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

Table 5

Results of robustness test.

	Mean replaced with the sum of SHs			Recalculated FC
	Model 1	Model 2	Model 3	Model 1	Model 2	Model 3
	RD	RD	RD	RD	RD	RD
FC	0.319	0.317	0.312	0.246	0.246	0.246
	(0.031)	(0.031)	(0.030)	(0.019)	(0.019)	(0.019)
FC^2	−0.489	−0.469	−0.468	−0.322	−0.317	−0.326
	(0.080)	(0.079)	(0.078)	(0.067)	(0.067)	(0.067)
SH		−0.001	0.005		0.002	0.018
		(0.004)	(0.006)		(0.009)	(0.013)
FC×SH		0.044	0.066		0.011	0.022
		(0.022)	(0.028)		(0.011)	(0.012)
FC^2×SH			−0.188			−0.084
			(0.097)			(0.047)
Lev	0.037	0.038	0.037	0.049	0.049	0.048
	(0.020)	(0.020)	(0.020)	(0.012)	(0.012)	(0.012)
ROA	0.043	0.040	0.037	0.153	0.153	0.152
	(0.030)	(0.029)	(0.029)	(0.045)	(0.045)	(0.046)
Cash	0.023	0.022	0.021	0.042	0.042	0.041
	(0.020)	(0.020)	(0.020)	(0.014)	(0.014)	(0.014)
Cen	0.085	0.086	0.085	0.025	0.025	0.026
	(0.058)	(0.058)	(0.058)	(0.018)	(0.018)	(0.018)
Dual	−0.010	−0.011	−0.010	0.006	0.006	0.006
	(0.009)	(0.009)	(0.009)	(0.006)	(0.006)	(0.006)
Age	0.014	0.016		0.001	0.001
	(0.029)	(0.029)		(0.005)	(0.005)
Size	0.019	0.019	0.019	0.044	0.044	0.044
	(0.009)	(0.009)	(0.009)	(0.004)	(0.004)	(0.004)
SOE	0.066	0.067	0.068	0.001	0.001	0.001
	(0.033)	(0.032)	(0.033)	(0.006)	(0.006)	(0.006)
Mstock	−0.040	−0.045	−0.046	0.007	0.006	0.006
	(0.050)	(0.049)	(0.049)	(0.019)	(0.019)	(0.019)
Rev	0.001	0.002	0.002	0.011	0.011	0.011
	(0.003)	(0.003)	(0.003)	(0.003)	(0.003)	(0.003)
_cons	−0.699	−0.698	−0.695	−1.281	−1.285	−1.296
	(0.225)	(0.227)	(0.228)	(0.099)	(0.099)	(0.100)
Obs.	5773	5773	5773	3528	3528	3528
R-squared	0.179	0.182	0.184	0.271	0.272	0.272

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