Research Article
The Impact of Innovation Investment Volatility on Technological Innovation of Enterprises in Different Life Cycles
| | Full sample | The growing stage | The mature stage | The declining stage |
| | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| IIV | 0.094 (0.045) | 0.159 (0.058) | 0.108 (0.052) | 0.187 (0.069) | 0.071 (0.091) | 0.229 (0.116) | 0.132 (0.090) | 0.041 (0.112) |
| IIV × IS | | −0.068 (0.030) | | −0.078 (0.035) | | −0.026 (0.143) | | 0.122 (0.100) |
| IS | −0.048 (0.059) | −0.085 (0.068) | −0.082 (0.084) | −0.132 (0.097) | −0.126 (0.101) | −0.217 (0.122) | 0.117 (0.116) | 0.189 (0.140) |
| Human | 0.107 (0.058) | 0.104 (0.058) | 0.107 (0.071) | 0.101 (0.071) | 0.180 (0.097) | 0.176 (0.096) | 0.016 (0.070) | 0.020 (0.070) |
| Grow | −0.013 (0.005) | −0.013 (0.005) | −0.018 (0.006) | −0.017 (0.006) | −0.053 (0.221) | −0.064 (0.224) | −0.017 (0.112) | −0.019 (0.070) |
| Age | −0.007 (0.017) | −0.007 (0.017) | −0.005 (0.018) | −0.005 (0.018) | −0.017 (0.019) | −0.016 (0.019) | −0.015 (0.018) | −0.019 (0.111) |
| Effort | 0.034 (0.025) | 0.030 (0.025) | 0.017 (0.029) | 0.009 (0.030) | 0.058 (0.044) | 0.059 (0.044) | 0.120 (0.048) | 0.124 (0.047) |
| Pro | 0.024 (0.055) | 0.022 (0.055) | 0.057 (0.071) | 0.055 (0.071) | −0.008 (0.116) | −0.005 (0.117) | 0.021 (0.068) | 0.021 (0.068) |
| Debt | 0.038 (0.038) | 0.035 (0.037) | 0.039 (0.200) | 0.020 (0.202) | 0.002 (0.033) | 0.006 (0.033) | 0.127 (0.075) | 0.130 (0.075) |
| Size | 0.104 (0.057) | 0.103 (0.057) | 0.155 (0.079) | 0.154 (0.079) | 0.118 (0.066) | 0.132 (0.066) | 0.234 (0.115) | 0.237 (0.116) |
| Constant | −2.352 (1.119) | −2.290 (1.113) | −3.587 (1.497) | −3.499 (1.493) | −2.736 (1.287) | −2.948 (1.293) | −4.241 (2.108) | −4.397 (2.118) |
| Enterprise | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 1681 | 1681 | 877 | 877 | 543 | 543 | 261 | 261 |
| R2 | 0.113 | 0.115 | 0.123 | 0.124 | 0.136 | 0.142 | 0.098 | 0.100 |
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Note that standard errors are in parentheses. ∗, ∗∗, and ∗∗∗represent 10%, 5%, and 1% significance levels, respectively.
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