| First stage | Second stage (Audit Fee) | Second stage (Opinion) | Second stage (LAG) | Second stage | Second stage (Audit Fee) | Second stage (Opinion) | Second stage (LAG) |
Subsidy | 3.13e−09*** |
|
|
| 2.37e−09*** |
|
|
|
| (4.55) |
|
|
|
|
|
|
|
R&D |
| 0.1611*** | −0.0283*** | −0.0135** |
|
|
|
|
|
| (4.35) | (−3.45) | (−2.01) |
|
|
|
|
R&D_Z |
|
|
|
|
| 0.2121*** | −0.0375*** | −0.0178* |
|
|
|
|
|
| (3.62) | (−3.08) | (−1.93) |
Size | 0.4172*** | 0.2850*** | 0.0528*** | 0.0199*** | 0.5135*** | 0.2433*** | 0.0618*** | 0.023*** |
| (7.73) | (13.67) | (7.32) | (4.65) | (10.45) | (6.84) | (5.81) | (3.85) |
Lev | −0.1364** | 0.0552*** | −0.2481*** | −0.0024 | −0.1038* | 0.0552*** | −0.2623*** | −0.0024 |
| (−2.00) | (3.47) | (−8.45) | (−0.75) | (−1.76) | (3.14) | (−7.39) | (−0.73) |
OtherRev | 2.6937 | 1.5689*** | −0.2325* | 0.5256*** | 4.4701** | 1.0546** | −0.1270 | 0.5688*** |
| (1.35) | (4.32) | (−1.88) | (5.57) | (2.40) | (2.11) | (−0.85) | (5.48) |
Turnover | 7.8803*** | −1.1265*** | 0.3488*** | 0.1532*** | 8.0005*** | −1.5542*** | 0.4294*** | 0.1892** |
| (11.81) | (−3.55) | (4.56) | (2.61) | (13.11) | (−3.15) | (3.90) | (2.42) |
CashFlow | −2.7979*** | 0.6057*** | −0.0718* | −0.1346*** | −3.0501*** | 0.802*** | −0.1052** | −0.1511*** |
| (−3.79) | (3.69) | (−1.78) | (−3.60) | (−4.62) | (3.52) | (−2.11) | (−3.51) |
Growth | 0.064 | −0.0152 | −0.0014 | −0.0114** | 0.0527 | −0.0161 | −0.0009 | −0.0113** |
| (0.6) | (−0.84) | (−0.27) | (−2.20) | (0.55) | (−0.77) | (−0.17) | (−2.15) |