Table 6 Hierarchical analyses of ownership and innovation performance: Tobit estimation

 State stock concentration

0.039***

0.028***

(0.011)

(0.011)

 Private stock concentration

−0.091***

−0.081***

(0.005)

(0.005)

 Central SOEs

0.103***

0.062***

(0.019)

(0.019)

 Local SOEs

−0.019*

−0.022**

(0.012)

(0.012)

 POEs

−0.093***

−0.082***

(0.005)

(0.005)

 R&D intensity

5.410***

5.405***

(0.091)

(0.091)

 Firm size

0.168***

0.163***

0.155***

0.163***

0.155***

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

 Firm age

0.004***

0.003***

0.003***

0.003***

0.003***

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

 Foreign ownership

−0.018***

−0.072***

−0.059***

−0.074***

−0.061***

(0.005)

(0.006)

(0.006)

(0.006)

(0.006)

 Leverage

−0.006**

−0.007***

−0.003

−0.006**

−0.003

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

 Employee training

0.245

0.150

−0.229

0.154

−0.221

(0.294)

(0.302)

(0.572)

(0.304)

(0.567)

 Capital intensity

0.000***

0.000***

0.000***

0.000***

0.000***

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

 Return to assets

0.023***

0.034***

0.031***

0.033***

0.030***

(0.009)

(0.008)

(0.008)

(0.008)

(0.008)

 Industry dummy

Yes

Yes

Yes

Yes

Yes

 Region dummy

Yes

Yes

Yes

Yes

Yes

 Year dummy

Yes

Yes

Yes

Yes

Yes

N

465587

465587

459698

465587

459698

χ2-statistic

42120***

42524***

44779***

42539***

44783***

Log likelihood

−123125

−122923

−116502

−122916

−116500