Table 1 Correlation matrix and summary...

Table 1

Correlation matrix and summary statistics

Panel A correlation matrix of main variables
VAR	Innovation	GZW	Size	Lev	Roa	Cash	Age	Insti	Indep	Top1	Analyst	Pc	Tenure
GZW	0.250***	1
Size	0.320***	0.293***	1
Lev	0.077***	0.072***	0.276***	1
Roa	0.100***	0.065***	0.186***	−0.384***	1
Cash	0.013	0.042***	0.035**	−0.185***	0.332***	1
Age	0.217***	0.364***	0.270***	0.230***	−0.032**	0.006	1
Insti	0.166***	0.219***	0.317***	0.036**	0.278***	0.194***	0.197***	1
Indep	0.188***	0.404***	0.225***	0.100***	0.065***	0.026*	0.371***	0.185***	1
Top1	−0.089***	−0.048***	0.042***	−0.139***	0.105***	0.021	−0.434***	−0.147***	−0.095***	1
Analyst	0.324***	0.330***	0.527***	0.003	0.351***	0.201***	0.265***	0.609***	0.303***	−0.056***	1
Pc	0.017	−0.102***	0.050***	−0.016	0.049***	0.004	−0.064***	0.103***	−0.033**	−0.054***	0.076***	1
Tenure	0.067***	0.143***	0.070***	0.024	0.063***	0.077***	0.148***	0.157***	0.127***	−0.110***	0.154***	0.059***	1
Tmt	0.118***	−0.009	−0.019	−0.114***	0.129***	0.064***	−0.041***	0.087***	0.035**	−0.122***	0.161***	0.034**	0.034**

Panel A correlation matrix of main variables
VAR	Innovation	GZW	Size	Lev	Roa	Cash	Age	Insti	Indep	Top1	Analyst	Pc	Tenure
GZW	0.250***	1
Size	0.320***	0.293***	1
Lev	0.077***	0.072***	0.276***	1
Roa	0.100***	0.065***	0.186***	−0.384***	1
Cash	0.013	0.042***	0.035**	−0.185***	0.332***	1
Age	0.217***	0.364***	0.270***	0.230***	−0.032**	0.006	1
Insti	0.166***	0.219***	0.317***	0.036**	0.278***	0.194***	0.197***	1
Indep	0.188***	0.404***	0.225***	0.100***	0.065***	0.026*	0.371***	0.185***	1
Top1	−0.089***	−0.048***	0.042***	−0.139***	0.105***	0.021	−0.434***	−0.147***	−0.095***	1
Analyst	0.324***	0.330***	0.527***	0.003	0.351***	0.201***	0.265***	0.609***	0.303***	−0.056***	1
Pc	0.017	−0.102***	0.050***	−0.016	0.049***	0.004	−0.064***	0.103***	−0.033**	−0.054***	0.076***	1
Tenure	0.067***	0.143***	0.070***	0.024	0.063***	0.077***	0.148***	0.157***	0.127***	−0.110***	0.154***	0.059***	1
Tmt	0.118***	−0.009	−0.019	−0.114***	0.129***	0.064***	−0.041***	0.087***	0.035**	−0.122***	0.161***	0.034**	0.034**

Panel B summary statistics
VAR	N	Mean	SD	P25	P50	P75	Min	Max
Innovation	4,630	0.603	1.008	0	0	1.099	0	4.317
GZW	4,630	0.515	0.500	0	1	1	0	1
Size	4,630	21.525	0.951	20.837	21.434	22.072	19.695	24.286
Lev	4,630	0.493	0.180	0.366	0.505	0.631	0.077	0.872
Roa	4,630	0.027	0.055	0.011	0.030	0.052	−0.229	0.158
Cash	4,630	0.050	0.075	0.010	0.052	0.093	−0.195	0.261
Age	4,630	2.407	0.435	2.197	2.485	2.708	1.099	3.178
Insti	4,630	0.049	0.082	0.000	0.012	0.0564	0	0.407
Indep	4,630	0.307	0.115	0.333	0.333	0.364	0	0.545
Top1	4,630	0.413	0.161	0.286	0.403	0.536	0.102	0.750
Analyst	4,630	0.829	1.031	0	0.693	1.386	0	3.497
Pc	4,630	0.189	0.391	0	0	0	0	1
Tenure	4,630	3.723	2.841	1	3	5	1	13
Tmt	4,630	0.127	0.651	0	0.006	0.029	0	5.531
Layer	4,197	3.039	0.687	3	3	3	1	7
Burden	4,120	−0.096	0.233	−0.183	−0.010	0.066	−1.312	0.134
Agencycost	4,197	0.118	0.112	0.056	0.091	0.128	0.014	0.702
Risktake	4,197	0.026	0.033	0.009	0.015	0.028	0.002	0.221
Gov_quality	4,630	0.611	0.487	0	1	1	0	1
Mono	4,630	0.310	0.462	0	0	1	0	1
Stateshare	4,111	0.386	0.168	0.256	0.367	0.521	0.002	0.849
Chairage	4,550	50.817	5.957	46	51	56	28	81
Tobinq	4,560	1.745	0.945	1.153	1.396	1.975	0.918	6.167

Panel B summary statistics
VAR	N	Mean	SD	P25	P50	P75	Min	Max
Innovation	4,630	0.603	1.008	0	0	1.099	0	4.317
GZW	4,630	0.515	0.500	0	1	1	0	1
Size	4,630	21.525	0.951	20.837	21.434	22.072	19.695	24.286
Lev	4,630	0.493	0.180	0.366	0.505	0.631	0.077	0.872
Roa	4,630	0.027	0.055	0.011	0.030	0.052	−0.229	0.158
Cash	4,630	0.050	0.075	0.010	0.052	0.093	−0.195	0.261
Age	4,630	2.407	0.435	2.197	2.485	2.708	1.099	3.178
Insti	4,630	0.049	0.082	0.000	0.012	0.0564	0	0.407
Indep	4,630	0.307	0.115	0.333	0.333	0.364	0	0.545
Top1	4,630	0.413	0.161	0.286	0.403	0.536	0.102	0.750
Analyst	4,630	0.829	1.031	0	0.693	1.386	0	3.497
Pc	4,630	0.189	0.391	0	0	0	0	1
Tenure	4,630	3.723	2.841	1	3	5	1	13
Tmt	4,630	0.127	0.651	0	0.006	0.029	0	5.531
Layer	4,197	3.039	0.687	3	3	3	1	7
Burden	4,120	−0.096	0.233	−0.183	−0.010	0.066	−1.312	0.134
Agencycost	4,197	0.118	0.112	0.056	0.091	0.128	0.014	0.702
Risktake	4,197	0.026	0.033	0.009	0.015	0.028	0.002	0.221
Gov_quality	4,630	0.611	0.487	0	1	1	0	1
Mono	4,630	0.310	0.462	0	0	1	0	1
Stateshare	4,111	0.386	0.168	0.256	0.367	0.521	0.002	0.849
Chairage	4,550	50.817	5.957	46	51	56	28	81
Tobinq	4,560	1.745	0.945	1.153	1.396	1.975	0.918	6.167

Note(s): Table 1 presents the correlation matrix and summary statistics. Panel A reports the Pearson correlation matrix. *** represents that the p-value is smaller than 0.01, ** represents that the p-value is smaller than 0.05, and * represents that the p-value is smaller than 0.1. Panel B presents the descriptive statistics of our main variables. See Appendix A for variable definitions

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