Table 3 Benchmark regression results.

From: A quasi-natural experimental study on enterprise innovation driven by urban agglomeration policies in China

Variable

Model I

Model II

Model III

Model IV

DID

0.189**

0.141*

0.207***

0.651***

(2.21)

(1.78)

(3.91)

(3.35)

Size

 

0.447***

0.554***

1.431***

 

(12.00)

(21.74)

(13.33)

Age

 

− 0.783***

− 0.379***

− 2.321***

 

(− 6.54)

(− 5.05)

(− 8.27)

Lev

 

− 0.00827***

− 0.00408***

− 0.0288***

 

(− 4.08)

(− 3.14)

(− 5.16)

Sub

 

− 0.0266

0.142***

0.0595

 

(− 1.00)

(7.90)

(0.75)

Growth

 

− 0.00510

0.00983

− 0.0749

 

(− 0.33)

(0.85)

(− 1.36)

Roa

 

0.809*

1.387***

0.305

 

(1.94)

(5.18)

(0.27)

Cashflow

 

0.0573

− 0.172**

− 0.163

 

(0.50)

(− 2.00)

(− 0.41)

_cons

3.068***

2.604***

− 3.141***

9.730***

(56.94)

(4.56)

(− 8.87)

(7.00)

Induetry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

16,160

16,160

16,160

16,160

r2

0.391

0.450

0.519

0.491

  1. * * *, * * and * represent t \(t\) he significance levels of 1%, 5% and 10% respectively, and the values in brackets are the values of statistics. The same below.
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