Table 15 Correlation matrix

1

LN OUTSHARE

1

2

LN EMPSHARE

0.56271

1

3

H_TECH_EXP

0.08687

− 0.1645

1

4

LN_Y

-0.0688

− 0.164

0.40985

1

5

(LN_Y)²

− 0.0793

− 0.1833

0.4084

0.99936

1

6

LN RELPRICE

0.32534

0.46447

− 0.2643

− 0.1629

− 0.1706

1

7

FIXCAP

0.4542

0.4259

− 0.0562

− 0.0057

− 0.0108

0.06106

1

8

TRADEBAL

0.35422

− 0.0063

0.41401

0.53027

0.52033

0.09627

− 0.2424

1

9

RIR

− 0.0439

− 0.0712

− 0.0771

− 0.1556

− 0.1569

− 0.1231

− 0.1027

− 0.0386

1

10

RER

− 0.158

− 0.3413

0.32389

0.3074

0.316

− 0.5679

0.18291

− 0.0449

− 0.2607

1

11

R&D

0.23642

− 0.261

0.3129

0.60117

0.61102

− 0.2415

0.19037

0.33165

− 0.0351

0.4483

1

12

RESEARCHERS

− 0.0059

− 0.3125

0.27896

0.66077

0.67209

− 0.3279

0.08462

0.20049

− 0.072

0.5086

0.89289

1

13

TECHNICIANS

0.00933

− 0.1226

0.15869

0.7257

0.73897

− 0.2162

0.06349

0.29253

− 0.0284

0.2647

0.70176

0.7592

1

14

ARTICLE

− 0.0684

− 0.322

0.14964

0.36736

0.3726

− 0.0517

− 0.1829

0.12108

− 0.1526

0.2619

0.44062

0.40212

0.18295

1

15

PATENTS

0.36995

− 0.1146

0.23529

0.16088

0.15986

− 0.0907

0.35251

0.14341

− 0.056

0.3841

0.61987

0.39766

0.04485

0.48511

1

16

TRADEMARK

0.33638

− 0.1957

0.14189

0.0484

0.04644

− 0.0474

0.19753

0.20374

0.06549

0.255

0.45848

0.18958

− 0.0624

0.49664

0.85834

1

17

INCENG

0.66665

0.35597

− 0.1145

− 0.412

− 0.4206

0.22149

0.44053

0.04231

− 0.2144

− 0.0178

0.05837

− 0.1824

− 0.3436

− 0.0592

0.46353

0.46238

1

18

INDOUT

0.32751

0.25837

− 0.0836

0.31843

0.32427

0.28135

0.12432

0.1983

− 0.0336

− 0.2182

0.24931

0.24929

0.47781

0.24748

− 0.0854

− 0.102

− 0.062

1

19

INES

0.15483

− 0.1028

− 0.0967

0.30585

0.30949

− 0.1008

0.28896

0.1236

− 0.1583

0.4047

0.58047

0.57125

0.37596

0.24453

0.49956

0.27127

0.2203

0

1