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

Table 6

Results of endogeneity test.

	Model 1	Model 2	Model 3
	RD	RD	RD
L.FC	0.096	0.097	0.095
	(0.029)	(0.029)	(0.029)
L.FC^2	−0.147	−0.147	−0.142
	(0.078)	(0.078)	(0.078)
SH		0.009	0.037
		(0.014)	(0.019)
FC×SH		0.010	0.041
		(0.014)	(0.022)
FC^2×SH			−0.212
			(0.087)
Lev	0.036	0.037	0.036
	(0.024)	(0.024)	(0.024)
ROA	0.036	0.036	0.033
	(0.031)	(0.031)	(0.031)
Cash	0.025	0.024	0.024
	(0.031)	(0.031)	(0.031)
Cen	0.101	0.101	0.096
	(0.082)	(0.081)	(0.081)
Dual	0.001	0.001	0.002
	(0.011)	(0.011)	(0.012)
Age	−0.026	−0.025
	(0.034)	(0.034)
Size	0.024	0.024	0.024
	(0.010)	(0.010)	(0.010)
SOE	0.063	0.063	0.066
	(0.042)	(0.042)	(0.043)
Mstock	−0.064	−0.064	−0.062
	(0.052)	(0.052)	(0.052)
Rev	0.002	0.002	0.002
	(0.006)	(0.006)	(0.006)
_cons	−0.666	−0.661	−0.673
	(0.283)	(0.283)	(0.283)
Obs.	4366	4366	4366
R-squared	0.084	0.084	0.088

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