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Table 6 Subgroup regression results of firms under different ownership and different scale

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

Independent variables Scale Ownership Area
large SMEs SOEs Non-SOEs East Non-East
Model 11 Model 12 Model 13 Model 14 Model 15 Model 16
Share 0.085*** 0.028*** 0.032*** 0.045*** 0.064*** 0.025***
(6.02) (5.41) (2.65) (8.20) (9.88) (2.94)
CI − 0.899*** − 0.170*** − 0.577*** − 0.171*** − 0.335*** − 0.169***
(− 5.56) (− 6.23) (− 5.99) (− 5.15) (− 7.88) (− 3.23)
Cost − 0.345*** − 0.003 − 0.003 − 0.008 − 0.004 − 0.010
(− 4.60) (− 1.19) (− 0.77) (− 1.63) (− 1.21) (− 1.32)
Subsidy − 0.018*** 0.001 − 0.020*** 0.004** − 0.001 − 0.009***
(− 3.87) (0.77) (− 5.97) (2.47) (− 0.35) (− 3.35)
DOI 0.068 0.005 0.043 0.020 0.007 0.073***
(1.23) (0.46) (1.34) (1.36) (0.41) (3.15)
Innov − 1.299** − 1.201*** − 1.483*** − 2.262*** − 2.359*** − 1.825***
(− 2.03) (− 5.66) (− 4.39) (− 9.19) (− 8.35) (− 7.01)
Innov2 0.081*** 0.092*** 0.094*** 0.151*** 0.142*** 0.117***
(2.93) (7.82) (6.03) (12.46) (10.67) (9.38)
IFC 0.842 0.911*** 1.359*** 1.911*** 2.340*** 1.576***
(0.79) (3.54) (2.92) (5.55) (5.76) (4.39)
IFC × Innov − 0.165 − 0.308*** − 0.297*** − 0.567*** − 0.543*** − 0.418***
(− 0.87) (− 5.35) (− 3.37) (− 8.19) (− 6.92) (− 5.95)
IFC × Innov2 0.009 0.023*** 0.018*** 0.037*** 0.032*** 0.026***
(1.03) (7.08) (4.21) (10.52) (8.26) (7.53)
MFC − 0.494 0.415*** − 0.381 − 0.437*** − 0.721*** − 0.576***
(− 1.06) (3.63) (− 1.63) (− 3.09) (− 4.49) (− 2.99)
MFC × Innov 0.154** − 0.054** 0.113*** 0.176*** 0.192*** 0.167***
(1.97) (− 2.21) (2.72) (6.43) (6.41) (4.73)
MFC × Innov2 − 0.009*** 0.002* − 0.007*** − 0.011*** − 0.011*** − 0.010***
(− 2.69) (1.82) (− 3.74) (− 8.40) (− 7.71) (− 6.17)
IFC × MFC − 0.211 0.064** − 0.138** − 0.170*** − 0.225*** − 0.185***
(− 1.51) (2.02) (− 2.30) (− 4.25) (− 5.06) (− 3.55)
IFC × MFC × Innov 0.052** − 0.003 0.038*** 0.059*** 0.059*** 0.056***
(2.15) (− 0.46) (3.42) (7.54) (6.96) (5.67)
IFC × MFC × Innov2 − 0.003*** − 0.000 − 0.002*** − 0.004*** − 0.003*** − 0.003***
(− 2.68) (− 0.37) (− 4.57) (− 9.62) (− 8.29) (− 7.47)
_cons 5.000 3.101*** 5.631*** 6.923*** 10.013*** 6.161***
(1.30) (2.85) (2.94) (5.01) (6.46) (3.80)
Year FE Yes Yes Yes Yes Yes Yes
Industry FE Yes Yes Yes Yes Yes Yes
Scale No No Yes Yes Yes Yes
Area FE Yes Yes Yes Yes No No
Ownership Yes Yes No No Yes Yes
N 19,928 123,044 29,064 113,908 89,541 53,431
F 19.996 126.911 26.922 113.580 90.653 63.612
r2_b 0.035 0.175 0.089 0.272 0.299 0.232
r2_o 0.039 0.190 0.100 0.306 0.326 0.264
  1. t statistics in parentheses
  2. *p < 0.1; **p < 0.05; ***p < 0.01