Table 2.

Descriptive statistics.

						Pair-wise Correlation coefficients
Variable	Mean	Std. Dev.	Min	Max	VIF	LTFP	HS	BS	FS	HHI	AGE	EXPINT	IMPINT	RDINT	ADINT
LTFP	0.845	0.901	−6.582	3.354		1
HS	0.275	0.156	0.018	0.717	1.26	−0.120***	1
BS	0.109	0.136	0.002	0.508	1.37	0.191***	−0.074***	1
FS	0.067	0.044	0.011	0.16	1.55	−0.165***	0.426***	−0.438***	1
HHI	0.071	0.065	0.027	0.581	1.1	−0.109***	0.063***	−0.256***	0.060***	1
AGE	26.955	16.593	0	112	1.02	0.187***	0.007	−0.017	0.015	−0.094***	1
EXPINT	17.848	27.113	0	374.9	1.03	0.040***	0.061***	−0.078***	0.040**	0.067***	−0.096***	1
IMPINT	0.018	0.526	0	41	1.00	−0.107***	0.001	−0.015	0.005	0.000	−0.008	−0.002	1
RDINT	0.002	0.008	0	0.203	1.01	−0.030**	0.054***	−0.012	0.008	−0.026**	0.035***	0.014	−0.002	1
ADINT	0.004	0.016	0	0.514	1.02	0.025*	0.020	−0.084	0.016***	0.088***	0.010	−0.069***	−0.003	−0.009	1
Observation	6118				1.15 (Mean VIF)

Note: ***, ** and * denote significance at the 1 per cent, 5 per cent and 10 per cent levels, respectively.

Source: Authors' calculation.