Does Intellectual Capital Investment Improve Financial Competitiveness and Green Innovation Performance? Evidence from Renewable Energy Companies in China

Table 9

Regression results of Models (3) and (4).

Variable	Model (3)			Model (4)
	GP	GIP	GNIP	GP	GIP	GNIP
	RE	RE	RE	FE	RE	FE
Constant	−2.059 (−0.27)	0.131 (0.04)	0.038 (0.01)	−51.728 (−3.00)	−3.136 (−0.86)	−40.916 (−2.95)
MVAIC	−0.056 (−0.63)	−0.029 (−0.74)	−0.015 (−0.24)	—	—	—
CEE	—	—	—	4.042 (2.30)	1.371 (2.26)	2.850 (2.02)
HCE	—	—	—	−0.267 (−1.92)	−0.068 (−1.50)	−0.170 (−1.52)
SCE	—	—	—	−0.214 (−0.15)	0.640 (1.15)	−0.375 (−0.32)
RCE	—	—	—	−2.271 (−0.73)	0.259 (0.24)	−2.180 (−0.87)
INCE	—	—	—	5.090 (1.15)	2.609 (1.69)	3.778 (1.06)
SIZE	0.742 (2.62)	0.205 (1.55)	0.441 (2.30)	2.643 (4.07)	0.313 (2.31)	2.029 (3.89)
LEV	0.081 (0.05)	−0.233 (−0.33)	0.656 (0.56)	−3.266 (-1.32)	−0.987 (−1.19)	−2.486 (−1.25)
GDP	−167.977 (−3.65)	−54.021 (−2.70)	−118.063 (−3.26)	−59.966 (−1.02)	−52.036 (−2.58)	−28.702 (−0.61)
YEAR	Included	Included	Included	Included	Included	Included
R^2	0.0213	0.0119	0.0252	0.0731	0.0520	0.0562
F (wald)	46.41	33.37	34.83	4.81	44.38	3.63
N	934	934	934	934	934	934
Hausman test	Prob > chi2 = 0.4809	Prob > chi2 = 0.9449	Prob > chi2 = 0.3923	Prob > chi2 = 0.0063	Prob > chi2 = 0.2997	Prob > chi2 = 0.0041

, , and . t values are in parentheses.