Table 9 Two-way fixed-effect regression results of models (1) to (4).
Variable | Model (1) coefficient | Model (2) coefficient | Model (3) coefficient | Model (4) coefficient |
|---|---|---|---|---|
Explained variable | Q | Q | RD | Q |
C | 42.932 | 42.839 | 19.988 | 40.467 |
(18.723)*** | (18.671)*** | (32.891)*** | (14.737)*** | |
Cr1 | -0.852 | 1.166 | -0.082 | -0.828 |
(-1.270 ) | (0.607) | (-0.460) | (-1.232) | |
Cr1^2 | -3.187 | |||
(-0.122) | ||||
RD | 0.124 | |||
(1.646)* | ||||
size | -4.222 | -4.241 | -0.122 | -4.210 |
(-17.712)*** | (17.748)*** | (-1.929)** | (-17.643)*** | |
growth | 0.129 | 0.130 | 0.019 | 0.127 |
(2.881)*** | (2.899)*** | (1.568) | (2.830)*** | |
lev | 1.540 | 1.573 | -0.115 | 1.556 |
(4.835)*** | (4.917)*** | (-1.364) | (4.880)*** | |
roe | 0.267 | 0.265 | -0.019 | 0.269 |
(2.732 )*** | (2.711)*** | (-0.733) | (2.753)*** | |
Observations | 3147 | 3147 | 3145 | 3145 |
R-squared | 0.745 | 0.745 | 0.965 | 0.745 |
F-statistic | (11.204)*** | (11.190)*** | (106.774)*** | 11.191*** |
Hausman Test | Fixed | Fixed | Fixed | Fixed |
