Figure 1.
Figure 2.
Figure 3.
Baseline Regression_
| Variable | Innovation | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Deg | -13.123*** (-15.29) | -24.978*** (-11.69) | -22.535*** (-10.52) | -11.426*** (-3.80) |
| Deg2 | 217.841*** (6.05) | 204.783*** (5.64) | 137.178*** (3.20) | |
| Cashflow | 0.885*** (3.98) | 0.216 (1.06) | ||
| TobinQ | -0.146*** (-3.14) | -0.124** (-2.53) | ||
| ProfitRate | -0.017 (-1.17) | -0.057*** (-4.37) | ||
| LiquidityRatio | -0.397*** (-9.10) | -.107*** (-2.66) | ||
| ROA | -1.694*** (-4.05) | -0.56 (-1.46) | ||
| TTM | 0.262 (0.99) | 0.094 (0.39) | ||
| Age | 2.107*** (11.48) | 0.5*** (2.93) | ||
| Edu | 0.736** (7.93) | 0.184** (2.17) | ||
| Board | 0.774** (2.56) | 0.291 (1.07) | ||
| Constant | 2.808*** (125.82) | 2.912*** (103.49) | -6.938*** (-8.06) | -0.631 (-0.79) |
| Industry / Region / Year | No | No | No | Yes |
| N | 10129 | 10129 | 10129 | 10129 |
| Adj.R2 | 0.033 | 0.039 | 0.095 | 0.271 |
Other robustness test results_
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Manufacturing industry | State enterprise | non-state enterprise | Explanatory variables lagged | |
| Deg | -15.548*** (-4.47) | -10.038** (4.803) | -10.396** (3.951) | -7.499** (-2.53) |
| Deg2 | 189.524*** (3.83) | 125.289* (68.518) | 124.245** (56.525) | 109.073*** (2.61) |
| Constant | 0.337 (0.36) | 1.179 (1.426) | -1.731* (0.988) | -0.767 (-0.96) |
| Control | Yes | Yes | Yes | Yes |
| Industry / Region / Year | Yes | Yes | Yes | Yes |
| N | 10129 | 10129 | 10129 | 10129 |
| Adj.R2 | 0.101 | 0.040 | 0.085 | 0.269 |
Descriptive statistics of the main variables_
| Variable | Average | Standard | Min | Max |
|---|---|---|---|---|
| Innovation | 2.469 | 1.591 | 0 | 6.727 |
| Deg | 0.024 | 0.016 | 0 | 0.074 |
| Close | 0.412 | 0.048 | 0.318 | 0.613 |
| Scientific & technical writings | 5.374 | 0.771 | 2.773 | 6.733 |
| papers | 10.676 | .695 | 7.925 | 11.611 |
| patent_applications | 9.175 | 1.011 | 5.088 | 10.775 |
| patent_transformation | 4.377 | 0.936 | 0.693 | 5.308 |
| alumni_patentApplictaions | 6.681 | 1.085 | 1.386 | 8.153 |
| academic_background | 0.170 | 0.097 | 0 | 0.601 |
| Age | 3.952 | 0.101 | 3.664 | 4.174 |
| Edu | 1.366 | 0.196 | 0.693 | 1.609 |
| Board | 1.37 | 0.067 | 1.099 | 1.386 |
| Cashflow | 0.047 | 0.063 | -0.138 | 0.216 |
| TobinQ | 1.076 | 0.345 | 0.607 | 2.252 |
| ProfitRate | 0.134 | 0.73 | -6.499 | 2.49 |
| LiauidityRatio | 1.164 | 0.534 | 0.306 | 2.971 |
| ROA | 0.042 | 0.059 | -0.271 | 0.183 |
| TTM | 0.269 | 0.138 | 0.022 | 0.636 |
Surrogate regression_
| Variable | Innovation | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Close | -0.544** (-1.98) | -11.984*** (-4.43) | -13.707*** (-4.99) | -9.017*** (-3.60) |
| Close2 | 12.767*** (4.25) | 15.01*** (4.92) | 9.881*** (3.56) | |
| Constant | 2.721*** (23.91) | 5.238*** (8.69) | -5.324*** (-5.04) | 1.09 (1.14) |
| Control | Yes | Yes | Yes | Yes |
| Industry / Region / Year | No | No | No | Yes |
| N | 10129 | 10129 | 10129 | 10129 |
| Adj.R2 | 0.001 | 0.003 | 0.069 | 0.270 |
“U-shape” Relationship Test_
| Lower bound | upper bound | |
|---|---|---|
| Interval | 0.000 | 0.074 |
| Slope | -11.314 | 8.858 |
| t-value | -3.804 | 2.427 |
| P > |t| | 0.000 | 0.008 |
| Overall test of presence of a U shape | ||
| t-value = 2.43 | ||
| P > |t| = 0.008 | ||
Regression result of patent applications and transformations_
| Variables | Innovation | |||||
|---|---|---|---|---|---|---|
| (1) Low | (2) Medium | (3) High | (4) Low | (5) Medium | (6) High | |
| patent_applications | 0.123** (2.02) | 0.288*** (3.12) | 0.115 (1.21) | |||
| patent_transfers | -0.007 (-0.36) | -0.018 (-0.78) | -0.046* (-1.93) | |||
| Constant | -2.323 (-1.56) | -2.058 (-1.13) | -4.735** (-2.54) | -1.377 (-0.96) | 0.298 (0.18) | -3.568** (-2.10) |
| Control | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry / Year | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3886 | 3124 | 3119 | 3886 | 3124 | 3119 |
| Adj.R2 | 0.205 | 0.266 | 0.266 | 0.203 | 0.262 | 0.268 |
Regression result of regulating effect_
| Variables | Innovation |
|---|---|
| Deg | -20.032*** (-4.58) |
| Deg2 | 293.382*** (4.38) |
| academic_background | -0.492* (-1.75) |
| Deg*academic_background | 53.69*** (2.80) |
| Deg2*academic_background | -977.138*** (-3.11) |
| Constant | -0.859 (-1.09) |
| Control | Yes |
| Industry / Year / Region | Yes |
| N | 10129 |
| Adj.R2 | 0.271 |
Regression result of papers and Scientific & technical writings_
| Variables | Innovation | |||||
|---|---|---|---|---|---|---|
| (1) Low | (2) Medium | (3) High | (4) Low | (5) Medium | (6) High | |
| papers | -0.007 (-0.09) | 0.315 (1.40) | 0.616*** (2.58) | |||
| Scientific & technical writings | 0.139** (2.27) | 0.189* (1.77) | -0.042 (-0.37) | |||
| Constant | -1.373 (-0.84) | -2.952 (-1.06) | -10.213*** (-3.39) | -1.997 (-1.39) | -.625 (-0.36) | -3.611** (2.03) |
| Control | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry / Year | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3886 | 3124 | 3119 | 3886 | 3124 | 3119 |
| Adj.R2 | 0.203 | 0.262 | 0.269 | 0.205 | 0.263 | 0.265 |