Variables | (1) | (2) | (3) |
lnsubsidy | 0.0038*** | 0.0041*** | 0.0077*** |
| (0.0013) | (0.0012) | (0.0023) |
l.rdintensity |
| 0.4007*** | 0.5761*** |
|
| (0.1314) | (0.1852) |
lncapital | −0.0053 | −0.0104*** | −0.0115* |
| (0.0037) | (0.0032) | (0.0061) |
age | 0.0074** | 0.0041* | 0.0000 |
| (0.0033) | (0.0021) | (0.0007) |
taxr | −0.0519 | −0.0455 | 0.2812 |
| (0.0368) | (0.0357) | (0.2491) |
marketr | −0.0077 | −0.0087 | 0.0003 |
| (0.0100) | (0.0064) | (0.0021) |
dtar | 0.0134 | 0.0246** | −0.0021 |
| (0.0134) | (0.0111) | (0.0123) |
roe | −0.0124 | −0.0088 | −0.0144 |
| (0.0082) | (0.0063) | (0.0184) |
Constant term | 0.0696 | 0.2258*** | 0.2137* |
| (0.0984) | (0.0802) | (0.1212) |
Model | Static FE | Dynamic FE | SYS−GMM |
N | 615 | 550 | 550 |