(1)

(2)

(3)

(4)

Ln (Inven + 1)

Ln (Inven + Utility + 1)

Ln (R&D)

Innovation Efficiency

Ln Score

0.036^**

0.026^**

0.067^***

0.035^**

(2.05)

(2.06)

(2.95)

(2.45)

Firm Size

0.169^***

0.155^***

0.607^***

−0.054^***

(7.65)

(5.81)

(18.29)

(−3.18)

Firm Age

−0.281^***

−0.437^***

−0.718^***

−0.023^***

(−3.44)

(−4.55)

(−6.82)

(−3.90)

Leverage

0.276^**

0.446^***

0.089^***

0.030^***

(2.05)

(2.82)

(2.52)

(2.79)

ROA

1.497^***

1.310^***

1.064^***

0.036^***

(4.30)

(3.21)

(6.59)

(3.44)

Book to Market

−0.062^***

−0.071^**

−0.155^***

−0.003^*

(−2.66)

(−2.56)

(−4.35)

(−1.81)

SOE

−0.206

−0.281^*

−0.572^***

−0.012

(−1.60)

(−1.82)

(−3.17)

(−1.12)

Constant

−0.949^***

−0.489

−6.316^***

−0.044^**

(−3.22)

(−1.41)

(−14.83)

(−1.98)

Province^*Industry Effect

YES

YES

YES

YES

Industry^*Year Effect

YES

YES

YES

YES

δ

10.627

8.312

5.438

7.635

β^omitted

0.047

0.031

0.062

0.041

N

4706

4706

4706

4706

Adj-R²

0.303

0.335

0.573

0.110