Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China

Table 6

RDA regression results of robustness test.

Variable	(1)	(3)	(4)
	Z-risk	Z-risk	Z-risk
RDA	39.256
	(6.62)
c_RDA		37.574	34.341
		(6.39)	(5.80)
c_SA		13.993	13.783
		(7.52)	(7.42)
CRDACSA			83.594
			(4.03)
Size	0.021	0.148	0.084
	(0.09)	(0.61)	(0.35)
Age	0.037	0.590	0.579
	(1.81)	(7.74)	(7.61)
DFL	−3.399	−3.391	−3.390
	(−12.35)	(−12.43)	(−12.45)
OC	0.025	0.019	0.020
	(3.48)	(2.73)	(2.81)
POR	−1.999	−1.856	−1.793
	(−9.12)	(−8.51)	(−8.22)
_cons	48.977	36.754	36.108
	(13.13)	(8.90)	(8.76)
Ind	Control	Control	Control
Year	Control	Control	Control
N	3199	3199	3199
r2_a	0.332	0.343	0.346
F	23.338	24.209	24.216