Variables

1

2

3

4

5

6

Ln (Private R&D investment)

Ln (New product sales)

Ln (Number of patents)

Ln (Private R&D investment)

Ln (New product sales)

Ln (Number of patents)

Method

Threshold regression

Threshold regression

Threshold regression

IV

IV

IV

Ln (R&D subsidy)

1.113**

2.581**

0.051**

0.464**

0.348**

0.072**

(0.696)

(1.349)

(0.027)

(0.242)

(0.169)

(0.039)

Ln (R&D subsidy) *T₁

4.012***

3.804**

0.094***

2.435***

1.508**

0.104***

(2.001)

(2.189)

(0.042)

(0.877)

(0.981)

(0.007)

Ln (R&D subsidy) *T₂

−0.937**

−1.118*

0.043**

−0.037**

−0.629*

0.033**

(0.467)

(0.865)

(0.027)

(0.017)

(0.591)

(0.018)

Ln (R&D subsidy) *T₃

0.073***

0.52***

0.081***

0.068***

0.016***

0.092***

(0.021)

(0.115)

(0.012)

(0.008)

(0.007)

(0.025)

Ln (researchers)

0.021

0.024

0.046

0.011

0.023

0.009

(1.088)

(1.329)

(0.988)

(0.895)

(1.126)

(1.116)

Ln (workers)

0.125**

0.023**

0.053**

0.025**

0.025**

0.301**

(0.778)

(0.015)

(0.035)

(0.019)

(0.018)

(0.158)

Firm’s age

0.115*

0.241**

0.351**

0.132*

0.119**

0.129**

(0.911)

(0.132)

(0.171)

(0.098)

(0.073)

(0.071)

Shareholding structure

2.514***

1.446***

1.606***

2.509***

1.532***

1.781***

(0.098)

(0.651)

(0.554)

(1.007)

(0.632)

(0.119)

_cons

0.924

−0.424

−0.442

0.558

2.118**

1.610***

(1.310)

(0.626)

(2.095)

(1.415)

(0.933)

(0.389)

First stage F

11.23

11.51

11.84

N

6715

6715

6715

6715

6715

6715

adj.R²

0.111

0.131

0.139

0.122

0.139

0.198