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Table 3 Definition of variables

From: Impact of ownership types on R&D intensity and innovation performance—evidence from transitional China

 

Definition

Dependent variables

 R&D intensity

Ratio of R&D expenditure to total sales

 Innovation performance

Ratio of new product sales to total sales

Independent variables

 State stock concentration

Ratio of state-owned assets to total assets if a firm is state-owned

 Private stock concentration

Ratio of private-owned assets to total assets if a firm is private-owned

 Central SOEs

Dummy, equals to 1 if state-owned and affiliated at the state level of government

 Local SOEs

Dummy, equals to 1 if state-owned and affiliated at the local level of government

 POEs

Dummy, equals to 1 if private-owned

Control variables

 Firm size

Number of employees in logarithm

 Firm age

Number of years since establishment

 Foreign ownership

Dummy, equals to 1 if foreign-owned

 Leverage

Ratio of total debts to total assets

 Employee training

Ratio of expenditure on employee training to total sales

 Capital intensity

Ratio of total fixed assets to total employees

 Return to assets

Ratio of total profits to total assets in a lagged period

 Industry dummy

Dummy, equals to 1 if affiliated at the corresponding two-digit industry

 Region dummy

Dummy, equals to 1 if located at the corresponding province-level region

 Year dummy

Dummy, equals to 1 if associated with the corresponding year