Variable

(1) RD

(2) RD

RD

(3) State-owned

(4) Non-state owned

Pd

−0.03***

(−1.92)

Pr

−0.003**

(−2.03)

−0.011***

(−1.72)

−0.006

(−0.57)

Size

0.01*

(0.61)

0.01***

(4.94)

−0.004***

(−5.87)

−0.053***

(−4.9)

Lev

−0.00

(−0.08)

−0.00

(−1.13)

−0.028***

(−3.89)

−0.063***

(−10.41)

Cfo

0.03*

(0.41)

0.01**

(1.92)

−0.04*

(−3.49)

−0.022

(−1.83)

Growth

0.00*

(0.65)

0.01**

(12.16)

0.003**

(3.16)

0.001

(0.90)

Independ

−0.07

(−0.67)

0.02**

(2.09)

0.005

(0.28)

0.040**

(2.26)

Ind/year

Yes

Yes

Yes

Yes

Observation

10056

10056

10056

10056

R-sq

0.01

0.05

0.064

0.1136