Table 9 Regression analysis of firm performance to R&D spending with different strategies—State-owned Firms

R&D (%)

0.0000

−0.0005

− 0.0009

− 0.0017

0.0530

0.1721*

(0.04)

(−0.15)

(− 0.43)

(− 0.32)

(1.22)

(1.72)

R&D ²(%)

0.0000

0.0001

−0.0094

(0.18)

(0.16)

(−1.32)

SIZE

−0.0279***

−0.0279***

− 0.0469***

−0.0468***

− 0.0838

−0.0777

(−3.35)

(−3.33)

(−3.2)

(−3.18)

(−0.31)

(−0.29)

LEV

−0.0943***

−0.0947***

− 0.0946*

−0.0952*

− 3.5923***

−3.5632***

(−3.44)

(−3.42)

(−1.96)

(−1.95)

(− 3.97)

(− 3.96)

SALES

0.0294***

0.0292***

0.0507***

0.0505***

−0.0714

−0.0463

(3.73)

(3.67)

(3.67)

(3.6)

(−0.28)

(−0.18)

_cons

0.0460

0.0500

0.0223

0.0284

6.9146**

5.9989**

(0.53)

(0.55)

(0.15)

(0.18)

(2.47)

(2.09)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.370

0.362

0.260

0.251

0.573

0.577

No. of obs.

96

96

96

96

92

92

R&D (%)

0.0006

0.0016

0.0027

0.0058

0.0308

0.1721*

(0.4)

(0.55)

(0.6)

(0.69)

(0.9)

(1.72)

R&D ²(%)

−0.0001

−0.0003

− 0.0094

(−0.41)

(− 0.44)

(−1.32)

SIZE

−0.0124*

− 0.0122*

− 0.0264

−0.0256

− 0.2375

− 0.0777

(− 1.76)

(− 1.71)

(− 1.26)

(− 1.21)

(− 1.43)

(− 0.29)

LEV

− 0.1178***

− 0.1179***

− 0.2777***

−0.2783***

−2.9421***

−3.5632***

(−5.33)

(−5.32)

(− 4.22)

(−4.22)

(− 5.63)

(−3.96)

SALES

0.0225***

0.0222***

0.055***

0.0541***

−0.0307

−0.0463

(3.56)

(3.49)

(2.92)

(2.86)

(−0.21)

(−0.18)

_cons

−0.1391**

−0.1398**

− 0.4686***

−0.4707***

8.8136***

5.9989**

(−2.59)

(− 2.59)

(− 2.93)

(− 2.93)

(7.02)

(2.09)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.281

0.278

0.277

0.273

0.543

0.540

No. of obs.

189

189

189

189

182

182

R&D (%)

0.0014**

0.0034**

0.0025**

0.0058**

0.048**

0.0534

(2.17)

(2.45)

(2.28)

(2.47)

(2.54)

(1.32)

R&D ²(%)

−0.0002

− 0.0003

−0.0005

(−1.62)

(−1.58)

(−0.15)

SIZE

− 0.0373***

− 0.0366***

− 0.055***

− 0.0539***

− 0.7429***

−0.7411***

(−8.3)

(−8.12)

(−7.22)

(−7.05)

(−5.58)

(−5.54)

LEV

−0.0691***

− 0.0684***

− 0.0285

− 0.0273

− 1.3342***

− 1.3327***

(− 6.22)

(− 6.15)

(− 1.51)

(− 1.45)

(−4.11)

(−4.1)

SALES

0.0419***

0.0415***

0.0651***

0.0643***

− 0.0078

− 0.009

(10.73)

(10.59)

(9.83)

(9.7)

(−0.07)

(− 0.08)

_cons

0.0005

−0.0093

−0.0912

− 0.1074

19.2701***

19.244***

(0.01)

(−0.22)

(−1.27)

(−1.48)

(15.36)

(15.18)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.207

0.209

0.176

0.177

0.525

0.524

No. of obs.

844

844

844

844

799

799

R&D (%)

0.001

0.0041***

0.003*

0.0094***

0.0021

−0.0668

(1.55)

(3.16)

(1.73)

(2.8)

(0.1)

(−1.62)

R&D ²(%)

−0.0003***

−0.0006**

0.0067*

(−2.75)

(−2.23)

(1.94)

SIZE

−0.0145***

−0.0144***

− 0.029***

−0.0288***

− 0.7896***

−0.7897***

(−4.33)

(−4.32)

(−3.38)

(−3.36)

(−7.51)

(−7.53)

LEV

−0.0507***

−0.0513***

− 0.0489**

−0.0502**

−1.8836***

−1.874***

(−5.47)

(−5.56)

(−2.06)

(−2.12)

(−6.44)

(−6.42)

SALES

0.0190***

0.0191***

0.0404***

0.0404***

0.1089

0.1046

(6.35)

(6.39)

(5.26)

(5.29)

(1.16)

(1.12)

_cons

−0.0117

−0.0179

−0.1107

−0.1234

19.1189***

19.2851***

(−0.39)

(−0.59)

(−1.43)

(−1.59)

(19.35)

(19.48)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.202

0.210

0.099

0.104

0.513

0.515

No. of obs.

781

781

781

781

729

729