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

Table 6

Delete the 2012 sample.

	Full sample		The growing stage		The mature stage		The declining stage
	(25)	(26)	(27)	(28)	(29)	(30)	(31)	(32)
IIV	0.098 (0.045)	0.174 (0.057)	0.107 (0.051)	0.202 (0.068)	0.113 (0.088)	0.257 (0.126)	0.115 (0.097)	0.007 (0.135)
IIV × IS		−0.075 (0.0293)		−0.089 (0.034)		−0.246 (0.150)		0.137 (0.114)
IS	−0.070 (0.060)	−0.112 (0.070)	−0.110 (0.082)	−0.168 (0.095)	−0.155 (0.109)	−0.240 (0.134)	0.133 (0.127)	0.217 (0.159)
Human	0.106 (0.058)	0.101 (0.058)	0.093 (0.074)	0.086 (0.074)	0.168 (0.097)	0.165 (0.096)	0.028 (0.072)	0.030 (0.073)
Grow	−0.013 (0.005)	−0.012 (0.005)	−0.018 (0.006)	−0.017 (0.006)	−0.065 (0.238)	−0.071 (0.240)	−0.010 (0.117)	−0.011 (0.116)
Age	−0.007 (0.017)	−0.007 (0.017)	−0.001 (0.018)	−0.001 (0.018)	−0.021 (0.019)	−0.020 (0.020)	−0.014 (0.019)	−0.012 (0.019)
Effort	0.029 (0.025)	0.024 (0.025)	0.017 (0.029)	0.006 (0.030)	0.051 (0.040)	0.052 (0.041)	0.130 (0.053)	0.136 (0.052)
Pro	0.019 (0.058)	0.017 (0.058)	0.071 (0.075)	0.071 (0.075)	0.027 (0.119)	0.028 (0.120)	0.019 (0.070)	0.018 (0.069)
Debt	0.047 (0.035)	0.044 (0.034)	0.038 (0.190)	0.018 (0.192)	−0.001 (0.033)	0.004 (0.033)	0.129 (0.078)	0.135 (0.078)
Size	0.102 (0.057)	0.101 (0.057)	0.166 (0.081)	0.164 (0.081)	0.105 (0.066)	0.118 (0.066)	0.241 (0.122)	0.251 (0.123)
Constant	−2.313 (1.119)	−2.231 (1.111)	−3.729 (1.509)	−3.613 (1.503)	−2.327 (1.254)	−2.541 (1.264)	−4.449 (2.265)	−4.740 (2.295)
Enterprise	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	1503	1503	794	794	471	471	238	238
R^2	0.111	0.112	0.124	0.125	0.136	0.137	0.100	0.101

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