) | |
age | 0.0597* | 0.0668* | 0.0669* | 0.0710* |
(1.65) | (1.82) | (1.82) | (1.91) | |
growth | -0.001 | -0.001 | -0.001 | -0.001 |
(-0.56) | (-0.53) | (-0.56) | (-0.55) | |
top10 | 0.0001 | 0.00007 | 0.00001 | 0.000002 |
(0.41) | (0.28) | (0.06) | (0.01) | |
roa | -0.168*** | -0.175*** | -0.168*** | -0.175*** |
(-5.69) | (-5.93) | (-5.70) | (-5.93) | |
lev | -0.0203 | -0.0226 | -0.0221 | -0.0227 |
(-0.93) | (-1.03) | (-1.00) | (-1.03) | |
_cons | 0.260 | 0.213 | 0.163 | 0.143 |
(1.48) | (1.21) | (0.91) | (0.80) | |
Firm | YES | YES | YES | YES |
Year | YES | YES | YES | YES |
N | 21,732 | 21,732 | 21,732 | 21,732 |
r2 | 0.750 | 0.749 | 0.748 | 0.748 |
