Table 5 Regression analysis results using data from 2003 to 2009

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