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Table 8 The PSM-DID estimated results of the implementation and cancellation of the HPR on corporate innovation

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

Variable (1) (2)
Y = RDit Y = RDit
Treatit × Afterit 0.3031** −0.2999**
(2.094) (−2.028)
Sizeit 0.5862*** 0.9295***
(3.663) (14.082)
LEVit 0.1771 −1.9966***
(0.557) (−5.972)
Growthit −0.0158 0.1459
(−0.215) (1.157)
ROAit 0.4887 −0.3722
(0.904) (−0.396)
Top5it 2.2205** −0.0759
(2.272) (−0.200)
Stateit −0.8092 −0.2024*
(−1.615) (−1.688)
Constant 3.7024 −1.7939
(1.075) (−1.280)
Industry FE YES YES
Year FE YES YES
No. of obs. 1975 591
Number of firms 918 310
R2 0.261 0.624
  1. Notes. ***, **, and * denote the significance levels at 1%, 5%, and 10%, respectively; parentheses are t values (thereinafter)