Table 1.

Descriptive statistics.

Variable	N	Mean	SD	Median	Min	Max
lnPatent	18791	0.84	1.31	0.000	0.000	8.285
Policy	19051	0.25	0.43	0.000	0.000	1.000
Treat	19051	0.28	0.45	0.000	0.000	1.000
Size	18789	22.30	1.36	22.152	14.942	28.636
Capital	18804	2.69	2.14	2.027	0.505	11.117
Big	18805	0.34	0.15	0.311	0.104	0.680
Debt	18805	0.45	0.21	0.439	0.072	0.864
Tobin's Q	18244	2.07	1.34	1.596	0.903	7.233
Cash	18805	0.74	1.09	0.347	0.031	5.763
ROA	18805	0.03	0.06	0.030	−0.184	0.152
Floan	19051	0.04	0.07	0.006	0.000	0.301