(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

Ln (Inven + 1)

(1)

1

Ln (Inven + Utility + 1)

(2)

0.904^*

1

Innovation Efficiency

(3)

0.449^*

0.428^*

1

Ln(R&D)

(4)

0.478^*

0.490^*

0.220^*

1

Ln(Score)

(5)

0.159^*

0.168^*

0.035^*

0.023

1

Firm Size

(6)

0.081^*

0.070^*

−0.041^*

−0.157^*

0.207^*

1

Firm Age

(7)

0.016

0.010

−0.002

−0.046^*

0.060^*

0.214^*

1

Leverage

(8)

−0.014

−0.001

−0.037^*

−0.125^*

−0.003

0.141^*

0.468^*

1

ROA

(9)

0.076^*

0.051^*

0.030^*

0.114^*

0.080^*

−0.082^*

−0.145^*

−0.127^*

1

Book to Market

(10)

0.039^*

0.032^*

−0.071^*

−0.169^*

0.034^*

0.177^*

0.566^*

0.122^*

0.591^*

1

SOE

(11)

0.083^*

0.091^*

−0.040^*

−0.069^*

0.112^*

−0.002

0.137^*

−0.218^*

0.091^*

0.006

1