Research Article
The Impact of Innovation Investment Volatility on Technological Innovation of Enterprises in Different Life Cycles
Table 4
Substitution of dependent variables.
| | Full sample | The growing stage | The mature stage | The declining stage |
| | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | IIV | 0.099 (0.040) | 0.155 (0.05) | 0.099 (0.043) | 0.167 (0.057) | 0.097 (0.069) | 0.230 (0.104) | 0.110 (0.067) | 0.029 (0.097) | IIV × IS | | −0.059 (0.026) | | −0.069 (0.030) | | −0.230 (0.121) | | 0.109 (0.110) | IS | −0.044 (0.052) | −0.075 (0.061) | −0.082 (0.077) | −0.125 (0.090) | −0.080 (0.089) | −0.159 (0.108) | 0.034 (0.095) | 0.099 (0.106) | Human | 0.076 (0.049) | 0.073 (0.049) | 0.075 (0.063) | 0.070 (0.063) | 0.123 (0.075) | 0.119 (0.074) | −0.007 (0.049) | −0.003 (0.050) | Grow | −0.012 (0.005) | −0.012 (0.005) | −0.017 (0.006) | −0.016 (0.006) | −0.026 (0.205) | −0.035 (0.208) | −0.033 (0.111) | −0.035 (0.111) | Age | −0.002 (0.012) | −0.0015 (0.012) | 0.001 (0.013) | 0.001 (0.013) | −0.005 (0.014) | −0.0037 (0.014) | −0.0165 (0.014) | −0.016 (0.014) | Effort | 0.023 (0.022) | 0.019 (0.022) | 0.010 (0.026) | 0.003 (0.027) | 0.046 (0.035) | 0.0469 (0.036) | 0.082 (0.040) | 0.086 (0.040) | Pro | 0.022 (0.049) | 0.020 (0.049) | 0.051 (0.061) | 0.049 (0.061) | −0.003 (0.088) | −0.002 (0.089) | 0.046 (0.062) | 0.046 (0.062) | Debt | 0.041 (0.033) | 0.038 (0.032) | −0.015 (0.178) | −0.032 (0.180) | 0.0084 (0.026) | 0.012 (0.026) | 0.091 (0.067) | 0.094 (0.067) | Size | 0.105 (0.050) | 0.105 (0.050) | 0.145 (0.070) | 0.144 (0.070) | 0.109 (0.056) | 0.121 (0.056) | 0.201 (0.086) | 0.204 (0.087) | Constant | −2.403 (0.955) | −2.352 (0.948) | −3.326 (1.291) | −3.253 (1.288) | −2.476 (1.058) | −2.671 (1.072) | −3.556 (1.599) | −3.695 (1.599) | 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 | 0.118 | 0.120 | 0.129 | 0.130 | 0.135 | 0.139 | 0.112 | 0.114 |
|
|
Note that standard errors are in parentheses. ∗, ∗∗, and ∗∗∗represent 10%, 5%, and 1% significance levels, respectively.
|