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

Table 7

Results of subsample analysis on SOEs and non-SOEs.

	SOEs			Non-SOEs
	Model 1	Model 2	Model 3	Model 1	Model 2	Model 3
	RD	RD	RD	RD	RD	RD
FC	0.397	0.394	0.390	0.252	0.255	0.257
	(0.052)	(0.051)	(0.050)	(0.036)	(0.036)	(0.036)
FC^2	−0.551	−0.533	−0.530	−0.377	−0.378	−0.395
	(0.147)	(0.147)	(0.146)	(0.089)	(0.089)	(0.090)
SH		−0.001	0.011		0.012	0.031
		(0.018)	(0.021)		(0.012)	(0.015)
FC×SH		0.026	0.035		0.014	0.039
		(0.023)	(0.028)		(0.013)	(0.019)
FC^2 × SH			−0.108			−0.143
			(0.123)			(0.055)
Lev	0.088	0.089	0.088	0.015	0.015	0.016
	(0.040)	(0.040)	(0.040)	(0.022)	(0.022)	(0.022)
ROA	0.099	0.100	0.098	0.021	0.021	0.019
	(0.041)	(0.041)	(0.041)	(0.038)	(0.039)	(0.039)
Cash	0.035	0.032	0.034	0.016	0.016	0.016
	(0.028)	(0.028)	(0.028)	(0.029)	(0.029)	(0.029)
Cen	0.111	0.108	0.105	0.046	0.048	0.048
	(0.097)	(0.098)	(0.097)	(0.075)	(0.075)	(0.075)
Dual	−0.000	−0.000	−0.000	−0.016	−0.016	−0.015
	(0.019)	(0.019)	(0.019)	(0.010)	(0.009)	(0.009)
Age	0.113	0.112	0.109	−0.040	−0.039	−0.038
	(0.068)	(0.068)	(0.067)	(0.036)	(0.036)	(0.036)
Size	0.025	0.024	0.025	0.014	0.014	0.014
	(0.022)	(0.022)	(0.022)	(0.009)	(0.009)	(0.008)
SOE	0.061	0.053	0.049	−0.052	−0.054	−0.054
	(0.253)	(0.250)	(0.247)	(0.048)	(0.048)	(0.048)
Mstock	0.000	0.000	0.000	0.013	0.013	0.013
	(0.003)	(0.003)	(0.003)	(0.009)	(0.009)	(0.009)
Rev	−1.106	−1.085	−1.091	−0.564	−0.497	−0.495
	(0.539)	(0.534)	(0.535)	(0.281)	(0.265)	(0.264)
_cons	2534	2534	2534	3239	3239	3239
R-squared	0.204	0.205	0.205	0.164	0.165	0.167

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