[Retracted] Participation in Targeted Poverty Alleviation and Enterprise Innovation Investment: Analysis of the Mediating Effect Test Model Based on Financing Constraints
Table 4
Participation in targeted poverty alleviation and company innovation investment.
Variable
(1)
(2)
(3)
(4)
(5)
(6)
RD
RD1
RD2
△RD
△RD1
△RD2
TPA
0.138
0.158
0.004
0.211
0.156
0.045
(2.10)
(2.67)
(0.13)
(3.05)
(2.39)
(1.44)
Size
0.046
−0.124
0.170
0.367
0.312
0.029
(0.84)
(−2.54)
(7.15)
(6.41)
(5.78)
(1.11)
Age
−2.087
−1.346
−0.297
0.390
0.601
−0.322
(−5.48)
(−3.93)
(−1.79)
(0.97)
(1.59)
(−1.78)
ROA
−4.580
−4.494
0.239
−3.172
−3.756
1.063
(−9.72)
(−10.60)
(1.16)
(−6.39)
(−8.03)
(4.74)
Growth
−0.809
−0.610
−0.164
−1.594
−1.323
−0.230
(−16.67)
(−13.99)
(−7.74)
(−31.21)
(−27.50)
(−9.95)
Lev
−2.500
−2.271
−0.262
−0.805
−0.821
−0.037
(−12.12)
(−12.25)
(−2.91)
(−3.71)
(−4.02)
(−0.37)
Pay
−0.568
−0.425
−0.155
0.150
0.028
0.003
(−5.28)
(−4.39)
(−3.28)
(1.33)
(0.26)
(0.06)
CFO
−0.226
−0.092
−0.085
0.348
0.454
−0.089
(−0.67)
(−0.30)
(−0.58)
(0.98)
(1.35)
(−0.55)
PPE
0.375
0.130
0.271
−0.825
−0.609
−0.078
(1.29)
(0.50)
(2.13)
(−2.69)
(−2.11)
(−0.56)
Top1
−0.157
0.006
−0.260
0.270
0.204
−0.016
(−0.45)
(0.02)
(−1.70)
(0.74)
(0.59)
(−0.09)
Dual
0.135
0.101
0.048
0.211
0.131
0.047
(2.21)
(1.84)
(1.78)
(3.28)
(2.16)
(1.62)
Bsize
0.002
−0.034
0.019
0.022
−0.008
0.017
(0.07)
(−1.50)
(1.70)
(0.83)
(−0.30)
(1.43)
Indep
−1.079
−1.409
0.015
−0.600
−0.660
−0.263
(−1.70)
(−2.47)
(0.06)
(−0.90)
(−1.05)
(−0.87)
Constant
12.237
15.589
−2.100
−9.140
−5.955
0.346
(6.85)
(9.71)
(−2.69)
(−4.86)
(−3.36)
(0.41)
Year
Yes
Yes
Yes
Yes
Yes
Yes
Industry
Yes
Yes
Yes
Yes
Yes
Yes
Firm
Yes
Yes
Yes
Yes
Yes
Yes
N
15464
15464
15464
15464
15464
15464
R2
0.103
0.098
0.043
0.101
0.093
0.022
Note: represent significant at the level of 1%, 5%, and 10%, respectively, and are reported as values in brackets, the same as in the following table.
