Table 6: Internal control quality and R&D intensity (Tobit) RDIINC variable Coef. t P>t 0.0399740 0.85 0.398 _cons 0.0000350* 1.70 0.089 INCONTROL 0.0018253 0.80 0.425 UNIFY 0.0070268*** 6.10 0.000 EDU 0.0030850** 2.08 0.037 COMPENSA -0.0001306 -0.79 0.430 CEOAGE -0.0063855 -1.61 0.109 CEOGEND 0.0086377*** 2.56 0.010 MARKETTYPE 0.0001267 0.17 0.863 LISTAGE 0.0251620 1.17 0.241 INDEPENCEI 0.0055168* 1.93 0.054 STATEDU -0.0394049*** -3.89 0.000 OWNOER 0.0457756 1.46 0.145 ROA -0.0049908*** -2.81 0.005 -0.0462157*** -5.68 0.000 LEV -0.0227027*** -7.57 0.000 TURNOVER -0.0166886 -1.05 0.294 0.0202977** 2.17 0.030 ENVIRN INDUS Control Control YEAR Log likelihood 2393.3415 LR chi2 459.22 Prob > chi2 0.0000 Obs 1276 ***, **, * represent 1%、5%, and 10% significance levels
Table 6: Internal control quality and R&D intensity (Tobit) variable RDIINC Coef. t P>t _cons 0.0399740 0.85 0.398 INCONTROL 0.0000350* 1.70 0.089 UNIFY 0.0018253 0.80 0.425 EDU 0.0070268*** 6.10 0.000 COMPENSA 0.0030850** 2.08 0.037 CEOAGE -0.0001306 -0.79 0.430 CEOGEND -0.0063855 -1.61 0.109 MARKETTYPE 0.0086377*** 2.56 0.010 LISTAGE 0.0001267 0.17 0.863 INDEPENCEI 0.0251620 1.17 0.241 STATEDU 0.0055168* 1.93 0.054 OWNOER -0.0394049*** -3.89 0.000 ROA 0.0457756 1.46 0.145 -0.0049908*** -2.81 0.005 LEV -0.0462157*** -5.68 0.000 TURNOVER -0.0227027*** -7.57 0.000 -0.0166886 -1.05 0.294 ENVIRN 0.0202977** 2.17 0.030 INDUS Control YEAR Control Log likelihood 2393.3415 LR chi2 459.22 Prob > chi2 0.0000 Obs 1276 ***, **, * represent 1%、5%, and 10% significance levels
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