Skip to main content

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)