Skip to main content

Table 1 The definitions and metrics of majority variables

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