Channel

(1)

RD_Expense

moderating effect

(2)

Risk-taking

(3)

Risk-taking

Foreign_experience

1.304**

0.539

1.000**

(2.36)

(1.23)

(2.17)

Foreign_experience*Duality

1.708**

(2.01)

Foreign_experience*SOE

2.680***

(2.70)

Duality

0.594*

(1.86)

SOE

2.134***

(3.27)

Gender

0.181

0.728

0.790

(0.22)

(1.45)

(1.57)

Age

−0.00698

−0.0523***

−0.0479**

(−0.26)

(−2.74)

(−2.55)

Degree

−0.151

−0.237**

−0.237**

(−1.02)

(−2.37)

(−2.38)

Firm age

0.266***

−0.0275

−0.0235

(3.39)

(−0.54)

(−0.46)

Size

1.900***

1.780***

1.759***

(5.47)

(8.03)

(7.93)

ManagerHoldsharesRatio

3.996

0.471

1.895

(1.63)

(0.30)

(1.33)

Seperation

1.046

0.660

1.199

(0.37)

(0.29)

(0.52)

Top1

−2.756

−0.115

0.123

(−1.37)

(−0.08)

(0.08)

Tobin’Q

0.00937

0.0503

0.0467

(0.08)

(0.86)

(0.80)

Mb

0.343

−1.756***

−1.893***

(0.38)

(−2.62)

(−2.82)

Cash_Flow

−0.00284***

−0.00400***

−0.00409***

(−4.73)

(−5.70)

(−5.82)

Growth

−2.844

−0.00314

−0.00262

(−0.44)

(−0.16)

(−0.14)

Tangibility

4.309*

5.982***

5.897***

(1.81)

(4.39)

(4.33)

Female Director Ratio

−1.118

−1.678

−1.662

(−0.78)

(−1.49)

(−1.48)

_cons

−45.36***

−39.38***

−38.93***

(−5.43)

(−7.47)

(−7.39)

Industry FE

YES

YES

YES

Company FE

YES

YES

YES

Year FE

YES

YES

YES

Observations

5255

21392

21392

R²

0.117

0.027

0.027