From: Home purchase restriction, real estate investment, and corporate innovation
Variable | Definition | Metrics | |
---|---|---|---|
Dependent variable | RD | R&D investment | Logarithm value of R&D investment |
Independent variable | HPR _ S | HPR duration | Total years of HPR implementation in a city, in which headquarters reside |
HPR _ WA | Weighted HPR duration | Total years of HPR implementation weighted by real estate income proportions between headquarter and subsidiaries in different cities and accelerated by the sum-of-the-years’-digits method | |
Mediator variable | RE | Real estate investment | Logarithm value of real estate income plus 1 |
Control variable | Size | Firm size | Logarithm value of total assets |
LEV | Debt ratio | Total debts to total assets ratio | |
Growth | Growth | Growth rate of sales income | |
ROA | Return on asset | Net profits to total assets | |
Top5 | Corporate governance | Share ratio of top five shareholders | |
State | Firm nature | State-owned enterprise equals 1, otherwise 0 |