R&D_t

CF_t

Gov_t

Debt_t

Equ_t

Cashch_t

Lev_t

Q_t−1

S_t

R&D_t

1

CF_t

0.1416^*

1

Gov_t

0.1638^*

0.0575

1

Debt_t

0.0097

−0.2190^*

−0.0042

1

Equ_t

0.2094^*

0.0117

0.0816

0.1067^*

1

Cashch_t

0.0376

0.1261^*

−0.0080

−0.0427

0.0672

1

Lev_t

−0.0518

−0.0898

0.0066

0.5680^*

0.1295^*

−0.0236

1

Q_t−1

0.2973^*

0.1717^*

0.0968^*

0.0874

0.2076^*

−0.0061

0.0435

1

S_t

0.2058^*

0.1304^*

−0.0092

0.1524^*

0.2064^*

0.0702

0.1986^*

0.1892^*

1