Table 4 Descriptive statistics and correlation matrix of explanatory variables
Mean | Min | Max | Standard deviation | Correlation matrix | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | |||||
1 R&D intensity | 0.01 | 0 | 0.99 | 0.01 | 1.00 | |||||||||||||
2 Innovation performance | 0.03 | 0 | 1 | 0.14 | 0.19 | 1.00 | ||||||||||||
3 State stock concentration | 0.03 | 0 | 1 | 0.17 | 0.03 | 0.03 | 1.00 | |||||||||||
4 Private stock concentration | 0.50 | 0 | 1 | 0.50 | −0.04 | −0.05 | −0.20 | 1.00 | ||||||||||
5 Central SOEs | 0.01 | 0 | 1 | 0.08 | 0.05 | 0.04 | 0.25 | −0.08 | 1.00 | |||||||||
6 Local SOEs | 0.03 | 0 | 1 | 0.16 | 0.02 | 0.01 | 0.68 | −0.16 | −0.01 | 1.00 | ||||||||
7 POEs | 0.51 | 0 | 1 | 0.50 | −0.04 | −0.05 | −0.19 | 0.99 | −0.08 | −0.16 | 1.00 | |||||||
8 Firm size | 4.66 | 0 | 11.82 | 1.08 | 0.04 | 0.09 | 0.07 | −0.24 | 0.07 | 0.03 | −0.24 | 1.00 | ||||||
9 Firm age | 8.45 | 1 | 407 | 9.02 | 0.04 | 0.05 | 0.32 | −0.20 | 0.18 | 0.33 | −0.20 | 0.20 | 1.00 | |||||
10 Foreign ownership | 0.22 | 0 | 1 | 0.41 | 0.00 | 0.01 | −0.07 | −0.53 | −0.04 | −0.09 | −0.54 | 0.21 | −0.07 | 1.00 | ||||
11 Leverage | 0.57 | 0.01 | 270.49 | 0.45 | −0.01 | 0.00 | 0.07 | 0.00 | 0.02 | 0.07 | 0.00 | 0.03 | 0.07 | −0.06 | 1.00 | |||
12 Employee training | 0.01 | 0 | 4.06 | 0.01 | 0.04 | 0.01 | 0.04 | −0.01 | 0.02 | 0.04 | −0.01 | 0.01 | 0.03 | −0.01 | 0.01 | 1.00 | ||
13 Capital intensity | 96.33 | 0 | 206520 | 373.12 | 0.02 | 0.01 | 0.03 | −0.05 | 0.01 | 0.02 | −0.05 | −0.04 | −0.01 | 0.05 | −0.02 | 0.01 | 1.00 | |
14 Return to assets | 0.10 | −23.41 | 33.99 | 0.27 | −0.02 | −0.02 | −0.06 | 0.09 | −0.03 | −0.06 | 0.09 | −0.04 | −0.06 | −0.06 | −0.16 | −0.01 | −0.03 | 1.00 |