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 |