Table 11 Endogeneity Checks on Innovation Input (R&D Expenditures)

CPQS

− 4.042^***

− 0.981^***

− 2.694^***

− 2.633^***

(0.513)

(0.180)

(0.288)

(0.758)

TSHARE

0.005^***

0.001^*

− 0.001

0.001

(0.001)

(0.001)

(0.001)

(0.001)

SHRHFD5

-0.719^**

-0.910^**

− 1.149^**

− 0.147

(0.326)

(0.435)

(0.461)

(0.645)

TO

− 5.252^***

− 2.202^***

− 5.674^***

-3.325

(1.080)

(0.420)

(0.483)

(2.578)

RET

0.738^**

0.030

0.274^***

0.118

(0.296)

(0.030)

(0.079)

(0.171)

FREE

0.004^**

− 0.002^**

− 0.000

− 0.004

(0.002)

(0.001)

(0.001)

(0.003)

VOL

− 0.055^*

0.007

0.022

-0.052

(0.033)

(0.015)

(0.015)

(0.074)

EARN

− 0.366

− 0.334^***

− 0.377^**

− 1.267^**

(0.319)

(0.052)

(0.181)

(0.559)

INTAN

0.829^***

0.359^**

0.459^***

0.772^**

(0.243)

(0.149)

(0.160)

(0.310)

LEV

1.127^***

0.381^***

0.769^***

0.321

(0.210)

(0.127)

(0.159)

(0.953)

ROE

1.297^***

0.243^**

0.428^***

0.184

(0.298)

(0.097)

(0.163)

(0.412)

Q

− 0.011

− 0.004

− 0.017^*

0.023

(0.025)

(0.006)

(0.009)

(0.049)

BTM

0.817^***

− 0.005

0.346^***

− 0.183

(0.180)

(0.079)

(0.121)

(0.406)

CAPITAL

1.251^***

0.636^***

0.839^***

− 1.942

(0.429)

(0.127)

(0.225)

(1.424)

SALES

0.001^**

0.001^***

0.001^***

0.002^***

(0.000)

(0.000)

(0.000)

(0.001)

lnAGE

− 0.078

0.285

− 0.061

− 0.059

(0.094)

(0.218)

(0.292)

(0.217)

INNOV_EXP_t-1

0.627^***

(0.120)

CONSTANT

16.807^***

0.196^***

18.574^***

2.548

(0.430)

(0.048)

(0.846)

(10.116)

Year Dummies

Yes

Yes

Yes

Yes

Industry Dummies

Yes

Yes

No

Yes

N

3901

3875

4664

3888

Adj.R²

0.360

0.130

0.626

Hansen test

(p-value)

21.300

(0.128)

AR (1)

(p-value)

− 5.470

(0.000)

AR (2)

(p-value)

− 1.400

(0.162)