From: Home purchase restriction, real estate investment, and corporate innovation
Variable | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Y = RDit | Y = RDit | Y = RDit | Y = RDit | |
HPR _ Sit | 0.0686** | 0.0615** | ||
(2.259) | (2.027) | |||
Difference in HPR _ Sit Coefficients | Diff. = 0.0071 | |||
Chi-square = 3.01* | ||||
HPR _ WAit | 0.3688** | 0.3370** | ||
(2.162) | (1.984) | |||
Difference in HPR _ WAit Coefficients | Diff. = 0.0318 | |||
Chi-square = 2.87* | ||||
RE | −0.0097* | −0.0107* | ||
(−1.705) | (−1.930) | |||
Sizeit | 0.6920*** | 0.6917*** | 0.6907*** | 0.6904*** |
(15.250) | (15.250) | (15.181) | (15.191) | |
LEVit | −0.1376 | −0.1342 | −0.1388 | −0.1347 |
(−0.934) | (−0.911) | (−0.941) | (−0.915) | |
Growthit | 0.0182 | 0.0186 | 0.0171 | 0.0176 |
(0.701) | (0.714) | (0.658) | (0.678) | |
ROAit | 0.6437** | 0.6448** | 0.6463** | 0.6472** |
(2.423) | (2.427) | (2.428) | (2.431) | |
Top5it | 0.5845*** | 0.5849*** | 0.6077*** | 0.6053*** |
(3.350) | (3.354) | (3.501) | (3.491) | |
Stateit | −0.2143* | − 0.2150* | −0.2153* | −0.2158* |
(−1.851) | (−1.857) | (− 1.862) | (− 1.866) | |
Constant | 1.1977 | 1.2342 | 1.2015 | 1.2438 |
(1.109) | (1.143) | (1.110) | (1.149) | |
Industry FE | YES | YES | YES | YES |
Firm FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
No. of obs. | 11,786 | 11,786 | 11,786 | 11,786 |
Number of firms | 1830 | 1830 | 1830 | 1830 |
R2: within | 0.4646 | 0.4648 | 0.4644 | 0.4647 |