Table 1 Summary statistics Obs Mean SD...

Table 1

Summary statistics

	Obs	Mean	SD	(1)	(2)	(3)	(4)	(5)	(6)	(7)
(1) ROA	261	0.29899	0.40789	1.000
(2) PROINV	261	0.00431	0.01073	0.522^***	1.000
(3) TECHCAP	261	0.60	0.49080	0.015	−0.031	1.000
(4) SIZE	261	21.461	1.6518	−0.006	0.022	−0.173^***	1.000
(5) AGE	261	36.1	16.403	0.238^***	0.354^***	−0.109^*	0.485^***	1.000
(6) LEV	261	0.39951	1.2186	0.502^***	−0.039	−0.032	−0.111^*	−0.093	1.000
(7) ROE	261	2.1887	3.2830	0.268^***	0.166^***	−0.008	−0.270^***	−0.010	0.181^***	1.000

	Obs	Mean	SD	(1)	(2)	(3)	(4)	(5)	(6)	(7)
(1) ROA	261	0.29899	0.40789	1.000
(2) PROINV	261	0.00431	0.01073	0.522^***	1.000
(3) TECHCAP	261	0.60	0.49080	0.015	−0.031	1.000
(4) SIZE	261	21.461	1.6518	−0.006	0.022	−0.173^***	1.000
(5) AGE	261	36.1	16.403	0.238^***	0.354^***	−0.109^*	0.485^***	1.000
(6) LEV	261	0.39951	1.2186	0.502^***	−0.039	−0.032	−0.111^*	−0.093	1.000
(7) ROE	261	2.1887	3.2830	0.268^***	0.166^***	−0.008	−0.270^***	−0.010	0.181^***	1.000

Note(s): This table descriptive statistics and correlation coefficients of the variables used in our main analysis. All variables are winsorized at the 1st and 99th percentiles. Values with asterisks *, ** and *** indicate significance at the 10, 5 and 1% levels, respectively (2-tailed)

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