Variable | Definition | N | Mean | S.D. | Min. | Max. |
lnrd | Logarithm of R&D Investment | 9856 | 8.1929 | 1.4278 | 4.2638 | 12.6427 |
size | Firm size | 9856 | 12.43 | 1.305 | 8.668 | 19.29 |
prf | Operating profit margin (%) | 9856 | 0.0877 | 0.127 | −0.425 | 0.469 |
lr | Leverage/Debt ratio (%) | 9856 | 0.398 | 0.206 | 0.0075 | 0.881 |
age | Firm age (year) | 9856 | 14.98 | 5.329 | 3 | 60 |
nat | Type of equity ownership | 9856 | 0.934 | 0.843 | 0 | 3 |
fin | Intensity of industrial competition (industrial employee-asset ratio) | 9856 | 10.85 | 17.45 | 0.937 | 201.6 |
num | Number of industrial participants (log) | 9856 | 9.514 | 0.834 | 4.317 | 11.45 |
apr | Average industrial profitability (%) | 9856 | 0.0867 | 0.118 | −0.049 | 0.843 |
gbu | Govent. subsidies (t) (log) | 7488 | 5.354 | 1.803 | −3.912 | 11.31 |
pgb | Govent. subsidies (t − 1) (log) | 7018 | 5.249 | 1.830 | −3.912 | 11.27 |
mar | Marketization development index | 9856 | 8.019 | 1.710 | −0.300 | 10.65 |
gam | Government-market relation index | 9856 | 7.233 | 1.522 | −6.750 | 9.650 |