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Table 3 The HPR, real estate investment, and corporate innovation

From: Home purchase restriction, real estate investment, and corporate innovation

Variable (1) (2) (3)
Y = RDit Y = REit Y = REit
REit −0.0125**   
(−2.289)   
HPR _ Sit   −0.7211***  
  (−2.794)  
HPR _ WAit    −2.9679**
   (−2.193)
Sizeit 0.6919*** − 0.0388 −0.0289
(15.200) (−0.404) (−0.289)
LEVit −0.1410 0.3487* 0.3804**
(−0.957) (1.885) (1.992)
Growthit 0.0174 0.0396 0.0521
(0.670) (0.614) (0.781)
ROAit 0.6469** 0.1091 0.0835
(2.431) (0.388) (0.291)
Top5it 0.6143*** 0.0414 −0.2289
(3.544) (0.098) (−0.491)
Stateit −0.2189* −0.0656 −0.0475
(−1.897) (−0.370) (− 0.289)
Constant 1.1684 3.7593 3.9461
(1.078) (1.592) (1.619)
Industry FE YES YES YES
Firm FE YES YES YES
Year FE YES YES YES
No. of obs. 11,786 11,786 11,786
Number of firms 1830 1830 1830
R2: within 0.4642 0.0876 0.0717
  1. Notes. ***, **, and * denote the significance levels at 1%, 5%, and 10%, respectively; parentheses are t values (thereinafter)