The Correlation between Enterprise Internal Control Quality and Research and Development Investment Intensity

Table 6

Robustness test by enterprise cluster.

Variable	Model 1 R&D	Model 2 Cash	Model 3 R&D
ICQ	0.0024 (3.97)	0.0302 (2.21)	0.0021 (3.29)
Cash			0.0098 (3.99)
Constant	0.0034 (8.04)	0.0028 (3.83)	0.1056 (8.98)
Observations	7530	7530	7530
R^2	0.0183	0.0622	0.0198

Note., , and indicate that the coefficient significance levels are 10%, 5%, and 1%, respectively. The smaller the percentage value is, the more significant the relationship is. The data in parentheses are T values.