Coefficient and corresponding t-statistic

Life Cycle

Industry

β

s

e

a

R²

Maturity stage

Chemistry and Plastic

1.0266^** (−27.52)

0.5884^**

(−5.52)

0.1924^*

(−2.22)

−0.0081

(−1.97)

0.9233

Mechanical Equipment

1.011^**

(−29.57)

0.9168^**

(−8.92)

0.1092^*

(−1.99)

−0.0086

(−1.79)

0.9295

Life Cycle

Industry

β

s

e

f

a

R²

Growth Stage

Electronic

0.9620^**

(−26.74)

0.285^**

(−9.12)

0.19^*

(−2.45)

−0.348^**

(−4.24)

−0.007

(−1.9)

0.9527

Biological Medicine

0. 778^**

(−17.99)

0.3727^*

(−3.16)

0.66^***

(−6.71)

0.27^**

(−2.61)

−0.003

(−0.68)

0.9115

Information Technology

0.93^**

(−26.13)

0.136

(−1.41)

0.423^**

(−5.23)

−0.61^**

(−7.18)

−0.0055

(−1.49)

0.9230