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Financial Innovation

Table 3 Main hypotheses testing results

From: Could more innovation output bring better financial performance? The role of financial constraints

Independent variables

Panel OLS

FE

RE

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Share

0.130***

0.093***

0.082***

0.082***

0.049***

0.082***

(6.20)

(5.90)

(5.66)

(5.64)

(9.58)

(28.41)

CI

− 0.248***

− 0.202***

− 0.220***

− 0.222***

− 0.258***

− 0.222***

(− 13.52)

(− 11.76)

(− 12.95)

(− 13.13)

(− 7.86)

(− 13.78)

Cost

− 0.005

− 0.008*

− 0.008*

− 0.008*

− 0.005

− 0.008***

(− 1.36)

(− 1.71)

(− 1.85)

(− 1.81)

(− 1.53)

(− 3.48)

Subsidy

0.011***

0.007***

0.006***

0.005***

− 0.004**

0.005***

(6.28)

(3.79)

(3.34)

(2.97)

(− 2.21)

(4.33)

DOI

0.111***

0.079***

0.077***

0.076***

0.024*

0.076***

(13.77)

(10.55)

(10.47)

(10.35)

(1.80)

(11.31)

Innov

0.226***

− 0.770***

− 0.054

− 1.337***

− 1.874***

− 1.337***

(85.36)

(− 59.03)

(− 0.63)

(− 7.81)

(− 10.36)

(− 12.09)

Innov2

 

0.057***

0.025***

0.100***

0.121***

0.100***

 

(70.34)

(5.19)

(10.33)

(13.92)

(18.01)

IFC

  

− 0.419***

0.962***

1.618***

0.962***

  

(− 4.97)

(5.06)

(6.40)

(6.59)

IFC × Innov

  

0.102***

− 0.295***

− 0.422***

− 0.295***

  

(5.21)

(− 6.39)

(− 8.51)

(− 9.68)

IFC × Innov2

  

− 0.002*

0.021***

0.027***

0.021***

  

(− 1.86)

(7.79)

(10.66)

(13.38)

MFC

  

− 0.419***

0.962***

1.618***

0.962***

  

(− 4.97)

(5.06)

(6.40)

(6.59)

MFC × Innov

  

− 0.024***

0.134***

0.150***

0.134***

  

(− 5.62)

(6.59)

(7.22)

(10.06)

MFC × Innov2

  

0.002***

− 0.008***

− 0.009***

− 0.008***

  

(6.05)

(− 6.93)

(− 9.36)

(− 11.65)

IFC × MFC

   

− 0.172***

− 0.161***

− 0.172***

   

(− 6.80)

(− 5.23)

(− 9.15)

IFC × MFC × Innov

   

0.050***

0.050***

0.050***

   

(8.62)

(8.43)

(13.04)

IFC × MFC × Innov2

   

− 0.003***

− 0.003***

− 0.003***

   

(− 9.03)

(− 10.73)

(− 15.13)

_cons

− 2.114***

2.201***

− 0.451

3.979***

6.553***

3.979***

(− 30.24)

(26.57)

(− 1.20)

(5.45)

(6.03)

(7.27)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Scale

Yes

Yes

Yes

Yes

Yes

Yes

Area FE

Yes

Yes

Yes

Yes

Yes

Yes

Ownership

Yes

Yes

Yes

Yes

Yes

Yes

N

142,975

142,975

142,972

142,972

142,972

142,972

chi2

17,914.1

23,979.2

26,704.7

27,431.2

–

82,709.9

r2_b

0.350

0.432

0.455

0.456

0.223

0.456

r2_o

0.356

0.435

0.455

0.456

0.255

0.456

  1. *p < 0.1; **p < 0.05; ***p < 0.01 Two-tailed tests
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