Table 5 Regression results of instrumental variables.

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

Variables

First

Second

DID

Innovate1

Di

0.056***

 

(70.436)

 

DID

 

0.935***

 

(20.333)

Size

0.000

0.711***

(0.111)

(42.659)

Age

− 0.021***

− 1.199***

(− 2.772)

(− 23.852)

Lev

0.000

− 0.017***

(1.419)

(− 17.420)

Sub

0.002

− 0.219***

(1.215)

(− 15.987)

Growth

− 0.000

− 0.060***

(− 0.045)

(− 4.483)

Roa

0.057

− 0.834***

(1.389)

(− 2.861)

Cashflow

− 0.033**

− 0.663***

(− 2.461)

(− 7.090)

Constant

− 1.120***

5.433***

(− 25.946)

(22.754)

Induetry

Yes

Yes

Year

Yes

Yes

Observations

16,160

16,160

R-squared

0.644

0.162

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