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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)