Table 8 Hierarchical analyses of ownership and innovation performance: IV GMM estimation
New product sales/Sales | ||||
|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
Independent variables | ||||
State stock concentration | 0.053*** | 0.057*** | ||
(0.006) | (0.006) | |||
Private stock concentration | −0.006*** | −0.004*** | ||
(0.001) | (0.001) | |||
Central SOEs | 0.260*** | 0.265*** | ||
(0.021) | (0.021) | |||
Local SOEs | 0.006*** | 0.007*** | ||
(0.002) | (0.002) | |||
POEs | −0.006*** | −0.005*** | ||
(0.001) | (0.001) | |||
Control variables | ||||
R&D intensity | 1.706*** | 1.645*** | ||
(0.078) | (0.077) | |||
Capital stock | 0.010*** | 0.009*** | 0.009*** | 0.009*** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Foreign ownership | −0.007*** | −0.005*** | −0.007*** | −0.004*** |
(0.001) | (0.001) | (0.001) | (0.001) | |
Leverage | −0.002** | −0.002*** | −0.003*** | −0.002*** |
(0.001) | (0.001) | (0.001) | (0.001) | |
Employee training | −0.001 | −0.138* | −0.046 | −0.296*** |
(0.033) | (0.071) | (0.045) | (0.081) | |
Capital intensity | −0.000*** | −0.000*** | −0.000*** | −0.000*** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Return to assets | 0.007*** | 0.006*** | 0.006*** | 0.006*** |
(0.001) | (0.001) | (0.001) | (0.001) | |
Industry dummy | Yes | Yes | Yes | Yes |
Region dummy | Yes | Yes | Yes | Yes |
Year dummy | Yes | Yes | Yes | Yes |
N | 465003 | 459147 | 465003 | 459147 |
Endogeneity test | 57.57*** | 69.89*** | 128.43*** | 145.89*** |
Instrument redundancy test | 4647.96*** | 4518.90*** | 1233.19*** | 1205.64*** |