Table 5 Heterogeneity analysis: Foreign investment firms vs domestic firms.

From: Picking winners in strategic emerging industries using government subsidies in China: the role of market power

 

Foreign investment firms

Domestic firms

RD/L

0.012 (0.095)

0.164*** (0.018)

K/L

0.797*** (0.072)

0.677*** (0.014)

L

0.063* (0.047)

0.033*** (0.008)

Age

−0.161 (0.156)

0.113*** (0.036)

Subsidy

0.092 (0.089)

0.014*** (0.004)

SP

−0.090 (0.181)

−0.051* (0.034)

BP

−0.157 (0.172)

0.049** (0.029)

SP* Subsidy

−0.077 (0.071)

0.027*** (0.005)

BP* Subsidy

0.010 (0.108)

−0.055*** (0.010)

_cons

2.021*** (0.719)

1.593*** (0.165)

N

358

8699

R-sq

0.6495

0.500

Wald chi2

481.86***

7915.91***

  1. Note: All regressions include a constant, industry dummies, and time dummies; standard error in brackets; *p < 0.2, **p < 0.1, ***p < 0.05.
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