Definition | |
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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 |