Analysis on the Relationship between Financing Constraints and Research and Development from the Perspective of the Location of Top Management Network

Table 1

Main variables and definitions.

Type	Name	Symbol	Description
Dependent variable	R&D investment intensity	RD	Ln(R&D investment/total assets)
Independent variables	Financing constraints	FC	Built by several variables according to Gu and Zhai [33]
	Squared financing constraints	FC^2	Square of normalized financing constraints
Moderator variable	SH index	SH	Location of SHs in TMN
Control variables	Financial leverage	Lev	Total liabilities/total assets
	Profitability	ROA	Net profit/mean balance of assets
	Ownership concentration	Cen	Shareholding ratio of top-10 shareholders
	Top manager compensation	Rev	Ln(top manager compensation)
	CEO duality	Dual	Integration of chairman and general manager, 1; otherwise, 0
	Management shareholding	Mstock	Level of management share ownership
	Cash holding	Cash	Balance of cash and cash equivalents/total assets
	Ownership	SOE	State-owned, 1; otherwise, 0
	Listed year	Age	Ln(the year of study − the year of listed + 1)
	Size	Size	Ln(total assets)
	Time	Year	Virtual variable with 2013 as the base year
	Industry	Industry	Virtual variable set according to the Guidelines for the Industry Classification of Listed Companies of CSRC, 2012