Variable

Code

Mean

Standard deviation

Skewness

Kurtosis

Age heterogeneity

HAGE

0.17

0.36

0.38

0.42

Education heterogeneity

HEDU

0.63

0.79

−0.43

0.30

Tenure heterogeneity

HTEN

0.42

0.33

0.51

−0.32

Firm size

SIZE

22.45

1.30

0.35

−0.29

Firm age

AGE

20.06

10.09

1.45

0.93

Asset-liabilities ratio

DEBT

0.59

0.20

−0.07

2.96

Patent applications

PAT

3.5

2.18

−0.22

−1.03

Shareholding proportion of the largest shareholder

TOP1

0.33

0.14

0.62

−0.02