Table 5 Subgroup regression results of H2
Subgroup | Tfp t + 1 | |||
|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
Low ID/ID = 0 | Median ID | High ID | ID = 1 | |
VCrep | 0.702** | 0.051 | −0.162*** | − 0.566*** |
(0.316) | (0.067) | (0.050) | (0.193) | |
NumVC | −0.142 | − 0.207*** | − 0.060 | − 0.236 |
(0.142) | (0.065) | (0.094) | (0.385) | |
VCAge | 0.064** | 0.036 | 0.002 | 0.170* |
(0.032) | (0.029) | (0.027) | (0.093) | |
Age | −0.160*** | −0.148*** | −0.080** | − 0.188* |
(0.043) | (0.035) | (0.031) | (0.094) | |
ROA | 2.903*** | 1.796*** | 2.181*** | 2.297 |
(0.456) | (0.578) | (0.471) | (1.510) | |
SOE | −1.274* | −0.071 | 0.976 | 1.274 |
(0.693) | (0.636) | (0.709) | (2.005) | |
lnSize | −2.092*** | −2.120*** | −1.806*** | −1.945*** |
(0.267) | (0.188) | (0.173) | (0.572) | |
lnm | 1.108*** | 1.832*** | 1.348*** | 1.522*** |
(0.177) | (0.126) | (0.128) | (0.422) | |
IGrowth | 3.022 | 1.389 | 3.497** | −11.993 |
(2.040) | (1.563) | (1.433) | (7.384) | |
lnGDP | 0.002 | 0.732*** | 0.410*** | 0.697 |
(0.190) | (0.165) | (0.138) | (0.473) | |
Industry dummies | Included | Included | Included | Included |
Year dummies | Included | Included | Included | Included |
Constant | 78.759*** | 73.450*** | 73.364*** | 75.557*** |
(3.076) | (3.801) | (2.573) | (7.019) | |
N | 450 | 542 | 561 | 65 |
F | 8.84 | 17.45 | 19.34 | 3.74 |
R 2 | 0.292 | 0.388 | 0.405 | 0.594 |