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

China Finance and Economic Review

Table 6 Heterogeneity effect of innovation intensity on enterprises’ survival risk

Explanatory variables	Cox model (index regression)			Cloglog model		Samples of non-state-owned enterprises
Explanatory variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
INTEN	0.717^a (0.019)			0.719^a (0.019)		0.702^a (0.018)
INTEN²			1.091^b (0.028)
INTEN₁		0.825^a (0.012)			0.813^a (0.012)		0.846^a (0.012)
INTEN₂		0.664^a (0.018)			0.636^a (0.018)		0.652 + a (0.018)
INTEN₃		0.798^c (0.020)			0.763^c (0.024)		0.781^b (0.018)
INTEN₄		0.913 (0.103)			0.911 (0.102)		0.917 (0.109)
Profit	0.934 (0.125)	0.936 (0.125)	0.937 (0.125)	0.931 (0.122)	0.931 (0.122)	0.925 (0.128)	0.924 (0.128)
Size	0.768^a (0.003)	0.754^a (0.003)	0.768^a (0.003)	0.732^a (0.002)	0.726^a (0.002)	0.754^a (0.003)	0.748^a (0.003)
Age	0.817^a (0.018)	0.815^a (0.018)	0.817^a (0.018)	0.843^a (0.018)	0.840^a (0.018)	0.891^a (0.019)	0.888^a (0.019)
TFP	0.691^a (0.004)	0.680^a (0.004)	0.680^a (0.004)	0.703^a (0.003)	0.703^a (0.003)	0.682^a (0.004)	0.682^a (0.004)
Export	0.927 (0.009)	0.925 (0.009)	0.925 (0.009)	0.942 (0.010)	0.942 (0.010)	0.931 (0.010)	0.933 (0.010)
Finance	0.823^c (0.016)	0.823^c (0.016)	0.828^c (0.015)	0.864 (0.014)	0.864 (0.014)	0.831^c (0.015)	0.831^c (0.015)
Owner	0.615^a (0.021)	0.618^a (0.022)	0.612^a (0.021)	0.620^a (0.023)	0.620^a (0.023)	0.601^a (0.020)	0.601^a (0.020)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Area	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Log likelihood	−92,184.31	−91,463.26	−91,632.53	−91,768.66	−91,226.90	−91,242.98	−91,488.21
Quantity of samples	184,282	184,282	184,282	184,282	184,282	123,061	123,061
Rho value				0.146	0.142
Likelihood ratio test of RhoValue				130.77 (0.153)	151.26 (0.138)

Note: ^a, ^b, and ^c signify figures become apparent at the level of 1, 5, and 10%. Inside the bracket is standard error; “Yes” means to control on industry, year, and region, while the negative means “No”; quantity of samples signify the observed value instead of the number of individual enterprises