Innovative behavior and the Chinese enterprise survival risk: an empirical research

Bao, Zongke

doi:10.1186/s40589-016-0044-9

China Finance and Economic Review

Table 5 The test result of the innovative tendency on enterprises’ survival risk

From: Innovative behavior and the Chinese enterprise survival risk: an empirical research

Explanatory variables	Cox model (index regression)			Cloglog model		Samples of non-state-owned enterprises
Explanatory variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
INNOV	0.890^a (0.013)	0.876^a (0.028)	0.851^a (0.029)	0.876^a (0.028)	0.875^a (0.030)	0.855^a (0.030)	0.853^a (0.029)
C	0.520^a (0.015)	0.404^a (0.013)	0.388^a (0.012)	0.402^a (0.013)	0.406^a (0.013)	0.496^a (0.015)	0.473^a (0.015)
Profit	0.964 (0.128)	0.966 (0.128)	0.964 (0.128)	0.966 (0.128)	0.956 (0.124)	0.958 (0.124)	0.963 (0.123)
Size	0.759^a (0.028)	0.656^a (0.003)	0.659^a (0.028)	0.682^b (0.003)	0.731^b (0.025)	0.754^a (0.025)	0.752^a (0.003)
Age	0.921^a (0.018)	0.833^a (0.017)	0.832^a (0.017)	0.875^b (0.017)	0.844^b (0.017)	0.882^a (0.020)	0.882^a (0.020)
TFP	0.888^a (0.004)	0.873^a (0.004)	0.888^a (0.004)	0.873^a (0.004)	0.897^c (0.004)	0.846^a (0.004)	0.842^a (0.004)
Export	0.894 (0.006)	0.879 (0.006)	0.883 (0.006)	0.873 (0.006)	0.868 (0.006)	0.891 (0.006)	0.892 (0.006)
Finance	0.854 (0.017)	0.831^c (0.017)	0.830^c (0.017)	0.831^c (0.017)	0.830 (0.017)	0.868^c (0.016)	0.865 (0.016)
Owner	0.637^a (0.022)	0.614^a (0.023)	0.602^a (0.022)	0.614^a (0.023)	0.602^a (0.023)	0.627^a (0.023)	0.605^a (0.021)
Profit^c INNOV			0.970 (0.113)		0.947 (0.108)		0.925 (0.110)
Size^c INNOV			0.933^a (0.016)		0.916^c (0.015)		0.927^a (0.016)
Age^c INNOV			0.821^b (0.007)		0.802^c (0.007)		0.814^b (0.007)
TFP^c INNOV			0.870^c (0.015)		0.866^c (0.015)		0.861^c (0.014)
Export^c INNOV			0.837 (0.039)		0.835 (0.039)		0.830 (0.038)
Finance^c INNOV			1.014^b (0.047)		1.006^c (0.047)		1.008^c (0.042)
Owner^c INNOV			1.075 (0.067)		1.244 (0.067)		1.072 (0.071)
Industry	No	Yes	Yes	Yes	Yes	Yes	Yes
Year	No	Yes	Yes	Yes	Yes	Yes	Yes
Area	No	Yes	Yes	Yes	Yes	Yes	Yes
Log likelihood	−112,184.31	−99,372.26	−99,464.77	−99,388.21	−99,361.93	−98,471.88	−98,463.69
Number of samples	184,282	184,282	184,282	184,282	184,282	123,061	123,061
Rho value				0.164	0.168
Likelihood ratio test of rho value				150.31 (0.128)	148.76 (0.111)

Note: ^a, ^b, and ^c on 1, 5, and 10% levels, respectively, in parentheses for standard error; said “yes” to control industry, region, and year, instead of “no”. Sample size indicate measurements, not the number of individual enterprises

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