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The persistent performance advantage of some "weak" firm characteristic stocks compared to some "strong" firm characteristic stocks can either arise because they are riskier or because the differences in performance are due to mispricing (Daniel and Titman 1998: 24, 25).
In column (3) we include an additional firm characteristic, the capital labor ratio, in order to control for substitution between production inputs.
For example, in Bangladesh, Obaidullah et al. (2011) carried out a survey whose purpose was to find out whether firm characteristic affects the business success in small- and medium-sized enterprises.
Based on the Path Dependency theory, a second firm characteristic important in determining the entrepreneurial contribution to regional industrial path development is the innovation novelty of the entrepreneurial firm.
As a robustness check, we alternatively define excess cash (Excess CashALT) with the predicted values from the fixed effect model (2) in Table 3 that includes additional firm characteristic variables.
First, we find that among the determinants of IUG cooperation, traditional firm characteristic variables of size and R&D intensity are not significant, while participation in national R&D project turns out be most significant and robust in both cooperation modes.
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Table 2 describes deal and firm characteristics.
Firm characteristics may also play a role.
Second, we use questionnaire data on firm characteristics.
Panel B reports mean and median values for firm characteristics.
Table 2 shows summary statistics for firm characteristics.
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