Means, standard deviations, and correlations of the variables in the study 1 sample
| Variables | Mean | s.d | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. Market Cap. (Ln) | 10.20 | 1.43 | |||||||||
| 2. Innovation Reputation | 0.25 | 0.43 | 0.37** | ||||||||
| 3. Firm Size (Ln_Employees) | 10.13 | 1.27 | 0.40** | 0.41** | |||||||
| 4. ROA | 5.49 | 6.59 | 0.29** | 0.09* | 0.08 | ||||||
| 5. Firm Age (LN_Year) | 3.31 | 1.01 | 0.17** | 0.09* | 0.16** | 0.11* | |||||
| 6. R&D intensity | 2.22 | 5.79 | 0.31** | 0.02 | 0.02 | 0.30** | −0.02 | ||||
| 7. Advertising intensity | 3.51 | 1.02 | 0.34** | 0.30** | 0.32** | 0.09* | 0.04 | 0.18** | |||
| 8. Current ratio | 1.51 | 1.02 | −0.05 | −0.12** | −0.16** | 0.26** | −0.11** | 0.26** | −0.05 | ||
| 9. Leverage | 1.70 | 7.39 | −0.20** | −0.08 | −0.04 | −0.07 | 0.04 | −0.05 | −0.03 | −0.09* | |
| 10. Industry dummy | 107.9 | 56.81 | 0.00 | 0.19** | 0.05 | −0.18** | −0.09* | −0.16** | −0.02 | −0.14** | 0.05 |
| Variables | Mean | s.d | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. Market Cap. (Ln) | 10.20 | 1.43 | |||||||||
| 2. Innovation Reputation | 0.25 | 0.43 | 0.37** | ||||||||
| 3. Firm Size (Ln_Employees) | 10.13 | 1.27 | 0.40** | 0.41** | |||||||
| 4. ROA | 5.49 | 6.59 | 0.29** | 0.09* | 0.08 | ||||||
| 5. Firm Age (LN_Year) | 3.31 | 1.01 | 0.17** | 0.09* | 0.16** | 0.11* | |||||
| 6. R&D intensity | 2.22 | 5.79 | 0.31** | 0.02 | 0.02 | 0.30** | −0.02 | ||||
| 7. Advertising intensity | 3.51 | 1.02 | 0.34** | 0.30** | 0.32** | 0.09* | 0.04 | 0.18** | |||
| 8. Current ratio | 1.51 | 1.02 | −0.05 | −0.12** | −0.16** | 0.26** | −0.11** | 0.26** | −0.05 | ||
| 9. Leverage | 1.70 | 7.39 | −0.20** | −0.08 | −0.04 | −0.07 | 0.04 | −0.05 | −0.03 | −0.09* | |
| 10. Industry dummy | 107.9 | 56.81 | 0.00 | 0.19** | 0.05 | −0.18** | −0.09* | −0.16** | −0.02 | −0.14** | 0.05 |
Note(s): *p < 0.05, **p < 0.01
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