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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)