Before Centralization

After Centralization

(1)

(2)

Innov

Innov

Degree

7.042**

−0.252

(2.262)

(−1.211)

SA

−0.341

−0.341

(−0.110)

(−0.110)

SA × Degree

1.964**

1.964**

(2.448)

(2.448)

Size

5.064***

5.064***

(3.637)

(3.637)

ROA

−6.001

−6.001

(−0.847)

(−0.847)

Growth

0.855**

0.855**

(2.305)

(2.305)

Lev

7.680*

7.680*

(1.772)

(1.772)

Top1

0.085

0.085

(1.295)

(1.295)

Top31

2.107

2.107

(1.030)

(1.030)

DUAL

−0.095

−0.095

(−0.082)

(−0.082)

PID

0.958

0.958

(0.139)

(0.139)

State

0.703

0.703

(0.500)

(0.500)

Constant

−110.015***

−108.746***

(−3.897)

(−3.724)

IND

controlled

controlled

Year

controlled

controlled

Observations

519

519

Adjusted R-squared

0.160

0.160