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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