变量名称

控制型文化

竞争型文化

协作型文化

创造型文化

绿色发明申请

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

控制型文化_Mean

0.993***

(16.90)

竞争型文化_Mean

0.996***

(24.51)

协作型文化_Mean

0.994***

(19.91)

创造型文化_Mean

0.994***

(22.72)

控制型文化

0.640***

(3.48)

竞争型文化

−0.037

(−1.36)

协作型文化

−0.114***

(−3.19)

创造型文化

0.196***

(2.61)

公司规模

−0.000

0.025***

0.030***

−0.005*

0.342***

0.341***

0.338***

0.341***

(−0.08)

(2.98)

(3.79)

(−1.69)

(35.26)

(35.49)

(34.96)

(35.38)

公司年龄

0.039***

−0.192***

−0.161***

0.075***

0.001

−0.017*

−0.006

−0.010

(19.88)

(−22.08)

(−18.53)

(20.75)

(0.08)

(−1.91)

(−0.60)

(−0.98)

ROA

0.045**

−0.247**

−0.264***

0.086**

−0.603***

−0.626***

−0.603***

−0.618***

(2.15)

(−2.50)

(−2.70)

(2.11)

(−7.35)

(−7.75)

(−7.38)

(−7.62)

杠杆率

−0.006

−0.017

0.021

−0.010

0.488***

0.493***

0.490***

0.490***

(−0.92)

(−0.54)

(0.66)

(−0.79)

(18.10)

(18.55)

(18.26)

(18.36)

四大审计

−0.011*

0.072***

0.076***

−0.027***

0.223***

0.228***

0.222***

0.225***

(−1.76)

(3.03)

(3.36)

(−2.87)

(6.61)

(6.90)

(6.64)

(6.77)

分析师

−0.001

0.002

0.001

−0.004

0.047***

0.047***

0.047***

0.047***

(−0.58)

(0.38)

(0.24)

(−1.64)

(7.56)

(7.75)

(7.67)

(7.61)

企业产权

−0.011***

0.007

0.037***

−0.018***

0.115***

0.121***

0.117***

0.118***

(−3.51)

(0.53)

(2.89)

(−3.51)

(9.26)

(10.10)

(9.61)

(9.72)

常量

−0.000

0.025***

0.030***

−0.005*

0.342***

0.341***

0.338***

0.341***

(−0.08)

(2.98)

(3.79)

(−1.69)

(35.26)

(35.49)

(34.96)

(35.38)

样本量

25,506

25,506

25,506

25,506

25,506

25,506

25,506

25,506

Cragg-Donald Wald F统计量

575.070***

1366.117***

838.255***

842.290***

调整的R²

0.111

0.245

0.160

0.165

0.213

0.233

0.222

0.226

年份效应

YES

YES

YES

YES

YES

YES

YES

YES

行业效应

YES

YES

YES

YES

YES

YES

YES

YES