Table 5 Description of the variables... | Emerald Publishing

Table 5

Description of the variables

Variables	Explanation	Source
PROF	Firm profitability proxied by the return on sales that is the net profits by sales ratio $PROF = (\frac{NET PROFITS}{SALES}) * 100$	Author's estimations from ICAP (2018)
AGE	Firm age estimated by the number of years since the foundation of the firm	Author's estimations from ICAP (2018)
ASSETS	Logarithmic form of firm assets	Author's estimations from ICAP (2018)
LIAB	Liabilities to assets ratio	Author's estimations from ICAP (2018)
SALESGR	Growth of firm sales ${SALESGR}_{i} = (\frac{{SALES}_{i, t + 1} - {SALES}_{i, t}}{{SALES}_{i, t}}) * 100$ where i the firm and t the year under study	Author's estimations from ICAP (2018)
PROD	Productivity proxied by the profits to employment ratio $PROD = \frac{PROFITS}{EMPLOYMENT}$	Author's estimations from ICAP (2018)
EMPCH	Change of employment, ${EMPCH}_{i} = (\frac{{EMP}_{i, t + 1} - {EMP}_{i, t}}{{EMP}_{i, t}}) * 100$ where i the firm and t the year are under study	Author's estimations from ICAP (2018)
RESLAB	Resource-intensive sector	Author's estimations from OECD (1987)
SCIEN	Science-intensity sector	Author's estimations from OECD (1987)
NGR	National growth rate of GDP/cap $NGR = (\frac{{GDPCAP}_{t + 1} - {GDPCAP}_{t}}{{GDPCAP}_{t}}) * 100$ where GDPCAP is the per capita GDP of the country (constant prices) and t the year under study	Author's estimations from ELSTAT (2018)
CORRCH	Change of corruption index $CORRCH = {CORR}_{t + 1} - {CORR}_{t}$ ⁠, where CORR is the corruption index of the country and t the year under study	Author's estimations from (Transparency International (2018))
TIME	Continuous variable of time

Variables	Explanation	Source
PROF	Firm profitability proxied by the return on sales that is the net profits by sales ratio $PROF = (\frac{NET PROFITS}{SALES}) * 100$	Author's estimations from ICAP (2018)
AGE	Firm age estimated by the number of years since the foundation of the firm	Author's estimations from ICAP (2018)
ASSETS	Logarithmic form of firm assets	Author's estimations from ICAP (2018)
LIAB	Liabilities to assets ratio	Author's estimations from ICAP (2018)
SALESGR	Growth of firm sales ${SALESGR}_{i} = (\frac{{SALES}_{i, t + 1} - {SALES}_{i, t}}{{SALES}_{i, t}}) * 100$ where i the firm and t the year under study	Author's estimations from ICAP (2018)
PROD	Productivity proxied by the profits to employment ratio $PROD = \frac{PROFITS}{EMPLOYMENT}$	Author's estimations from ICAP (2018)
EMPCH	Change of employment, ${EMPCH}_{i} = (\frac{{EMP}_{i, t + 1} - {EMP}_{i, t}}{{EMP}_{i, t}}) * 100$ where i the firm and t the year are under study	Author's estimations from ICAP (2018)
RESLAB	Resource-intensive sector	Author's estimations from OECD (1987)
SCIEN	Science-intensity sector	Author's estimations from OECD (1987)
NGR	National growth rate of GDP/cap $NGR = (\frac{{GDPCAP}_{t + 1} - {GDPCAP}_{t}}{{GDPCAP}_{t}}) * 100$ where GDPCAP is the per capita GDP of the country (constant prices) and t the year under study	Author's estimations from ELSTAT (2018)
CORRCH	Change of corruption index $CORRCH = {CORR}_{t + 1} - {CORR}_{t}$ , where CORR is the corruption index of the country and t the year under study	Author's estimations from (Transparency International (2018))
TIME	Continuous variable of time