Table 7 Hierarchical analyses of ownership and R&D intensity: IV GMM estimation
R&D expenditure/Sales | ||
|---|---|---|
Model 1 | Model 2 | |
Independent variables | ||
State stock concentration | 0.003*** | |
(0.001) | ||
Private stock concentration | −0.001*** | |
(0.001) | ||
Central SOEs | 0.013*** | |
(0.002) | ||
Local SOEs | 0.001** | |
(0.000) | ||
POEs | −0.001*** | |
(0.000) | ||
Control variables | ||
Capital stock | 0.001*** | 0.001*** |
(0.000) | (0.000) | |
Foreign ownership | −0.001*** | −0.001*** |
(0.000) | (0.000) | |
Leverage | −0.001*** | −0.001*** |
(0.000) | (0.000) | |
Employee training | 0.335*** | 0.265** |
(0.105) | (0.106) | |
Capital intensity | −0.000 | −0.000 |
(0.000) | (0.000) | |
Return to assets | 0.001*** | 0.001*** |
(0.000) | (0.000) | |
Industry dummy | Yes | Yes |
Region dummy | Yes | Yes |
Year dummy | Yes | Yes |
N | 465003 | 465003 |
Endogeneity test | 6.57*** | 53.08*** |
Instrument redundancy test | 4647.96*** | 1232.48*** |