Table 5 Hierarchical analyses of ownership and R&D intensity: Tobit estimation
R&D expenditure/Sales | |||
|---|---|---|---|
Benchmark | Model 1 | Model 2 | |
Independent variables | |||
State stock concentration | 0.008*** | ||
(0.001) | |||
Private stock concentration | −0.006*** | ||
(0.000) | |||
Central SOEs | 0.022*** | ||
(0.001) | |||
Local SOEs | 0.002** | ||
(0.001) | |||
POEs | −0.006*** | ||
(0.000) | |||
Control variables | |||
Firm size | 0.014*** | 0.013*** | 0.013*** |
(0.000) | (0.000) | (0.000) | |
Firm age | 0.000*** | 0.000*** | 0.000*** |
(0.000) | (0.000) | (0.000) | |
Foreign ownership | −0.005*** | −0.009*** | −0.009*** |
(0.000) | (0.000) | (0.000) | |
Leverage | −0.013*** | −0.013*** | −0.013*** |
(0.000) | (0.000) | (0.000) | |
Employee training | 0.348*** | 0.340*** | 0.338*** |
(0.002) | (0.002) | (0.002) | |
Capital intensity | 0.000*** | 0.000*** | 0.000*** |
(0.000) | (0.000) | (0.000) | |
Return to assets | −0.002*** | −0.001** | −0.001** |
(0.001) | (0.000) | (0.000) | |
Industry dummy | Yes | Yes | Yes |
Region dummy | Yes | Yes | Yes |
Year dummy | Yes | Yes | Yes |
N | 465587 | 465587 | 465587 |
χ2-statistic | 41250*** | 41796*** | 41984*** |
Log likelihood | 174.53 | 447.59 | 541.42 |