Variable

State-owned Firms

Non-state-owned Firms

Low Financial Constraint

High Financial Constraint

Small Firms

Large Firms

lndime1

2.541* (1.79)

2.440** (2.39)

2.850*** (3.40)

1.649 (1.00)

−0.680 (−0.19)

2.872*** (3.13)

AI_patent1

0.0677 (1.51)

−0.0177 (−0.46)

−0.0429 (−0.93)

0.00611 (0.10)

0.0271 (0.17)

−0.0211 (−0.64)

AI_patent1 × lndime1

0.000 (.)

−0.543*** (−4.16)

−0.623*** (−7.52)

0.0391 (0.09)

−0.179 (−0.18)

−0.578*** (−5.30)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Year Fixed Effects

Yes

Yes

Yes

Yes

Yes

Yes

Observations

206

1049

654

601

474

781

Adjusted R^2

−0.263

−0.530

−0.370

−0.733

−0.824

−0.544

Variable

State-owned Firms

Non-state-owned Firms

Low Financial Constraint

High Financial Constraint

Small Firms

Large Firms