Table 3.

Descriptive statistics

VariablePanel A: All firmsPanel B: Mature firmsPanel C: Young firms
ObsMeanSDObsMeanSDObsMeanSD
Dependent variable
LogRD2,6600.3980.9751,3290.6501.1061,3310.1450.742
Independent variables         
MARank2,6600.5480.2871,3290.4250.2571,3310.6710.262
IPRI2,6607.1091.0361,3296.9651.0381,3317.2531.013
Firm-specific control variables
TobinQ2,6603.3555.1201,3292.0002.3801,3314.7086.563
Tangibility2,6600.2150.1691,3290.2660.1541,3310.1630.168
AdvIntensity2,6601.5675.9701,3290.7803.7431,3312.3527.486
Leverage2,6600.1620.2161,3290.1710.1821,3310.1530.245
ROA2,660−0.1460.6861,329−0.0240.5081,331−0.2670.808
Age2,6601.4380.3581,3291.7390.2331,3311.1380.149
Country-specific control variables
GDP2,6602.6511.4891,3292.5751.4961,3312.7271.479
Inflation2,6601.5691.2111,3291.3951.1641,3311.7421.233

Notes: This table presents the descriptive statistics of the dependent, independent and control variables used in this study. Refer Table 2 for variable definitions; SD = Standard deviation

Source: Table by authors
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