Experience, Innovation and Productivity - Empirical Evidence from Italy's Slowdown

Table 2. Descriptive statistics of the main variables of interest.

Fixed characteristics^¹'	Firms	Yes	No
Product__________________________	1042	51.1	48.9
Process__________________________	1042	55.2	44.8
Either Product or Process__________	1042	73.7	26.3
R&D spending (yes/no)___________	1042	63.3	36.7
Group________________________	1042	49.3	50.7
High-tech________________________	1042	33.2	66.8

Variables of interest ____________		Mean	St.D.	Min	Max
Production per worker€	1042	311.67	268.42	16.54	2384.78
∆2log(Production∕L) __________	1042	2.11	30.45	-294.86	293.71
Capital Stock per worker€	1042	64.45	67.63	0.193	652.99
∆₂log(Capital Stock∕L)^b	1042	17.60	42.03	-365.23	348.57
Total Workers^a (L)_______________	1042	208.7	559.5	_6_______	12199
Temporary Workers Rate^a,b	1042	4.21	12.43	_0_______	100
R&D Workersa	1020	7.47	34.08	_0_______	755
R&D investment per worker^€,a ^	563	3.14	5.44	_0_______	77.672
R&D intensity (Production)^a,b	563	1.64	3.83	_0_______	57.6
Investment intensity (Production)^a,b	1042	3.86	5.18	_0_______	34.4
Cash flow per worker^€,a	1042	23.089	37.769	-86.603	736.728
Average Board age (years)________	1042	49.6	6.45	20	77
Age of the firm^a (years)____________	1033	26.9	20.0	0_______	172

Note: Dummy variables statistics are expressed in fraction. ^a measured in 2001. ° referred to 2001-2003
period, ^b in percentage points, ^€ in thousand euros.

Table 3. Firm size and area distribution in the final sample of firms.

	Small	Medium	Large	North West	North East	Centre	South
Freq	^206	^^658	178	176	154	160	152
“%	19.7	63.2	17.1	36.1	34.0	15.3	14.6

5. Results

5.1 Exogenous group formation

If the decision to innovate (and hence group formation) is taken for granted, equation (5) can be
estimated through OLS.

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Experience, Innovation and Productivity - Empirical Evidence from Italy's Slowdown

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