The Impact of Innovation Investment Volatility on Technological Innovation of Enterprises in Different Life Cycles

Table 1

Variable description and definition.

Dependent variables	Definition
ETI	The number of patents granted plus 1 in the natural logarithm scale
Independent variables
IIV	Based on the regression of time trends in innovation investment, innovation investment volatility is equal to the standard residual term of the time trend regression divided by the mean value of innovation investment of the enterprise
Moderating variables
IS	This is coded as 1 if the enterprise was supported by the innovation subsidy policy in the current year and 0 otherwise
Control variables
Grow	(Operating income of the current year - operating income of the previous year)/Operating income of the previous year
Age	Total number of years between business registration year and research year
Effort	Natural logarithm of innovation expenditure costs
Pro	Earnings per share
Size	Natural logarithm of total corporate assets
Debt	Total liabilities/total assets
Human	Natural logarithm of the number of employees in the enterprise