Table 4 The Baseline Results between Stock Liquidity and Firm Innovation

CPQS

− 4.062^***

− 4.062^***

− 28.561^***

− 28.561^***

− 0.240

− 1.083

(0.276)

(0.456)

(5.763)

(9.048)

TSHARE

0.003^***

0.003^*

0.050^***

0.050^*

0.065

1.083

(0.001)

(0.002)

(0.019)

(0.028)

SHRHFD5

− 0.627^***

− 0.627^*

17.405^***

17.405^***

− 0.050

1.375

(0.183)

(0.337)

(4.884)

(6.553)

TO

− 6.193^***

− 6.193^***

− 22.846^**

− 22.846

− 0.198

− 0.731

(0.499)

(1.333)

(9.622)

(15.881)

RET

0.832^***

0.832^***

6.769^***

6.769^**

0.161

1.313

(0.107)

(0.250)

(2.484)

(3.279)

FREE

0.007^***

0.007^**

0.035

0.035

0.101

0.505

(0.001)

(0.003)

(0.032)

(0.044)

VOL

− 0.054^***

− 0.054^*

0.036

0.036

− 0.044

0.030

(0.023)

(0.028)

(0.468)

(0.455)

EARN

0.032

0.032

− 0.395

− 0.395

0.003

− 0.034

(0.269)

(0.316)

(4.025)

(2.579)

INTAN

0.873^***

0.873^***

− 3.614^*

− 3.614

0.102

− 0.423

(0.113)

(0.234)

(2.152)

(3.553)

LEV

1.195^***

1.195^***

3.483

3.483

0.159

0.463

(0.110)

(0.195)

(2.471)

(3.916)

ROE

0.551^***

0.551^*

− 1.643

− 1.643

0.063

− 0.187

(0.207)

(0.281)

(3.560)

(3.144)

Q

− 0.007

− 0.007

− 0.224

− 0.224

− 0.015

− 0.470

(0.010)

(0.021)

(0.199)

(0.212)

BTM

0.785^***

0.785^***

11.700^***

11.700^***

0.139

2.071

(0.110)

(0.167)

(2.605)

(3.408)

CAPITAL

1.224^***

1.224^***

16.248^***

16.248^*

0.060

0.796

(0.271)

(0.423)

(6.184)

(8.387)

SALES

0.002^***

0.002^***

0.002

0.002

0.076

0.076

(0.000)

(0.000)

(0.007)

(0.006)

lnAGE

− 0.075^*

− 0.075

− 0.585

− 0.585

− 0.022

− 0.175

(0.044)

(0.092)

(1.139)

(1.795)

CONSTANT

16.792^***

16.580^***

− 2.791

-2.791

(0.228)

(0.448)

(4.37)

(5.366)

Year dummies

Yes

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

N

4664

4664

4719

4719

Adj.R²

0.355

0.355

0.028

0.028