Fig 1.
Framework of the research.
Table 1.
Summary statistics.
Table 2.
Baseline regression results.
Fig 2.
Event study of the effect of the risk perception on firm innovation.
Note:The hollow circles in the Fig 2 are the estimated coefficients, and the vertical bars are the 90% confidence intervals of the estimated coefficients.
Fig 3.
Placebo test.
Fig 4.
Nuclear density of matching; (a) Propensity score before matching; (b) Propensity score after matching.
Table 3.
The PSM validity test.
Table 4.
Robustness test.
Table 5.
Heterogeneous effects of ownership.
Table 6.
Heterogeneous effects of location.
Table 7.
Risk perception and market share.
Table 8.
Industrial position and spillovers.