Near is more: learning efficiency in research and development innovation among interlocking firms

Financial Innovation

Table 1 Descriptive statistics

Variable	MEAN	STD	MIN	Q1	MEDIAN	Q3	MAX
Panel A: Total Samples
RD1	0.0089	0.0130	0.0000	0.0000	0.0016	0.0147	0.0712
RD2	0.0175	0.0280	0.0000	0.0000	0.0027	0.0284	0.1827
CoRD1	0.0095	0.0085	0.0000	0.0034	0.0078	0.0135	0.0636
CoRD2	0.0186	0.0174	0.0000	0.0062	0.0147	0.0258	0.1143
KmRD1	0.62988	1.50285	0.10765	0.0021	12.69415	0.62988	1.50285
KmRD2	1.19567	2.84377	0.19846	0.0015	22.07759	1.19567	2.84377
RD_ind1	0.0088	0.0069	0.0000	0.0037	0.0081	0.0105	0.0292
RD_ind2	0.0170	0.0153	0.0000	0.0057	0.0145	0.0230	0.0567
Size	21.8715	1.1397	19.2315	21.0379	21.7448	22.5439	26.5727
ROA	0.0491	0.0548	− 0.1793	0.0178	0.0435	0.0766	0.2644
LEV	0.4178	0.2113	0.0272	0.2470	0.4087	0.5839	0.9884
Soe	0.3995	0.4898	0.0000	0.0000	0.0000	1.0000	1.0000
BM	0.6692	0.3553	0.0749	0.4070	0.6159	0.8596	2.1469
Div	0.0094	0.0562	0.0000	0.0000	0.0000	0.0000	0.5000
AD	0.0092	0.0229	0.0000	0.0004	0.0015	0.0060	0.1881
HHI	0.0426	0.0495	0.0129	0.0257	0.0385	0.0437	0.9736
Sales_g	0.2051	0.8918	− 0.9814	− 0.0505	0.0955	0.2598	13.9749
Cash	0.0247	0.1653	− 2.0827	− 0.039	0.002	0.0533	1.5639

This table presents the mean, standard deviation (STD), minimum (MIN), maximum (MAX), 25 percentiles (Q1), 50 percentiles (MEDIAN), and 75 percentiles (Q3) for all the variables used in the main tests