(1)

(2)

(3)

(4)

Ln (Inven + 1)

Ln (Inven + Utility + 1)

Ln (R&D)

Innovation Efficiency

Ln Score

0.096^***

0.132^***

0.071^***

0.002^*

(4.86)

(5.83)

(2.79)

(1.76)

Firm Size

0.133^***

0.111^***

0.565^***

−0.005^***

(5.88)

(4.10)

(16.86)

(−3.14)

Firm Age

−0.334^***

−0.505^***

−0.760^***

−0.024^***

(−4.04)

(−5.20)

(−7.13)

(−4.01)

Leverage

0.302^**

0.467^***

0.127

0.028^***

(2.25)

(2.97)

(0.74)

(2.68)

ROA

1.600^***

1.405^***

3.212^***

0.033

(4.61)

(3.48)

(6.84)

(1.27)

Book to Market

−0.058^**

−0.064^**

−0.157^***

−0.002

(−2.52)

(−2.31)

(−4.43)

(−1.55)

SOE

−0.241^*

−0.301^**

0.504^***

0.015

(−1.90)

(−1.97)

(2.81)

(1.47)

Constant

−0.786^***

−0.276

−6.184^***

0.046^**

(−2.66)

(−0.79)

(−14.42)

(2.08)

Year Effect

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

Province Effect

YES

YES

YES

YES

N

4706

4706

4706

4706

Adj-R²

0.303

0.335

0.573

0.110