|
| Before Centralization | After Centralization |
| (1) | (2) | |
| Innov | Innov | |
| Degree | 10.943*** | −0.249 |
|
| (3.755) | (−1.457) |
| SA | −3.213 | −3.213 |
|
| (−1.093) | (−1.093) |
| SA × Degree | 3.013*** | 3.013*** |
|
| (3.965) | (3.965) |
| DT | 5.609*** | 5.609*** |
|
| (5.102) | (5.102) |
| Size | 4.912*** | 4.912*** |
|
| (3.628) | (3.628) |
| ROA | −0.571 | −0.571 |
|
| (−0.083) | (−0.083) |
| Growth | 0.699* | 0.699* |
|
| (1.856) | (1.856) |
| Lev | 6.099 | 6.099 |
|
| (1.515) | (1.515) |
| Top1 | 0.094 | 0.094 |
|
| (1.474) | (1.474) |
| Top31 | 2.023 | 2.023 |
|
| (1.059) | (1.059) |
| DUAL | 0.220 | 0.220 |
|
| (0.208) | (0.208) |
| PID | −0.812 | −0.812 |
|
| (−0.119) | (−0.119) |
| State | 1.075 | 1.075 |
|
| (0.777) | (0.777) |
| Constant | −118.348*** | −106.416*** |
|
| (−4.374) | (−3.713) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 513 | 513 |
| Adjusted R-squared | 0.234 | 0.234 |