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