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Financial Innovation

Table 10 Innovation-liquidity relationships by industry

From: Stock liquidity, financial constraints, and innovation in Chinese SMEs

Industry

INNOV_EXP

INNOV_PAT

CPQS

Adjusted R2

CPQS

Adjusted R2

Manufacturing

− 4.636***

(0.537)

0.333

− 40.688***

(12.967)

0.024

IT

− 4.141***

(0.819)

0.367

− 15.735

(14.321)

0.002

Others

− 2.463*

(1.362)

0.211

9.581

(12.109)

0.064

  1. This table shows the pooled OLS estimation results where the dependent variables are R&D expenditures and the number of patents, respectively. The sample period is from 2010 to 2020, focusing on industries with a minimum of 200 firm-year observations. Estimates for control variables, constants, and year dummies have been suppressed for brevity, but are available upon request. Double-clustered standard errors are reported in parentheses. ***, ** and * denote statistical significance at the 1%, 5% and 10% levels, respectively
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