Table 8 The results of mediating effect in Innovation.
Mediating effect in innovation | |||
|---|---|---|---|
TFPLP (1) | Innovation (2) | TFPLP (3) | |
DIF | 0.00076*** | 0.00326*** | 0.00164*** |
(2.59) | (12.70) | (19.42) | |
SIZE | 0.55284*** | 0.48280*** | 0.55296*** |
(97.53) | (27.67) | (94.83) | |
LEV | 0.17039*** | − 0.22562*** | 0.17583*** |
(7.84) | (− 3.38) | (8.05) | |
TOP | 0.00144*** | 0.00332*** | 0.00181*** |
(3.85) | (2.87) | (4.76) | |
GROWTH | 0.24830*** | 0.04145*** | 0.24915*** |
(47.37) | (2.59) | (47.51) | |
CFO | 0.76915*** | 0.10137 | 0.75951*** |
(21.54) | (0.92) | (21.10) | |
AGE | − 0.06413 | − 0.39967*** | − 0.09839** |
(− 1.37) | (− 3.03) | (− 2.28) | |
BSIZE | 0.09417*** | 0.14644** | 0.11852*** |
(4.83) | (2.42) | (5.99) | |
MSR | − 0.00084*** | 0.00380*** | − 0.00080*** |
(− 2.92) | (4.27) | (− 2.75) | |
Innovation | 0.00646*** | ||
(2.68) | |||
_cons | − 4.45569*** | − 8.13379*** | − 4.62646*** |
(− 26.58) | (− 17.43) | (− 30.03) | |
N | 22,291 | 22,291 | 22,291 |
R2 | 0.669 | 0.173 | 0.658 |
Year | Yes | Yes | Yes |
FE | Yes | Yes | Yes |
