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Table 6 The effect of the HPR on whether a firm conducts R&D investment

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

Variable \( Y=R{D}_{it}^d \)
\( HP{R}_{it}^d \) 0.2574***
(7.061)
REit −0.0319***
(−11.396)
Sizeit 0.1747***
(11.399)
LEVit −0.7129***
(−8.263)
Growthit 0.0765*
(1.752)
ROAit −0.0363
(−0.169)
Top5it 0.8972***
(8.788)
Stateit −0.1029***
(−3.077)
Constant −4.6123***
(−13.243)
Industry FE YES
Year FE YES
No. of obs. 14,992
Number of firms 2156
Pseudo R2 0.3924
  1. Notes. ***, **, and * denote the significance levels at 1%, 5%, and 10%, respectively; parentheses are t values (thereinafter)