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Financial Innovation

Table 7 Robustness test of distance

From: Near is more: learning efficiency in research and development innovation among interlocking firms

 

Y = RD1t+1

(1)

Intercept

0.02103***

(8.16)

CoRD1t

0.1565***

(5.95)

CoRD1t*D_Distancet

0.0466*

(2.40)

D_Distancet

− 0.0003

(− 0.92)

Control variables

YES

Industry & Year FE

YES

Adj R2

28.03%

Obs

8922

  1. This table presents the robustness test of the overall sample in regression (5). Column (1) shows the regression results of the interaction term of Distance and CoRD1 on RD1. Year and firm fixed effects are controlled in the regression. The T statistic is in parentheses under the coefficient. *, **, and *** mean statistical significance at 5%, 1%, and 0.1% respectively
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