Table 1 Descriptive statistics and correlation matrix.
Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|
1. Technology search | 1.000 | ||||||||
2. Market search | 0.503*** | 1.000 | |||||||
3. Firm performance | 0.127*** | 0.109*** | 1.000 | ||||||
4. Organizational slack | −0.027* | −0.025* | −0.045** | 1.000 | |||||
5. Growth-oriented strategy | 0.016 | −0.002 | −0.263*** | −0.077*** | 1.000 | ||||
6. Profit-oriented strategy | 0.003 | 0.029** | 0.481*** | −0.044** | −0.371*** | 1.000 | |||
7. Firm size | 0.039** | 0.016 | −0.082*** | −0.080*** | 0.166*** | −0.119*** | 1.000 | ||
8. Firm age | −0.098*** | −0.085*** | −0.333*** | −0.023 | 0.027* | −0.101*** | 0.064*** | 1.000 | |
9. Intangible assets | −0.007 | −0.022 | −0.423*** | −0.083*** | 0.266*** | −0.321*** | 0.239*** | 0.315*** | 1.000 |
10. Profitability | 0.487*** | 0.451*** | 0.306*** | −0.117*** | 0.041** | 0.077*** | 0.032** | −0.134*** | −0.037** |
11. Cash strength ratio | 0.049*** | 0.025* | 0.260*** | 0.157*** | −0.012 | 0.079*** | −0.040** | −0.154*** | −0.232*** |
12. Performance feedback | 0.095*** | 0.090*** | 0.863*** | −0.131*** | −0.346*** | 0.536*** | −0.030** | −0.132*** | −0.229*** |
13. Industrial growth | 0.035** | 0.034** | 0.250*** | −0.028* | 0.009 | 0.052*** | −0.051*** | −0.173*** | −0.102*** |
14. Industrial market search | 0.011 | 0.034** | 0.077*** | 0.134*** | 0.054*** | −0.019 | −0.040** | 0.109*** | −0.058*** |
15. Industrial technology search | −0.013 | 0.001 | 0.023 | 0.109*** | 0.052*** | −0.021 | −0.013 | 0.011 | −0.197*** |
16. Province GDP per capita | −0.039** | −0.031** | −0.243*** | −0.016 | −0.007 | −0.040** | 0.035** | 0.321*** | 0.199*** |
17. Province R&D expenditure | −0.026* | −0.016 | −0.163*** | −0.057*** | 0.011 | 0.001 | 0.059*** | 0.192*** | 0.198*** |
Mean | 0.331 | 0.337 | 12.254 | 4.042 | 0.299 | 0.243 | 6.620 | 13.151 | 16.851 |
Std. Deviation | 0.743 | 1.265 | 11.001 | 5.754 | 0.458 | 0.429 | 0.940 | 4.910 | 1.753 |
10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | ||
|---|---|---|---|---|---|---|---|---|---|
10. Profitability | 1.000 | ||||||||
11. Cash strength ratio | 0.099*** | 1.000 | |||||||
12. Performance feedback | 0.273*** | 0.123*** | 1.000 | ||||||
13. Industrial growth | 0.104*** | 0.066*** | 0.166*** | 1.000 | |||||
14. Industrial market search | 0.012 | 0.028** | −0.007 | 0.023 | 1.000 | ||||
15. Industrial technology search | 0.022 | 0.024* | −0.003 | −0.058*** | 0.428*** | 1.000 | |||
16. Province GDP per capita | −0.052*** | −0.117*** | −0.028* | −0.211*** | −0.022 | 0.150*** | 1.000 | ||
17. Province R&D expenditure | −0.054*** | −0.126*** | −0.016 | −0.110*** | −0.119*** | −0.071*** | 0.545*** | 1.000 | |
Mean | 0.011 | 0.046 | −1.781 | −0.141 | 0.076 | 0.060 | 11.022 | 0.014 | |
Std. Deviation | 0.014 | 0.161 | 9.564 | 0.246 | 0.055 | 0.024 | 0.472 | 0.005 | |
