|
| Mean | Standard deviation | Firm value/ Tangible asset | R&D capital/ Tangible asset | Log (Sales) | Market uncertainty | Technology uncertainty | Market growth | Technology cumulativeness |
| Year 0 |
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| Firm value/Tangible asset | 1.32 | 1.32 | 1.00 |
|
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|
|
|
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| R&D capital/Tangible asset | 0.13 | 0.28 | −0.19 | 1.00 |
|
|
|
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| Log (Sales) | 10.89 | 1.12 | −0.35** | −0.18 | 1.00 |
|
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| Market uncertainty | 1.36 | 0.20 | −0.41 | 0.12 | 0.32* | 1.00 |
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| Technology uncertainty | 0.10 | 0.02 | 0.44** | −0.36** | −0.20 | −0.86*** | 1.00 |
|
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| Market growth | 0.09 | 0.19 | −0.19 | 1.00*** | −0.17* | 0.13 | −0.37** | 1.00 |
|
| Technology cumulativeness | 0.11 | 0.02 | −0.12 | −0.08 | 0.14 | −0.05 | −0.08 | −0.08 | 1.00 |
| Year 1 |
|
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| Firm value/Tangible asset | 1.27 | 0.76 | 1.00 |
|
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| R&D capital/Tangible asset | 0.26 | 0.49 | 0.02 | 1.00 |
|
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| Log (Sales) | 10.79 | 1.08 | −0.35** | −0.03 | 1.00 |
|
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| Market uncertainty | 1.31 | 0.23 | −0.22 | 0.05 | 0.17 | 1.00 |
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| Technology uncertainty | 0.10 | 0.02 | 0.29* | 0.05 | −0.18 | −0.86*** | 1.00 |
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| Market growth | 0.07 | 0.10 | −0.08 | −0.10 | 0.25 | −0.51*** | 0.24 | 1.00 |
|
| Technology cumulativeness | 0.11 | 0.02 | −0.12 | −0.12 | 0.19 | −0.10 | −0.07 | 0.05 | 1.00 |
| Year 2 |
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| Firm value/Tangible asset | 1.58 | 1.60 | 1.00 |
|
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| R&D capital/Tangible asset | 0.28 | 0.49 | 0.36** | 1.00 |
|
|
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| Log (Sales) | 10.88 | 1.10 | −0.20 | 0.23 | 1.00 |
|
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|
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| Market uncertainty | 1.24 | 0.21 | −0.13 | 0.24 | 0.11 | 1.00 |
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| Technology uncertainty | 0.10 | 0.02 | 0.19 | −0.10 | −0.19 | −0.84*** | 1.00 |
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| Market growth | 0.08 | 0.07 | −0.12 | 0.06 | 0.39** | 0.10 | −0.29* | 1.00 |
|
| Technology cumulativeness | 0.11 | 0.02 | −0.01 | −0.13 | 0.18 | −0.22 | −0.07 | 0.29* | 1.00 |
| Year 3 |
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| Firm value/Tangible asset | 1.63 | 1.00 | 1.00 |
|
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| R&D capital/Tangible asset | 0.20 | 0.24 | 0.01 | 1.00 |
|
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| Log (Sales) | 10.96 | 1.14 | −0.34** | 0.34** | 1.00 |
|
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| Market uncertainty | 1.17 | 0.18 | −0.38** | 0.13 | 0.01 | 1.00 |
|
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| Technology uncertainty | 0.10 | 0.02 | 0.37** | −0.04 | −0.21 | −0.79*** | 1.00 |
|
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| Market growth | 0.09 | 0.09 | −0.05 | 0.18 | 0.33** | 0.11 | −0.39** | 1.00 |
|
| Technology cumulativeness | 0.11 | 0.02 | 0.03 | −0.16 | 0.16 | −0.19 | −0.08 | −0.12 | 1.00 |
| Year 4 |
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| Firm value/Tangible asset | 1.66 | 1.33 | 1.00 |
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| R&D capital/Tangible asset | 0.15 | 0.11 | −0.09 | 1.00 |
|
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| Log (Sales) | 11.02 | 1.09 | −0.32* | 0.08 | 1.00 |
|
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| Market uncertainty | 1.12 | 0.14 | −0.35** | 0.34** | 0.20 | 1.00 |
|
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| Technology uncertainty | 0.10 | 0.02 | 0.34** | −0.22 | −0.24 | −0.83*** | 1.00 |
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| Market growth | 0.07 | 0.09 | −0.12 | −0.02 | −0.20 | 0.08 | −0.23 | 1.00 |
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| Technology cumulativeness | 0.11 | 0.02 | 0.04 | −0.13 | 0.17 | −0.25 | −0.09 | 0.02 | 1.00 |