The Impact of Innovation Investment Volatility on Technological Innovation of Enterprises in Different Life Cycles

Table 5

Substitution of moderating variables.

	Full sample		The growing stage		The mature stage		The declining stage
	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)
IIV	0.094 (0.045)	0.148 (0.057)	0.109 (0.052)	0.168 (0.068)	0.071 (0.091)	0.218 (0.113)	0.132 (0.090)	0.059 (0.113)
IIV × IS		−0.005 (0.003)		−0.005 (0.003)		−0.019 (0.011)		0.0068 (0.007)
IS	−0.004 (0.004)	−0.007 (0.005)	−0.009 (0.006)	−0.012 (0.007)	−0.008 (0.007)	−0.014 (0.009)	0.034 (0.095)	0.012 (0.010)
Human	0.107 (0.058)	0.105 (0.058)	0.075 (0.063)	0.105 (0.071)	0.182 (0.096)	0.182 (0.095)	0.014 (0.069)	0.017 (0.070)
Grow	−0.013 (0.005)	−0.013 (0.005)	0.107 (0.071)	−0.017 (0.006)	−0.055 (0.221)	−0.064 (0.224)	−0.016 (0.112)	−0.018 (0.111)
Age	−0.007 (0.017)	−0.007 (0.017)	−0.018 (0.006)	−0.005 (0.018)	−0.017 (0.019)	−0.016 (0.019)	−0.015 (0.018)	−0.014 (0.018)
Effort	0.034 (0.025)	0.031 (0.025)	−0.005 (0.018)	0.011 (0.030)	0.059 (0.044)	0.061 (0.044)	0.120 (0.048)	0.123 (0.047)
Pro	0.024 (0.055)	0.022 (0.055)	0.015 (0.030)	0.058 (0.070)	−0.006 (0.116)	−0.006 (0.117)	0.020 (0.070)	0.020 (0.070)
Debt	0.038 (0.038)	0.037 (0.037)	0.058 (0.070)	0.026 (0.201)	0.002 (0.033)	0.007 (0.033)	0.127 (0.075)	0.126 (0.076)
Size	0.105 (0.057)	0.105 (0.057)	0.041 (0.200)	0.156 (0.079)	0.121 (0.066)	0.135 (0.066)	0.232 (0.115)	0.235 (0.116)
Constant	−2.368 (1.116)	−2.354 (1.113)	−3.582 (1.487)	−3.557 (1.487)	−2.806 (1.288)	−3.083 (1.304)	−4.194 (2.098)	−4.314 (2.106)
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
R^2	0.114	0.115	0.125	0.126	0.137	0.143	0.099	0.102

Note that standard errors are in parentheses. , , and represent 10%, 5%, and 1% significance levels, respectively.