The Effect of Government Subsidies on Firm R&D Investment in China: From Perspectives of Ownership and Market Power

Table 5

Results of robustness checks.

State-owned enterprise				Non-state-owned enterprise
Buyer	Large	0.286	0.401	Buyer	Large	0.212	0.250
		(0.050)	(0.034)			(0.065)	(0.019)
Power	Low	0.289	−0.027	Power	Low	0.405	0.073
		(0.084)	(0.038)			(0.037)	(0.036)
		Low	Large			Low	Large
		Seller power				Seller power

Standard errors in parentheses; industry, location, and year are controlled in all models. p < 0.15, p < 0.1, p < 0.05.