Table 1 Operationalization of the... | Emerald Publishing

Table 1

Operationalization of the variables

Category	Variable	Calculation method	References
Competitive Environment (CE)
Degree of industry concentration	Herfindahl-Hirschman (relative)	$H H I R e l = (\sum_{i}^{n} S_{i}^{2}) : \frac{1}{n}$	Brezina et al. (2016), Dai et al. (2019), Jošić et al. (2019), Powers and Topper (2019), Zhang et al. (2020)
Investment (IN)
Investment in capital	Capex	$\ln (C a p e x)$	Dias et al. (2019a), Curtis et al. (2020), Lai et al. (2020), Nguyen and Nguyen (2020)
Investment in research and development	R&D	$\ln (R & D)$	Dias et al. (2019a), Rocha et al. (2019), Alam et al. (2020), Curtis et al. (2020)
Competitive position (CP)
Market Share	MS - (firm's market share compared to the average market share of the industry's firms)	Z-score (firm's market share)	Brito and Brito (2012), Fontoura and Serôdio (2017), Aghion et al. (2019), Dias et al. (2019a), Yi et al. (2019), Dias et al. (2020), Wang (2020)
Profitability	ROA – (firm's Return on Assets (ROA) compared to the average ROA of the industry's firms)	Z-score (firm's ROA)	Brito and Brito (2012), Erica et al. (2018), Dias et al. (2019a), Zapata et al. (2019), Dias et al. (2020), Zhong and Wu (2020)
Firm Size (SIZE)
Firm's size	SIZE – (firm's size measured with reference on total assets)	$\ln (T o t a l A s s e t s)$	Saliha and Abdessatar (2011), John and Adebayo (2013), Kartikasari and Merianti (2016), Kumar and Kaur (2016), Dinali Viglioni and Leal Calegario (2021), Wijayaningsih and Yulianto (2021)

Category	Variable	Calculation method	References
Competitive Environment (CE)
Degree of industry concentration	Herfindahl-Hirschman (relative)	$H H I R e l = (\sum_{i}^{n} S_{i}^{2}) : \frac{1}{n}$	Brezina et al. (2016), Dai et al. (2019), Jošić et al. (2019), Powers and Topper (2019), Zhang et al. (2020)
Investment (IN)
Investment in capital	Capex	$\ln (C a p e x)$	Dias et al. (2019a), Curtis et al. (2020), Lai et al. (2020), Nguyen and Nguyen (2020)
Investment in research and development	R&D	$\ln (R & D)$	Dias et al. (2019a), Rocha et al. (2019), Alam et al. (2020), Curtis et al. (2020)
Competitive position (CP)
Market Share	MS - (firm's market share compared to the average market share of the industry's firms)	Z-score (firm's market share)	Brito and Brito (2012), Fontoura and Serôdio (2017), Aghion et al. (2019), Dias et al. (2019a), Yi et al. (2019), Dias et al. (2020), Wang (2020)
Profitability	ROA – (firm's Return on Assets (ROA) compared to the average ROA of the industry's firms)	Z-score (firm's ROA)	Brito and Brito (2012), Erica et al. (2018), Dias et al. (2019a), Zapata et al. (2019), Dias et al. (2020), Zhong and Wu (2020)
Firm Size (SIZE)
Firm's size	SIZE – (firm's size measured with reference on total assets)	$\ln (T o t a l A s s e t s)$	Saliha and Abdessatar (2011), John and Adebayo (2013), Kartikasari and Merianti (2016), Kumar and Kaur (2016), Dinali Viglioni and Leal Calegario (2021), Wijayaningsih and Yulianto (2021)

Source(s): Table by authors (2021)