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

Table 8

Lag RDR regression results of robustness test.

Variable	(1)	(3)	(4)
	Z-risk	Z-risk	Z-risk
LRDR	0.198
	(5.66)
Lc_RDR		0.209	0.206
		(6.08)	(5.98)
c_SA		19.714	19.861
		(8.30)	(8.37)
Linteract			0.387
			(2.79)
Size	−1.052	−0.982	−0.994
	(−3.46)	(−3.28)	(−3.32)
Age	0.035	0.817	0.818
	(1.43)	(8.40)	(8.42)
DFL	−3.364	−3.310	−3.282
	(−9.90)	(−9.88)	(−9.81)
OC	0.035	0.029	0.029
	(4.13)	(3.41)	(3.45)
POR	−1.067	−0.881	−0.863
	(−4.00)	(−3.34)	(−3.27)
_cons	35.967	19.089	18.800
	(6.71)	(3.37)	(3.32)
Ind	Control	Control	Control
Year	Control	Control	Control
N	2338	2338	2338
r2_a	0.336	0.355	0.357
F	19.463	20.795	20.659