From: Home purchase restriction, real estate investment, and corporate innovation
Variable | High-tech industries | Non-high-tech industries | High-tech industries | Non-high-tech industries |
---|---|---|---|---|
Y = RDit | Y = RDit | Y = RDit | Y = RDit | |
HPR _ Sit | 0.0730 | 0.0598* | ||
(0.997) | (1.857) | |||
HPR _ WAit | 0.2982 | 0.3339* | ||
(0.688) | (1.848) | |||
Sizeit | 0.5207*** | 0.6896*** | 0.5198*** | 0.6886*** |
(6.173) | (12.895) | (6.164) | (12.842) | |
LEVit | 0.4349** | − 0.1813 | 0.4230** | −0.1806 |
(2.474) | (−1.086) | (2.389) | (−1.082) | |
Growthit | 0.0968** | 0.0072 | 0.0951** | 0.0062 |
(2.045) | (0.231) | (2.002) | (0.201) | |
ROAit | 0.4914* | 0.6070* | 0.5012* | 0.6090* |
(1.899) | (1.916) | (1.948) | (1.918) | |
Top5it | 0.4215 | 0.4837** | 0.4342 | 0.5054** |
(1.327) | (2.433) | (1.367) | (2.554) | |
Stateit | 0.2475** | − 0.3025** | 0.2458** | − 0.3035** |
(2.187) | (−2.104) | (2.173) | (−2.113) | |
Constant | 5.0063*** | 1.2524 | 5.0623*** | 1.2491 |
(2.673) | (1.019) | (2.711) | (1.013) | |
Industry FE | YES | YES | YES | YES |
Firm FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
No. of obs. | 2358 | 9428 | 2358 | 9428 |
Number of firms | 465 | 1613 | 465 | 1613 |
R2:within | 0.5708 | 0.4339 | 0.5706 | 0.4339 |