Table II Variables attributes Variables...

Table II

Variables attributes

Variables	N	Mean	SD	Min.	Max.
Panel A: overall summary statistics
Price	19,273	16.78	15.54	0.730	413.5
Growth	17,956	2.582	16.28	−0.975	145.0
Leverage	20,519	0.472	1.030	0.00712	0.94
Size	20,519	21.82	1.323	13.76	28.51
Firm age	20,178	8.872	6.416	1	26
EPS	22,908	0.376	0.682	−22.41	17.53
BPS	22,908	4.475	3.178	−23.96	60.42
R&D/TA	12,317	0.00194	0.00887	0	0.277
FCF/TA	14,211	−0.202	0.480	−47.07	9.740
R&D-IE	10,317	0.000762	0.00576	0	0.277
FCF-IE	12,211	−0.0703	0.170	−3.713	0.540
Panel B: partition based on lifecycle stages
Growth firms
Price	2,455	13.76	11.37	1.520	174.0
Growth	2,655	6.526	26.02	−0.707	145.0
Leverage	2,674	0.526	0.196	0.0250	0.932
Size	2,674	22.61	1.210	18.52	27.34
Firm age	2,674	9.998	4.855	1	26
EPS	2,797	0.347	0.715	−5.903	16.54
BPS	2,797	4.383	2.642	−4.066	42.25
R&D/TA	2,277	0.00297	0.0129	0	0.277
FCF/TA	2,674	−0.248	0.233	−2.416	0.507
R&D-IE	2,277	0.00152	0.0108	0	0.277
FCF-IE	2,674	−0.101	0.191	−1.690	0.304
Mature firms
Price	7,226	14.92	14.08	1.660	413.5
Growth	7,488	2.829	16.99	−0.975	145.0
Leverage	7,773	0.493	0.493	0.00917	0.91
Size	7,773	22.04	1.324	13.76	28.51
Firm age	7,597	11.47	5.648	1	26
EPS	8,363	0.355	0.742	−5.573	17.53
BPS	8,363	4.178	3.075	−23.96	60.42
R&D/TA	6,796	0.00217	0.00930	0	0.229
FCF/TA	7,541	−0.206	0.414	−28.96	1.072
R&D-IE	6,796	0.00108	0.00608	0	0.229
FCF-IE	7,541	−0.0947	0.192	−3.713	0.540
Stagnant firms
Price	7,049	20.11	18.05	1.950	370.5
Growth	6,439	0.595	7.493	−0.975	145.0
Leverage	7,666	0.410	1.425	0.00712	0.94
Size	7,666	21.38	1.169	15.57	28.51
Firm age	7,532	5.893	6.603	1	26
EPS	8,144	0.395	0.606	−22.41	5.763
BPS	8,144	4.922	3.285	−20.99	31.54
R&D/TA	6,750	0.00154	0.00660	0	0.167
FCF/TA	6,446	−0.167	0.654	−47.07	9.740
R&D-IE	6,750	0.000470	0.00358	0	0.129
FCF-IE	6,446	−0.0564	0.157	−2.744	0.319
Panel C: partition based on product market competition
Concentrated industry
Price	6,189	15.62	16.45	1.660	370.5
Growth	6,282	3.973	20.52	−0.975	145.0
Leverage	6,740	0.514	0.631	0.0105	0.91
Size	6,740	22.07	1.527	13.76	28.51
Firm age	6,645	10.40	6.661	1	26
EPS	7,537	0.365	0.730	−22.41	17.53
BPS	7,537	4.243	3.115	−23.96	42.25
R&D/TA	5,831	0.00152	0.00803	0	0.216
FCF/TA	6,338	−0.189	0.268	−4.368	1.088
R&D-IE	5,831	0.000612	0.00491	0	0.216
FCF-IE	6,338	−0.0820	0.179	−2.744	0.540
Competitive industry
Price	10,541	17.71	15.34	1.520	413.5
Growth	10,300	1.687	12.93	−0.975	145.0
Leverage	11,373	0.433	1.144	0.00712	0.94
Size	11,373	21.71	1.159	16.71	27.10
Firm age	11,158	7.990	6.253	0	26
EPS	11,767	0.375	0.653	−6.024	15.38
BPS	11,767	4.700	3.122	−7.293	60.42
R&D/TA	9,992	0.00231	0.00941	0	0.277
FCF/TA	10,323	−0.203	0.603	−47.07	9.740
R&D-IE	9,992	0.00104	0.00682	0	0.277
FCF-IE	10,323	−0.0802	0.181	−3.713	0.382
Difference of means test
Variables	Growth	Mature	Stagnant	Difference (growth – mature	Difference (mature –stagnant)	Competitive	Concentrated	Difference (competitive – concentrated)
R&D/TA	0.00297	0.00217	0.00154	0.008**	0.00063	0.00231	0.00152	0.0079**
FCF/TA	0.248	0.206	0.167	0.042**	0.039	0.203	0.189	0.14**
R&D-IE	0.00152	0.00108	0.000470	0.0044**	0.00061	0.00104	0.000612	0.00042**
FCF-IE	0.101	0.0947	0.0564	0.0063**	0.0501	0.0802	0.0820	−0.0018**
Panel D: correlation analysis
	Price	EPS	BPS	R&D-IE	FCF-IE	Size	Leverage	Growth	Firm age	VIF
Price	1
EPS	0.4950*	1								1.66
BPS	0.4705*	0.6101*	1							1.89
R&D-IE	0.0320*	−0.0097	−0.0089	1						1
FCF-IE	0.0785*	0.0706*	0.0508*	−0.0610*	1					1.07
Size	−0.1403*	0.1705*	0.2694*	0.0056	−0.0995*	1				1.29
Leverage	−0.0817*	−0.1290*	−0.1515*	−0.01	−0.1214*	−0.0004	1			1.05
Growth	−0.0469*	0.0241*	−0.0229*	−0.0186*	0.0441*	0.0467*	0.0167*	1		1.02
Firm age	−0.2648*	−0.1244*	−0.2213*	0.0052	−0.1410*	0.2696*	0.1108*	0.1122*	1	1.2

Variables	N	Mean	SD	Min.	Max.
Panel A: overall summary statistics
Price	19,273	16.78	15.54	0.730	413.5
Growth	17,956	2.582	16.28	−0.975	145.0
Leverage	20,519	0.472	1.030	0.00712	0.94
Size	20,519	21.82	1.323	13.76	28.51
Firm age	20,178	8.872	6.416	1	26
EPS	22,908	0.376	0.682	−22.41	17.53
BPS	22,908	4.475	3.178	−23.96	60.42
R&D/TA	12,317	0.00194	0.00887	0	0.277
FCF/TA	14,211	−0.202	0.480	−47.07	9.740
R&D-IE	10,317	0.000762	0.00576	0	0.277
FCF-IE	12,211	−0.0703	0.170	−3.713	0.540
Panel B: partition based on lifecycle stages
Growth firms
Price	2,455	13.76	11.37	1.520	174.0
Growth	2,655	6.526	26.02	−0.707	145.0
Leverage	2,674	0.526	0.196	0.0250	0.932
Size	2,674	22.61	1.210	18.52	27.34
Firm age	2,674	9.998	4.855	1	26
EPS	2,797	0.347	0.715	−5.903	16.54
BPS	2,797	4.383	2.642	−4.066	42.25
R&D/TA	2,277	0.00297	0.0129	0	0.277
FCF/TA	2,674	−0.248	0.233	−2.416	0.507
R&D-IE	2,277	0.00152	0.0108	0	0.277
FCF-IE	2,674	−0.101	0.191	−1.690	0.304
Mature firms
Price	7,226	14.92	14.08	1.660	413.5
Growth	7,488	2.829	16.99	−0.975	145.0
Leverage	7,773	0.493	0.493	0.00917	0.91
Size	7,773	22.04	1.324	13.76	28.51
Firm age	7,597	11.47	5.648	1	26
EPS	8,363	0.355	0.742	−5.573	17.53
BPS	8,363	4.178	3.075	−23.96	60.42
R&D/TA	6,796	0.00217	0.00930	0	0.229
FCF/TA	7,541	−0.206	0.414	−28.96	1.072
R&D-IE	6,796	0.00108	0.00608	0	0.229
FCF-IE	7,541	−0.0947	0.192	−3.713	0.540
Stagnant firms
Price	7,049	20.11	18.05	1.950	370.5
Growth	6,439	0.595	7.493	−0.975	145.0
Leverage	7,666	0.410	1.425	0.00712	0.94
Size	7,666	21.38	1.169	15.57	28.51
Firm age	7,532	5.893	6.603	1	26
EPS	8,144	0.395	0.606	−22.41	5.763
BPS	8,144	4.922	3.285	−20.99	31.54
R&D/TA	6,750	0.00154	0.00660	0	0.167
FCF/TA	6,446	−0.167	0.654	−47.07	9.740
R&D-IE	6,750	0.000470	0.00358	0	0.129
FCF-IE	6,446	−0.0564	0.157	−2.744	0.319
Panel C: partition based on product market competition
Concentrated industry
Price	6,189	15.62	16.45	1.660	370.5
Growth	6,282	3.973	20.52	−0.975	145.0
Leverage	6,740	0.514	0.631	0.0105	0.91
Size	6,740	22.07	1.527	13.76	28.51
Firm age	6,645	10.40	6.661	1	26
EPS	7,537	0.365	0.730	−22.41	17.53
BPS	7,537	4.243	3.115	−23.96	42.25
R&D/TA	5,831	0.00152	0.00803	0	0.216
FCF/TA	6,338	−0.189	0.268	−4.368	1.088
R&D-IE	5,831	0.000612	0.00491	0	0.216
FCF-IE	6,338	−0.0820	0.179	−2.744	0.540
Competitive industry
Price	10,541	17.71	15.34	1.520	413.5
Growth	10,300	1.687	12.93	−0.975	145.0
Leverage	11,373	0.433	1.144	0.00712	0.94
Size	11,373	21.71	1.159	16.71	27.10
Firm age	11,158	7.990	6.253	0	26
EPS	11,767	0.375	0.653	−6.024	15.38
BPS	11,767	4.700	3.122	−7.293	60.42
R&D/TA	9,992	0.00231	0.00941	0	0.277
FCF/TA	10,323	−0.203	0.603	−47.07	9.740
R&D-IE	9,992	0.00104	0.00682	0	0.277
FCF-IE	10,323	−0.0802	0.181	−3.713	0.382
Difference of means test
Variables	Growth	Mature	Stagnant	Difference (growth – mature	Difference (mature –stagnant)	Competitive	Concentrated	Difference (competitive – concentrated)
R&D/TA	0.00297	0.00217	0.00154	0.008**	0.00063	0.00231	0.00152	0.0079**
FCF/TA	0.248	0.206	0.167	0.042**	0.039	0.203	0.189	0.14**
R&D-IE	0.00152	0.00108	0.000470	0.0044**	0.00061	0.00104	0.000612	0.00042**
FCF-IE	0.101	0.0947	0.0564	0.0063**	0.0501	0.0802	0.0820	−0.0018**
Panel D: correlation analysis
	Price	EPS	BPS	R&D-IE	FCF-IE	Size	Leverage	Growth	Firm age	VIF
Price	1
EPS	0.4950*	1								1.66
BPS	0.4705*	0.6101*	1							1.89
R&D-IE	0.0320*	−0.0097	−0.0089	1						1
FCF-IE	0.0785*	0.0706*	0.0508*	−0.0610*	1					1.07
Size	−0.1403*	0.1705*	0.2694*	0.0056	−0.0995*	1				1.29
Leverage	−0.0817*	−0.1290*	−0.1515*	−0.01	−0.1214*	−0.0004	1			1.05
Growth	−0.0469*	0.0241*	−0.0229*	−0.0186*	0.0441*	0.0467*	0.0167*	1		1.02
Firm age	−0.2648*	−0.1244*	−0.2213*	0.0052	−0.1410*	0.2696*	0.1108*	0.1122*	1	1.2

[ViewLarge]

Sharing Unavailable