Before Centralization

After Centralization

(1)

(2)

Innov2

Innov2

Degree

19.138**

−0.657

(2.257)

(−1.054)

SA

−2.016

−2.016

(−0.246)

(−0.246)

SA × Degree

5.329**

5.329**

(2.459)

(2.459)

Size

13.695***

13.695***

(3.666)

(3.666)

ROA

−13.442

−13.442

(−0.754)

(−0.754)

Growth

2.127**

2.127**

(2.252)

(2.252)

Lev

19.297*

19.297*

(1.790)

(1.790)

Top1

0.221

0.221

(1.279)

(1.279)

Top31

5.983

5.983

(1.073)

(1.073)

DUAL

−0.749

−0.749

(−0.246)

(−0.246)

PID

1.321

1.321

(0.076)

(0.076)

State

1.935

1.935

(0.495)

(0.495)

Constant

−301.220***

−293.732***

(−3.944)

(−3.777)

IND

controlled

controlled

Year

controlled

controlled

Observations

519

519

Adjusted R-squared

0.177

0.177