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 1Model 2Model 3
RDRDRD

FC0.3190.3190.317
(0.031)(0.031)(0.031)
FC2−0.489−0.480−0.485
(0.080)(0.079)(0.080)
SH0.0040.022
(0.010)(0.013)
FC × SH0.0260.046
(0.012)(0.019)
FC2×SH−0.146
(0.070)
Lev0.0370.0380.037
(0.020)(0.020)(0.020)
ROA0.0430.0420.040
(0.030)(0.030)(0.029)
Cash0.0230.0220.022
(0.020)(0.020)(0.020)
Cen0.0850.0840.082
(0.058)(0.058)(0.058)
Dual−0.010−0.010−0.010
(0.009)(0.009)(0.009)
Age0.0140.014
(0.029)(0.029)
Size0.0190.0190.019
(0.009)(0.009)(0.009)
SOE0.0660.0660.067
(0.033)(0.033)(0.033)
Mstock−0.040−0.042−0.042
(0.050)(0.050)(0.049)
Rev0.0010.0010.001
(0.003)(0.003)(0.003)
_cons−0.699−0.695−0.703
(0.225)(0.225)(0.225)
Obs.5,7735,7735,773
R-squared0.1790.1800.182

Note. Standard errors are in parenthesis;  < 0.1;  < 0.05;  < 0.01.