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Table 7 The effects of the HPR on corporate R&D investments across industries

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

  1. Notes. ***, **, and * denote the significance levels at 1%, 5%, and 10%, respectively; parentheses are t values (thereinafter)