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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)