TABLE 1.

Analysis of variance inflation factor (VIF).

	Panel A			Panel B
Variables	Observations	Mean	Std.	VIF	1/VIF
ROA	2,502	0.00912	1.01
Current ratio	2,502	0.0197	1.046	1.25	0.797
Size	2,502	9.703	0.586	1.14	0.875
DR (capital structure)	2,502	0.5447	1.307	1.11	0.831
ROE	2,502	0.2859	0.766	1.21	0.824
Growth	2,502	0.271	0.167	1.20	0.831
HHI	2,502	0.8053	0.396	1.00	0.997
Innovation	2,502	0.0063	0.078	1.00	0.998
Mean VIF	1.13