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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