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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)