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

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