Independent variables

R&D investment in human resources

R&D investment in material resources

RD

1.5484***

(7.80)

1.5434***

(7.704)

subsidy

0.0172***

(13.29)

0.0172***

(13.29)

ownership

−0.0036***

(−2.75)

−0.0036***

(−2.72)

size

0.0157***

(44.69)

0.0157***

(44.69)

wage

0.0056***

(5.59)

0.0056***

(5.63)

edu

0.0016***

(4.49)

0.0016***

(4.47)

wage_rd

7.9421***

(6.07)

RD*wage_rd

86.2877*

(1.71)

inf_rd

7.1944***

(4.87)

RD*inf_rd

82.6873

(1.55)

Intercept term

−0.1308***

(−20.60)

−0.1316***

(−19.30)