Research Article
Analysis on the Relationship between Financing Constraints and Research and Development from the Perspective of the Location of Top Management Network
Table 4
Results of regression analysis.
| | Model 1 | Model 2 | Model 3 | RD | RD | RD |
| FC | 0.319 | 0.319 | 0.317 | | (0.031) | (0.031) | (0.031) | FC2 | −0.489 | −0.480 | −0.485 | | (0.080) | (0.079) | (0.080) | SH | | 0.004 | 0.022 | | | (0.010) | (0.013) | FC × SH | | 0.026 | 0.046 | | | (0.012) | (0.019) | FC2×SH | | | −0.146 | | | | (0.070) | Lev | 0.037 | 0.038 | 0.037 | | (0.020) | (0.020) | (0.020) | ROA | 0.043 | 0.042 | 0.040 | | (0.030) | (0.030) | (0.029) | Cash | 0.023 | 0.022 | 0.022 | | (0.020) | (0.020) | (0.020) | Cen | 0.085 | 0.084 | 0.082 | | (0.058) | (0.058) | (0.058) | Dual | −0.010 | −0.010 | −0.010 | | (0.009) | (0.009) | (0.009) | Age | 0.014 | 0.014 | | | (0.029) | (0.029) | | Size | 0.019 | 0.019 | 0.019 | | (0.009) | (0.009) | (0.009) | SOE | 0.066 | 0.066 | 0.067 | | (0.033) | (0.033) | (0.033) | Mstock | −0.040 | −0.042 | −0.042 | | (0.050) | (0.050) | (0.049) | Rev | 0.001 | 0.001 | 0.001 | | (0.003) | (0.003) | (0.003) | _cons | −0.699 | −0.695 | −0.703 | | (0.225) | (0.225) | (0.225) | Obs. | 5,773 | 5,773 | 5,773 | R-squared | 0.179 | 0.180 | 0.182 |
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Note. Standard errors are in parenthesis; < 0.1; < 0.05; < 0.01. |