Table 2 List of variables.
Variable Type | Variable | Symbol | Calculations | Source of Data |
|---|---|---|---|---|
Independent Variable | IA | IAit | ∑ (R&Dit/TRit+ Softwareit/TAit + TMit /TAit) | Financial statements |
R&D/Revenue | (R&Dit/TRit) | Financial statements | ||
Capitalize software | Softwareit | software/TAit | Financial statements | |
Trademark | TMit | TMit /TAi | Financial statements | |
Dependent Variable | EMV | Tobin’s Q | (EMV)/(Equity Book Value) | Financial statements |
Mediating | AI | AI | TF(t,d)it × IDF(t,D)it | Disclosure Reports |
Control Variables | Firm Size | SIZEit | Log Total Assets | Financial statements |
Financial leverage | LEVit | Total Liabilities/Total Assets | Financial statements | |
Return on Assets | ROAit | Net income/Total Assets | Financial statements | |
Earnings Per Share | EPSit | Earnings Per Share | Financial statements | |
Liquidity Ratio | LRit | Total Current Assets/Total Assets | Financial statements | |
Country Group (Moderator) | CG | 0 = Emerging (MSCI EM), 1 = Developed (OECD) | World Bank, MSCI |
