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