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

Table 2

Sample distribution and statistics.

	Variables	Mean	SD	Min	Max	1	2	3	4	5
Full sample (N = 1681)	1.ETI	0.800	1.347	0	6.466	1
	2. IIV	−0.445	0.992	−14.076	0.195	0.163	1
	3. grow	0.241	1.459	−0.790	55.759	−0.031	0.011	1
	4. size	22.545	1.317	18.793	27.468	0.285	0.180	0.029	1
	5.effort	−3.256	1.174	−14.539	6.783	0.046	0.221	−0.062	−0.224	1
The growing stage (N = 877)	1.ETI	0.796	1.393	0	6.466	1
	2. IIV	−0.446	1.179	−14.076	0.146	0.145	1
	3. grow	0.321	1.992	−0.680	55.759	−0.037	0.014	1
	4. size	22.664	1.236	19.270	26.651	0.294	0.098	0.041	1
	5.effort	−3.323	1.263	−14.539	6.783	0.046	0.261	−0.063	−0.181	1
The mature stage (N = 543)	1.ETI	0.863	1.359	0	6.120	1
	2. IIV	−0.412	0.714	−6.00	0.195	0.212	1
	3. grow	0.154	0.292	−0.489	2.894	−0.030	0.054	1
	4. size	22.429	1.420	18.893	27.468	0.306	0.300	−0.033	1
	5.effort	−3.194	1.021	−12.303	0.063	0.013	0.163	−0.058	−0.260	1
The declining stage (N = 261)	1.ETI	0.678	1.150	0	5.209	1
	2. IIV	−0.511	0.779	−5.368	0.172	0.181	1
	3. grow	0.154	0.402	−0.790	3.596	−0.064	−0.104	1
	4. size	22.388	1.327	18.793	27.386	0.215	0.396	−0.044	1
	5.effort	−3.171	1.161	−11.848	−0.847	0.122	0.122	−0.161	−0.285	1

^∗, ^∗∗, and ^∗∗∗represent 10%, 5%, and 1% significance levels, respectively.