Table 5 Descriptive statistics of two...

Table 5

Descriptive statistics of two sub-samples: innovative SMEs in high compared to low sector growth opportunities

	Innovative SMEs in Low-Sector Growth Opportunities			Innovative SMEs in High-Sector Growth Opportunities
	Mean	Median	Sd	Mean	Median	Sd
ROA	0.554	3.040	21.647	−0.193	2.570	22.129
Women on board	0.099	0.000	0.165	0.112	0.000	0.180
Age board (log)	3.932	3.942	0.165	3.921	3.932	0.180
R&D expenses	0.032	0.000	0.101	0.021	0.000	0.081
Patent expenses	0.014	0.000	0.064	0.012	0.000	0.061
Licensing expenses	0.005	0.000	0.035	0.005	0.000	0.035
Tangibility	0.082	0.026	0.128	0.087	0.027	0.142
Cash Holding	0.175	0.112	0.185	0.183	0.109	0.196
Size	7.074	7.096	1.606	6.782	6.737	1.605
Long term debt	0.255	0.200	0.253	0.232	0.130	0.267
Firm age (log)	2.134	2.079	0.804	2.015	1.946	0.752
Dummy Listing	0.029	0.000	0.169	0.035	0.000	0.185
Dummy Delisting	0.001	0.000	0.028	0.001	0.000	0.032
Dummy South	0.214	0.000	0.410	0.194	0.000	0.396

	Innovative SMEs in Low-Sector Growth Opportunities			Innovative SMEs in High-Sector Growth Opportunities
	Mean	Median	Sd	Mean	Median	Sd
ROA	0.554	3.040	21.647	−0.193	2.570	22.129
Women on board	0.099	0.000	0.165	0.112	0.000	0.180
Age board (log)	3.932	3.942	0.165	3.921	3.932	0.180
R&D expenses	0.032	0.000	0.101	0.021	0.000	0.081
Patent expenses	0.014	0.000	0.064	0.012	0.000	0.061
Licensing expenses	0.005	0.000	0.035	0.005	0.000	0.035
Tangibility	0.082	0.026	0.128	0.087	0.027	0.142
Cash Holding	0.175	0.112	0.185	0.183	0.109	0.196
Size	7.074	7.096	1.606	6.782	6.737	1.605
Long term debt	0.255	0.200	0.253	0.232	0.130	0.267
Firm age (log)	2.134	2.079	0.804	2.015	1.946	0.752
Dummy Listing	0.029	0.000	0.169	0.035	0.000	0.185
Dummy Delisting	0.001	0.000	0.028	0.001	0.000	0.032
Dummy South	0.214	0.000	0.410	0.194	0.000	0.396

Note(s): Sub-sample “Innovative SMEs in High Growth Sectors” N. obs: 4,746; sub-sample “Innovative SMEs in Low Growth Sectors” N. obs: 7,427

Source(s): Authors' own work

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