Dep.

Ln (Inven + 1)

Ln (Inven + Utility + 1)

Ln (R&D)

Innovation Efficiency

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

Ln Score

0.096^***

0.225^***

0.261^***

0.132^***

0.215^***

0.181^***

0.071^***

0.230^***

0.188^***

0.002^*

0.002^**

0.002^**

(4.86)

(4.18)

(4.85)

(5.83)

(4.96)

(4.45)

(2.79)

(5.31)

(4.64)

(1.76)

(2.56)

(2.20)

Creation Culture

0.134^**

0.215^***

0.247^***

−0.143^***

1.727^***

0.007^**

0.006^***

(2.13)

(3.51)

(4.45)

(−2.58)

(8.80)

(2.32)

(2.33)

Ln Score # Creation Culture

0.201^***

0.158^***

−0.150^***

0.008^***

(3.16)

(2.84)

(−2.66)

(3.74)

Firm Size

0.133^***

0.159^***

0.152^***

0.111^***

0.159^***

0.152^***

0.565^***

0.590^***

0.595^***

−0.005^***

−0.152^***

−0.161^***

(5.88)

(7.22)

(6.89)

(4.10)

(7.17)

(6.82)

(16.86)

(18.03)

(18.15)

(−3.14)

(−6.79)

(−7.34)

Firm Age

−0.334^***

−0.292^***

−0.314^***

−0.505^***

−0.264^***

−0.291^***

−0.760^***

−0.715^***

−0.696^***

−0.024^***

−0.323^***

−0.287^***

(−4.04)

(−3.56)

(−3.81)

(−5.20)

(−3.19)

(−3.49)

(−7.13)

(−6.78)

(−6.58)

(−4.01)

(−3.92)

(−3.50)

Leverage

0.302^**

0.290^**

0.321^**

0.467^***

0.289^**

0.319^**

0.127

0.116

0.104

0.028^***

0.314^**

0.292^**

(2.25)

(2.15)

(2.38)

(2.97)

(2.13)

(2.36)

(0.74)

(0.67)

(0.61)

(2.68)

(2.34)

(2.16)

ROA

1.600^***

1.549^***

1.502^***

1.405^***

1.584^***

1.540^***

3.212^***

3.185^***

3.216^***

0.033

1.496^***

1.557^***

(4.61)

(4.44)

(4.33)

(3.48)

(4.49)

(4.38)

(6.84)

(6.56)

(6.63)

(1.27)

(4.32)

(4.46)

Book to Market

−0.058^**

−0.064^***

−0.060^***

−0.064^**

−0.067^***

−0.064^***

−0.157^***

−0.161^***

−0.163^***

−0.002

−0.061^***

−0.065^***

(−2.52)

(−2.78)

(−2.63)

(−2.31)

(−2.84)

(−2.72)

(−4.43)

(−4.54)

(−4.57)

(−1.55)

(−2.65)

(−2.78)

SOE

−0.241^*

−0.244^*

−0.263^**

−0.301^**

−0.232^*

−0.252^*

0.504^***

0.518^***

0.527^***

0.015

−0.259^**

−0.246^*

(−1.90)

(−1.92)

(−2.06)

(−1.97)

(−1.80)

(−1.96)

(2.81)

(2.90)

(2.95)

(1.47)

(−2.03)

(−1.93)

Constant

−0.786^***

−0.908^***

−0.805^***

−0.276

0.800

1.009

−6.184^***

−3.890^***

−3.996^***

0.046^**

−0.767^**

−0.935^***

(−2.66)

(−3.06)

(−2.70)

(−0.79)

(1.26)

(1.57)

(−14.42)

(−4.76)

(−4.88)

(2.08)

(−2.57)

(−3.17)

Year Effect

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

Province Effect

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

N

4706

4706

4706

4706

4706

4706

4706

4706

4706

4706

4706

4706

Adj-R²

0.303

0.373

0.372

0.335

0.373

0.376

0.573

0.575

0.576

0.110

0.141

0.138