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 |