R&D spending, strategic position and firm performance

Frontiers of Business Research in China

Table 2 Descriptive statistics and correlation matrix

Variables	Mean	Std.Dev.	5th Pctl.	25th Pctl.	Median	75th Pctl.	95th Pctl.
Panel A: Descriptive Statistics
R&D (%)	3.259	2.823	0.000	1.050	3.100	4.390	8.488
ROA	0.045	0.052	−0.033	0.014	0.040	0.073	0.135
ROE	0.070	0.098	−0.073	0.027	0.068	0.118	0.221
TOBINQ	2.289	1.741	0.470	1.078	1.804	2.961	5.809
OPROF	0.072	0.117	−0.091	0.017	0.063	0.131	0.254
ATURN	3.865	3.520	0.874	1.633	2.762	4.746	10.667
SIZE	21.923	1.164	20.360	21.094	21.745	22.544	24.194
LEV	0.408	0.200	0.097	0.247	0.403	0.565	0.736
SALES	21.359	1.364	19.395	20.431	21.205	22.109	23.963
If R&D (%) > 0
R&D (%)	3.595	2.753	0.170	1.741	3.270	4.590	8.760
ROA	0.046	0.052	−0.030	0.015	0.042	0.074	0.135
ROE	0.071	0.095	−0.066	0.028	0.069	0.118	0.216
TOBINQ	2.320	1.749	0.470	1.104	1.835	3.020	5.871
OPROF	0.075	0.117	−0.085	0.018	0.066	0.135	0.261
ATURN	3.852	3.430	0.895	1.685	2.797	4.739	10.489
SIZE	21.912	1.150	20.369	21.098	21.734	22.512	24.162
LEV	0.399	0.198	0.094	0.239	0.392	0.548	0.729
SALES	21.340	1.344	19.406	20.422	21.176	22.081	23.872
Panel B: Correlation Matrix
	R&D (%)	ROA	ROE	TOBINQ	OPROF	ATURN	SIZE	LEV
ROA	0.085^***
ROE	0.018^*	0.886^***
TOBINQ	0.267^***	0.344^***	0.184^***
OPROF	0.141^***	0.808^***	0.691^***	0.290^***
ATURN	−0.055^***	0.272^***	0.272^***	0.056^***	0.099^***
SIZE	−0.212^***	−0.047^***	0.070^***	−0.489^***	−0.077^***	0.030^***
LEV	−0.350^***	−0.405^***	− 0.196^***	−0.481^***	− 0.447^***	−0.012	0.515^***
SALES	−0.337^***	0.037^***	0.153^***	−0.472^***	−0.088^***	0.215^***	0.913^***	0.529^***

Notes. Panel A shows the descriptive statistics while Panel B shows the correlation matrix and reports Pearson correlations below the diagonal with ***, ** and * indicating significance at the 1%, 5% and 10% levels respectively