US firms

Variable

Obs

Mean

Std. Dev.

Min

Max

R&D

1938

0.4851

2.3334

0.0006

41.0818

DA

1938

0.4146

0.2052

0.0113

0.9603

Lnsale

1938

20.4025

2.5268

12.4655

27.6082

ROA

1938

−0.0131

0.2234

−1.8208

3.2676

growth

1938

0.2097

21.8489

−427.883

486.6667

shield

1938

0.0400

0.0294

0.0006

0.5330

collateral

1938

0.1548

0.1814

9.95E−05

1.1618

China

Variable

Obs

Mean

Std. Dev.

Min

Max

R&D

6282

0.0459

0.0445

1.36E-05

1.6943

DA

6282

0.3926

19.8248

0.0080

0.8548

Lnsale

6282

21.3410

1.3373

16.3643

25.1338

ROA

6282

0.0432

5.6749

−0.7765

0.2144

growth

6282

−0.3655

579.499

−195.114

8.6592

shield

6282

0.0050

0.0035

1.41E−05

0.0200

collateral

6282

0.2155

0.1364

0.0005

0.6162