Variables

Mean

SD

1

2

3

4

5

6

7

1. Ownership

1.46

0.50

2. Industry

2.41

1.08

−0.11

3. Firm age

1.89

0.74

−0.10

0.08

4. Firm size

1.80

1.13

−0.10

0.11

0.14

5. TMCD

3.06

1.18

−0.22**

0.02

−0.02

0.026

(0.90)

6. HRDP

3.20

0.81

−0.52**

0.07

0.20**

0.24**

0.28**

(0.90)

7. OI

3.23

1.34

−0.24**

0.03

0.18*

0.20**

0.33**

0.50**

(0.88)