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Table 5 Regression analysis results using data from 2003 to 2009

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

Independent variables Panel OLS FE RE GMM
Model 7 Model 8 Model 9 Model 10
Share 0.0819*** 0.0551*** 0.0551*** 0.0282
(4.08) (7.57) (7.57) (1.31)
CI − 0.2041*** − 0.2186*** − 0.2186*** − 0.1122***
(− 10.99) (− 5.89) (− 5.89) (− 2.68)
Cost − 0.0101* − 0.0079 − 0.0079 − 0.0246
(− 1.71) (− 1.37) (− 1.37) (− 1.26)
Subsidy 0.0074*** − 0.0037** − 0.0037** − 0.0020
(3.82) (− 1.97) (− 1.97) (− 0.42)
DOI 0.0879*** 0.0401** 0.0401** 0.0004
(10.43) (2.45) (2.45) (0.01)
Innov − 0.9306*** − 2.2851*** − 2.2851*** 1.6011**
(− 2.81) (− 6.72) (− 6.72) (2.55)
Innov2 0.0743*** 0.1452*** 0.1452*** − 0.1576**
(4.21) (9.17) (9.17) (− 2.52)
IFC − 0.1894** − 0.5730*** − 0.5730*** 2.9434***
(− 1.96) (− 5.63) (− 5.63) (3.33)
IFC × Innov 0.0143*** 0.0363*** 0.0363*** − 0.1887***
(2.69) (7.42) (7.42) (− 3.29)
IFC × Innov2 0.5796 2.0685*** 2.0685*** − 10.3073***
(1.37) (3.89) (3.89) (− 3.34)
MFC 0.1016*** 0.1847*** 0.1847*** − 0.2618*
(2.88) (5.20) (5.20) (− 1.86)
MFC × Innov − 0.0055*** − 0.0112*** − 0.0112*** 0.0192**
(− 2.99) (− 6.87) (− 6.87) (2.39)
MFC × Innov2 − 0.2491 − 0.4740** − 0.4740** 0.8662
(− 1.52) (− 2.47) (− 2.47) (1.29)
IFC × MFC − 0.1382*** − 0.1859*** − 0.1859*** 0.7565**
(− 2.93) (− 3.29) (− 3.29) (2.33)
IFC × MFC × Innov 0.0407*** 0.0613*** 0.0613*** − 0.1993**
(3.91) (5.72) (5.72) (− 2.51)
IFC × MFC × Innov2 − 0.0023*** − 0.0038*** − 0.0038*** 0.0125***
(− 4.09) (− 7.57) (− 7.57) (2.64)
Year FE Yes Yes Yes Yes
Industry FE Yes Yes Yes Yes
Scale Yes Yes Yes Yes
Area FE Yes Yes Yes Yes
Ownership Yes Yes Yes Yes
N 142,975 142,975 142,975 142,975
chi2 17,914.1 23,979.2 26,284.3 26,322.0
r2_b 0.350 0.432 0.453 0.453
r2_o 0.356 0.435 0.453 0.453
  1. *p < 0.1; **p < 0.05; ***p < 0.01; Two-tailed tests