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Table 1.

Variable name and description.

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Fig 1.

The mediation effect diagram.

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Table 2.

Descriptive statistics.

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Table 3.

Pairwise correlations.

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Table 4.

Regression results for Models 1–3.

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Table 5.

Test results for heckman two-step model.

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Table 6.

Test results for instrumental variable method.

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Table 7.

Regression results for re-measuring innovation performance.

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Table 7 Expand

Table 8.

Regression results for re-measuring IC effectiveness.

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Table 8 Expand

Table 9.

Regression results based on PSM sample.

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Table 10.

Results for STATE = 1 and STATE = 0.

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