Table 8 Heterogeneity analysis results.

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

Variable

State-owned

Non-state-owned

Manufacturing

Service industry

DID

0.0776

0.164***

0.163*

− 0.110

(0.63)

(3.13)

(1.65)

(− 0.74)

Size

0.322***

0.540***

0.626***

0.267***

(5.83)

(27.03)

(11.77)

(4.78)

Age

− 0.695***

− 0.796***

− 0.802***

− 0.805***

(− 3.05)

(− 15.43)

(− 5.35)

(− 3.57)

Lev

− 0.00376

− 0.0117***

− 0.00884***

− 0.00910***

(− 1.13)

(− 10.79)

(− 3.30)

(− 2.66)

Sub

0.0536

− 0.0666***

− 0.0339

− 0.0457

(1.34)

(− 4.27)

(− 0.95)

(− 1.26)

Growth

0.0156

− 0.0273*

− 0.0718***

0.00795

(0.74)

(− 1.72)

(− 2.78)

(0.41)

Roa

1.067

0.598**

1.122**

0.468

(1.47)

(2.10)

(2.13)

(0.60)

Cashflow

− 0.0290

0.165

0.256

− 0.0755

(− 0.17)

(1.63)

(1.28)

(− 0.53)

_ cons

1.323

3.074***

2.222***

3.081***

(1.35)

(11.14)

(3.00)

(3.35)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

7408

8752

9792

4448

r2

0.478

0.446

0.252

0.320