Could more innovation output bring better financial performance? The role of financial constraints

Financial Innovation

Table 2 Descriptive statistics and correlations among main variables

	Variables	M	SD	1	2	3	4	5	6	7	8
1	Finan	0.6937	1.471	1
2	Innov	9.277	2.127	0.512****	1
3	IFC	− 3.361	0.604	0.387***	0.360***	1
4	MFC	8.687	2.637	0.081***	0.115***	0.203***	1
5	Share	0.002	0.012	0.210***	0.160***	0.130 ***	− 0.050***	1
6	CI	0.333	0.195	− 0.053***	− 0.080***	− 0.025***	− 0.116***	0.040**	1
7	AC	0.106	1.179	− 0.023***	− 0.030***	− 0.031***	− 0.033***	− 0.006***	0.001	1
8	Subsidy	1.200	2.568	0.162***	0.217***	0.098***	− 0.044	0.092***	− 0.025***	0.001	1
9	Export	0.528	0.499	0.136***	0.114***	0.096***	0.124***	0.050***	0.001	− 0.017***	0.099***

n = 142,975. Finan = Financial performance; Innov = Innovation output; IFC = Individual financial constraints; MFC = Market-based financial constraints; Share = Market Share; CI = Capital Intensity; AC = Agency Costs; Subsidy = Subsidy Income; Export for 1 “Yes” and 0 for “No”; *p < 0.1, ** p < 0.05, *** p < 0.01