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Table 9 The 2SLS results of HPR duration on corporate innovation

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

Variable

(1)

(2)

(3)

(4)

Y = HPR _ Sit

Y = RDit

Y = HPR _ WAit

Y = RDit

RES _ Sit

−0.3928***

   

(−5.67)

   

HPR _ Sit

 

0.8480***

  
 

(2.634)

  

RES _ WAit

  

−0.0601***

 
  

(−5.14)

 

HPR _ WAit

   

5.3907**

   

(2.537)

Sizeit

0.0020

0.6926***

0.0044*

0.6707***

(0.14)

(17.781)

(1.82)

(16.471)

LEVit

−0.1406***

−0.0161

−0.0224*

−0.0138

(−2.77)

(−0.120)

(−1.84)

(−0.097)

Growthit

−0.0218*

0.0301

−0.0010

0.0170

(−1.76)

(1.126)

(−0.46)

(0.632)

ROAit

0.0340

0.6201***

−0.0011

0.6546***

Top5it

(0.38)

(2.603)

(−0.06)

(2.631)

0.4800***

0.1988

0.0262**

0.4654***

Stateit

(6.34)

(0.960)

(2.14)

(3.028)

−0.0648

−0.1627

−0.0095

−0.1662

(−1.30)

(−1.504)

(−1.49)

(− 1.579)

HPit

0.1024**

− 0.0946

0.0145**

−0.0856

(2.22)

(−1.008)

(2.19)

(−0.916)

PDit

0.1593***

−0.3504***

0.0156**

−0.2981**

(3.39)

(−2.589)

(2.03)

(−2.376)

Incit

−0.0854**

0.3104**

−0.0176**

0.3327**

(−2.04)

(2.104)

(−2.12)

(2.068)

Industry FE

YES

YES

YES

YES

Firm FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

No. of obs.

11,657

11,657

11,657

11,657

Number of firms

1779

1779

1779

1779

Under identification test

33.12

 

26.75

 

P-value

8.67e-09

 

2.32e-07

 

Weak identification test

32.20

 

26.37

 

R2

 

0.3672

 

0.3466

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