Skip to Main Content
Table 3. 
List of Variables
CategoryVariableDescription
Foreign ownership DFOR50 Firms that had been majority holders (above 50%) 
 DFOR25 Firms that had been dominant minority holders (25%–50%) 
 DFOR10 Firms that had predominantly been minority holders (10%–25%) (Predominantly is defined as more than two-thirds of the period.) 
 DFOR_EXP: The remaining firms that have been under a 25% or more foreign ownership stake in at least one of the years but less than two-thirds of the period. 
Modes and intensities of technological activities RD_INT Total research and development expenditure of ith firm as a proportion of its sales (%) 
 ROY_INT Royalties and technical fees paid abroad by ith firm as a proportion of its sales to measure acquisition of disembodied technologies (%) 
 CAPIMP_INT Imports of capital goods by ith firm as a proportion of its sales to measure acquisition of embodied technologies (%) 
Firm specific SIZE  Net sales (transformed into logarithms) 
 SIZE2 Square of SIZE 
 AGE  The current year net of the year of incorporation 
 EX_INT  Exports of goods and services as % of net sales 
 CAPINT Net fixed assets as % of net sales 
 IMPR_INT  Imports of raw materials and components as % of net sales 
 PCM Profits before tax as % of net sales 
 Tax Profits before tax as % of profits after tax 
Industry specific (Based on the cluster analysis) HTECH_MFG  High technology and high product differentiation manufacturing industry = 1 
 MTECH_MFG Medium technology and high product differentiation manufacturing industry = 1 
 LTECH_MFG Low technology and low product differentiation manufacturing industry = 1 
 HTECH_SER  High technology and high product differentiation services 
 MTECH_SER Medium technology and high product differentiation services 
CategoryVariableDescription
Foreign ownership DFOR50 Firms that had been majority holders (above 50%) 
 DFOR25 Firms that had been dominant minority holders (25%–50%) 
 DFOR10 Firms that had predominantly been minority holders (10%–25%) (Predominantly is defined as more than two-thirds of the period.) 
 DFOR_EXP: The remaining firms that have been under a 25% or more foreign ownership stake in at least one of the years but less than two-thirds of the period. 
Modes and intensities of technological activities RD_INT Total research and development expenditure of ith firm as a proportion of its sales (%) 
 ROY_INT Royalties and technical fees paid abroad by ith firm as a proportion of its sales to measure acquisition of disembodied technologies (%) 
 CAPIMP_INT Imports of capital goods by ith firm as a proportion of its sales to measure acquisition of embodied technologies (%) 
Firm specific SIZE  Net sales (transformed into logarithms) 
 SIZE2 Square of SIZE 
 AGE  The current year net of the year of incorporation 
 EX_INT  Exports of goods and services as % of net sales 
 CAPINT Net fixed assets as % of net sales 
 IMPR_INT  Imports of raw materials and components as % of net sales 
 PCM Profits before tax as % of net sales 
 Tax Profits before tax as % of profits after tax 
Industry specific (Based on the cluster analysis) HTECH_MFG  High technology and high product differentiation manufacturing industry = 1 
 MTECH_MFG Medium technology and high product differentiation manufacturing industry = 1 
 LTECH_MFG Low technology and low product differentiation manufacturing industry = 1 
 HTECH_SER  High technology and high product differentiation services 
 MTECH_SER Medium technology and high product differentiation services 

Source: Author's description.

Close Modal

or Create an Account

Close Modal
Close Modal