Table 2 Descriptive statistics of main variables.
Variable | Obs | Mean | Min | Max | S.D |
|---|---|---|---|---|---|
\(innovate1\) | 16,160 | 3.148 | 0 | 11.025 | 2.34 |
\(innovate2\) | 16,160 | 1.994 | 0 | 10.148 | 1.849 |
\(size\) | 16,160 | 7.825 | 4.615 | 11.252 | 1.266 |
\(age\) | 16,160 | 2.813 | 1.609 | 3.434 | 0.363 |
\(lev\) | 16,160 | 44.863 | 5.518 | 92.679 | 21.019 |
\(sub\) | 16,160 | 18.226 | 14.782 | 22.896 | 1.604 |
\(growth\) | 16,160 | 0.451 | − 0.679 | 9.773 | 1.295 |
\(roa\) | 16,160 | 0.048 | − 0.244 | 0.231 | 0.063 |
\(cashflow\) | 16,160 | 0.088 | − 0.684 | 0.716 | 0.187 |
