School of Health Policy and Management, Korea University College of Health Science, Seoul, Korea
Copyright © 2015 Korea Centers for Disease Control and Prevention. Published by Elsevier Korea LLC. All rights reserved.
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AD = advertising expense; BS = size of board of directors; FOR = foreign ownership; INS = institutional investors; Max = maximum; Min = minimum; Obs = Observations; ODR = outside directors; OWN = major shareholders; RD = research and development investment intensity; SAE = selling, general, and administrative expenses; SD = standard deviation; SIZE = business scale; YEAR = firm age.
RD | OWN | FOR | INS | ODR | SIZE | YEAR | BS | AD | SAE | |
---|---|---|---|---|---|---|---|---|---|---|
RD | 1 | |||||||||
OWN | −0.1354∗ | 1 | ||||||||
FOR | 0.003 | −0.0184 | 1 | |||||||
INS | −0.0997∗ | −0.1134∗ | −0.0143 | 1 | ||||||
ODR | −0.0246 | −0.1056∗ | 0.1301∗ | −0.066 | 1 | |||||
SIZE | 0.0389 | −0.2141∗ | 0.4314∗ | 0.0978∗ | 0.4349∗ | 1 | ||||
YEAR | −0.2109∗ | −0.2721∗ | 0.2522∗ | 0.1154∗ | 0.3659∗ | 0.5650∗ | 1 | |||
BS | −0.0075 | −0.0575 | 0.1943∗ | 0.0979∗ | 0.3092∗ | 0.4694∗ | 0.3439∗ | 1 | ||
AD | −0.0914∗ | −0.1019∗ | 0.0991∗ | 0.1582∗ | 0.0279 | 0.2471∗ | 0.1575∗ | 0.0786∗ | 1 | |
SAE | 0.2426∗ | −0.1339∗ | −0.1069∗ | −0.0447 | 0.0096 | −0.0728∗ | 0.1075∗ | 0.0034 | 0.3469∗ | 1 |
AD = advertising expense; BS = size of board of directors; FOR = foreign ownership; INS = institutional investors; ODR = outside directors; OWN = major shareholders; RD = research and development investment intensity; SAE = selling, general, and administrative expenses; SIZE = business scale; YEAR = firm age.
p < 0.05.
p < 0.01.
Coef. | SE | Coef. | SE | Coef. | SE | Coef. | SE | Coef. | SE | |
---|---|---|---|---|---|---|---|---|---|---|
SIZE | 3.987∗ | 1.165 | 3.867∗ | 1.181 | 4.150∗ | 1.204 | 4.452∗ | 1.166 | 3.195∗ | 1.223 |
YEAR | 2.049† | 0.936 | 1.493 | 0.910 | 1.402 | 0.913 | 1.251 | 0.931 | 2.142† | 0.953 |
BS | −2.417 | 1.585 | −1.708 | 1.582 | −2.036 | 1.589 | −2.013 | 1.596 | −2.289 | 1.594 |
AD | −0.114 | 0.0822 | −0.0942 | 0.0824 | −0.0925 | 0.0835 | −0.101 | 0.0834 | −0.0943 | 0.0835 |
SAE | 0.0351‡ | 0.0197 | 0.0281 | 0.0196 | 0.0254 | 0.0199 | 0.0279 | 0.0322 | 0.0200 | |
OWN | 0.0591∗ | 0.0195 | 0.0584∗ | 0.0196 | ||||||
FOR | 0.0553† | 0.0215 | 0.0542† | 0.0216 | ||||||
INS | −0.0392 | 0.0353 | −0.0125 | 0.0358 | ||||||
ODR | 0.00657 | 0.0139 | 0.00535 | 0.0139 | ||||||
Constant | −28.93∗ | 8.732 | −25.84∗ | 8.911 | −27.32∗ | 9.183 | −29.86∗ | 8.838 | −23.16† | 9.248 |
Adj R2 | 0.084 | 0.08 | 0.073 | 0.072 | 0.093 | |||||
Obs | 786 | 786 | 786 | 786 | 786 | |||||
ID | 81 | 81 | 81 | 81 | 81 |
AD = advertising expense; Adj = adjusted; BS = size of board of directors; Coef. = coefficient; FOR = foreign ownership; ID = Company; INS = institutional investors; Obs = Observations; ODR = outside directors; OWN = major shareholders; RD = research and development investment intensity; SAE = selling, general, and administrative expenses; SE = standard error; SIZE = business scale; YEAR = firm age.