Table 1 Variable definition and description.
Variables name | Symbol | Variables definition |
|---|---|---|
Cumulative number of forward citations within five years of patent disclosure | lnCitepatent | Natural logarithm of the cumulative number of forward citations within 5 years of the patent’s disclosure |
Digital transformation | DT_txt | The total word frequency of 76 terms for “digital transformation” as a percentage of the total word frequency of MD&A×100 |
Digital transformation | DT_num | Proportion of the sum of the digitization-related components of the year-end itemized intangible assets and fixed assets to the net asset value of both, as disclosed in the notes to the financial statements of listed companies |
Entrepreneurship: Adventure, Innovation, Cooperation | ENT | Self-generated funds satisfaction rate: (cash inflow from operating activities + cash and equivalents at the beginning of the period)/current cash outflow |
R&D investment intensity: R&D investment/operating cost | ||
Whether to jointly apply for patent: 1 for joint, 0 for otherwise | ||
Company Age | lnage | Natural logarithm of the age of the company |
Nature of ownership | soe | State-owned enterprises take 1, otherwise take 0 |
Company Size | lnsize | Natural logarithm of total assets |
Board Size | lnboard | Natural logarithm of board members |
Board Independence | inp | Percentage of independent directors |
Shareholdings of top 10 shareholders | top10 | Shareholdings of top 10 shareholders |
Leverage | Lev | Total liabilities/total assets |
Liquidity Ratio | liquid | Current assets/current liabilities |
Return on Total Assets | ROA | Net profit/total assets |
