Research Article
Government Subsidies and Enterprise Innovation: Evidence from China's Photovoltaic Industry
Table 4
Estimates of the effects of government subsidies.
| | | (1) | (2) | (3) |
| | RDSub | 1.573 (3.19) | 1.226 (2.99) | 1.074 (2.64) | | NRDSub | −0.382 (−0.91) | 0.246 (0.70) | 0.343 (1.00) | | Size | | −7.378 (−10.35) | −7.891 (−11.00) | | Own | | 21.573 (2.36) | 24.049 (2.66) | | Profit | −0.468 (4.15) | 0.443 (4.00) | | Debt | −5.082 (1.21) | 5.269 (1.28) | | Age | −1.947 (−1.71) | −3.450 (2.93) | | Firm | No | No | Yes | | Year | No | No | Yes | | LR Chi2 | 10.89 | 179.31 | 195.45 | | OBS | 409 | 409 | 409 |
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Note: t-statistics reported in parentheses. , , and . |
