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Exploring the relationship between takeover market and enterprise innovation: The mediating role of internal governance
Zheng Lia, Chaohui Xub, Haikuan Zhangc,
, Samma Faiz Rasoold, Zeeshan Fareede,**
a School of Economy and Trade, Zhongkai University of Agriculture and Engineering, Guangzhou, 510225, China
b School of Economics and Management, Hubei University of Science and Technology, Xianning, 437100, China
c School of Innovation and Entrepreneurship, Entrepreneurship Institute, Guangzhou University, Guangzhou, 510006, China
d Department of Management, Faculty of Informatics and Management, University of Hradec Králové, 50003, Hradec Králové, Czech Republic
e Centre for Transdisciplinary Development Studies (CETRAD), University of Trás-os-Montes and Alto Douro, 5000-801 Vila Real, Portugal.
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    "textoCompleto" => "<span class="elsevierStyleSections"><span id="sec0001" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0003">Introduction</span><p id="para0001" class="elsevierStylePara elsevierViewall">Innovation is the driving force of economic development&#46; As the main participant in social and economic innovation&#44; enterprises contribute significantly to economic growth&#46; As economic globalization and market competition increase&#44; enterprises try to improve their market competitiveness through improvements in research and development &#40;R&#38;D&#41; investment&#46; Enterprise innovation is the key to economic structure promotion&#46; Research on enterprise innovation driving factors is key to enterprise innovation development &#40;<a class="elsevierStyleCrossRef" href="#bib0016">Daksa&#160;et&#160;al&#46;&#44; 2018</a>&#41;&#46;</p><p id="para0002" class="elsevierStylePara elsevierViewall">Innovation activities present features of time and investment&#44; as well as risk&#46; Since ownership and management power are separated in most enterprises&#44; innovation activities may be limited because of information asymmetry and interest inconsistency between owners and managers &#40;<a class="elsevierStyleCrossRef" href="#bib0007">Bendickson&#160;et&#160;al&#46;&#44; 2016</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0033">Hoskisson&#160;et&#160;al&#46;&#44; 2002</a>&#41;&#46; Therefore&#44; research on the factors influencing enterprise innovation is essential&#46; Corporate governance can encourage enterprise innovation in principal-agent problem alleviation and resource allocation optimization as a basic necessity in enterprise operations&#46; Corporate governance includes internal and external governance &#40;<a class="elsevierStyleCrossRef" href="#bib0014">Chuntao &#38; Min&#44;&#160;2010</a>&#41;&#46; First&#44; <a class="elsevierStyleCrossRef" href="#bib0061">Schumpeter&#160;&#40;1950&#41;</a> proposed innovation theory&#44; emphasizing the role of external governance&#46; The takeover market is a key mechanism of external governance&#46; It could alleviate conflicts of interest between shareholders and managers&#44; reduce agency costs&#44; improve corporate governance efficiency&#44; and provide conditions for enterprise innovation activities through punishment and motivation functions &#40;<a class="elsevierStyleCrossRef" href="#bib0053">Munari&#160;et&#160;al&#46;&#44; 2010</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0059">Sapra&#160;et&#160;al&#46;&#44; 2014</a>&#41;&#46;</p><p id="para0003" class="elsevierStylePara elsevierViewall">Takeover market theory is an important external governance mechanism&#46; However&#44; few studies focus on the interaction between the takeover market and internal governance&#46; Therefore&#44; this study discusses the interactive relationship between the takeover market and internal governance&#46; The findings answer how corporate innovation can be improved through an internal governance mechanism&#46; In addition&#44; the mediating effect model explored the interactive relationship between takeover market and internal governance segmentation and the influence path on enterprise innovation&#46; This is a new research study on influencing factors for enterprise R&#38;D&#46; This study makes meaningful contributions to future research theoretical studies and practice&#46; First&#44; it provides a new theoretical perspective for enterprise innovation and enterprise development based on internal and external governance&#46; Second&#44; the studies&#44; such as the effectiveness and application of the internal governance structure and the takeover market mechanism&#44; can improve the enterprise management level&#44; promote the corporate governance structure&#44; optimize enterprise resource configuration&#44; eliminate conflicts of interest among different participants&#44; diversify the risk of operators&#44; and provide scientific and effective methods to improve performance appraisal systems&#46; Third&#44; the study introduces scientific solutions to help in enterprise innovation decision-making&#46;</p><p id="para0004" class="elsevierStylePara elsevierViewall">Many studies have attempted to identify the impact of corporate governance on enterprise innovation&#46; However&#44; some research directions on the relationship between corporate governance and enterprise innovation are still ignored&#46; First&#44; researchers do not focus on the relationship between the takeover market&#44; internal governance&#44; and enterprise innovation&#46; Second&#44; previous studies have not identified the four dimensions of internal governance&#58; compensation incentives&#44; equity incentives&#44; boards of directors&#44; and large shareholders&#46; Third&#44; this study is the first to investigate the intervening role of internal governance &#40;compensation incentive&#44; equity incentive&#44; board of directors&#44; and large shareholders&#41; in the relationship between takeovers and enterprise innovation&#46; Based on the above literature and discussion&#44; we propose the following research questions &#40;RQ&#41;&#58;<ul class="elsevierStyleList" id="celist0001"><li class="elsevierStyleListItem" id="celistitem0001"><p id="para0005" class="elsevierStylePara elsevierViewall">RQ1&#58; How does the takeover market influence enterprise innovation&#63;</p></li><li class="elsevierStyleListItem" id="celistitem0002"><p id="para0006" class="elsevierStylePara elsevierViewall">RQ2&#58; What is the intervening role of internal governance &#40;compensation incentive&#44; equity incentive&#44; board of directors&#44; and large shareholders&#41; in the takeover and enterprise innovation relationships&#63;</p></li></ul></p><p id="para0007" class="elsevierStylePara elsevierViewall">The design of this study was as follows&#46; Section 2 provides a review of the literature and hypotheses&#46; Section 3 presents the research methodology&#46; Section 4 presents and discusses the results&#46; Finally&#44; conclusions and policy recommendations are presented in Section 5&#46;</p></span><span id="sec0002" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0004">Literature Review and Hypothesis</span><span id="sec0003" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0005">Takeover Market and Enterprise Innovation</span><p id="para0008" class="elsevierStylePara elsevierViewall">The takeover market is an external governance mechanism that segregates ownership and management&#46; <a class="elsevierStyleCrossRef" href="#bib0050">Manne&#160;&#40;1965&#41;</a> was the first to define this in his research on listed enterprises&#8217; mergers and acquisitions&#46; <a class="elsevierStyleCrossRef" href="#bib0023">Fama&#160;and Jensen&#160;&#40;1983&#41;</a> defined the takeover market as an enterprise&#39;s takeover market&#44; a corporate control mechanism&#46; This mechanism can supervise managers and alleviate agency conflicts &#40;<a class="elsevierStyleCrossRef" href="#bib0023">Fama &#38; Jensen&#44;&#160;1983</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0043">Liao&#160;et&#160;al&#46;&#160;&#40;2014&#41;</a> demonstrated that the corporate takeover market is the market formed for purchasing equity or stock proxy&#44; which takes control of enterprises&#46;</p><p id="para0009" class="elsevierStylePara elsevierViewall">The takeover market is the essence of external governance&#44; affecting enterprise innovation by influencing an enterprise&#39;s internal governance&#46; Research on control rights and internal corporate governance supports that internal corporate governance positively affects enterprise managers&#8217; supervision and incentives and reduces agency costs &#40;<a class="elsevierStyleCrossRef" href="#bib0031">Holthausen &#38; Larcker&#44;&#160;1996</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0052">Mian &#38; Rosenfeld&#44;&#160;1993</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0061">Schumpeter&#44;&#160;1950</a>&#41;&#46; By contrast&#44; other scholars believe that it may have negative effects&#46; <a class="elsevierStyleCrossRef" href="#bib0075">Xiaodong&#160;and Xiaoyue&#160;&#40;2003&#41;</a> pointed out that it is not conducive to corporate governance mechanisms in enterprises with a high concentration of ownership since large shareholders have too strong power&#46; <a class="elsevierStyleCrossRef" href="#bib0051">Mei&#160;&#40;2014&#41;</a> found that many enterprises&#8217; investments are inefficient&#44; fail&#44; and fatal due to large shareholders&#39; profit maximization behaviors&#46; <a class="elsevierStyleCrossRef" href="#bib0087">Ying&#160;and Wang&#160;&#40;2013&#41;</a> illustrated that a change in control shareholders might bring better performance in equity transfer and asset divestiture but worse performance in equity transfers for non-control shareholders&#46; There are three arguments in the takeover market and enterprise innovation research&#46; First&#44; some researchers believe that the takeover market positively correlates with enterprise innovation&#46; Mergers and acquisitions result in market changes&#44; and enterprises&#39; innovation is affected by market mechanisms &#40;<a class="elsevierStyleCrossRef" href="#bib0029">Hitt&#160;et&#160;al&#46;&#44; 1990</a>&#41;&#46; To maintain competitiveness&#44; managers prefer to improve enterprise innovation&#59; they will continuously enhance the enterprise&#39;s technical ability and gain competitive advantages &#40;<a class="elsevierStyleCrossRef" href="#bib0069">Tu &#38; Wu&#44;&#160;2021</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0006">Belloc&#160;&#40;2012&#41;</a> points out that the transfer mechanism of the takeover market is an important improvement&#44; and social resources are distributed under the effect of the price mechanism&#44; which is the most important external environmental factor that affects enterprise innovation&#46; Second&#44; some researchers have argued that the takeover market is negatively correlated with enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0018">Dejardin&#160;&#40;2011&#41;</a> found that when stakeholders believe that managers might change&#44; rent-seeking behavior will appear&#44; the former investment contracts will not be performed&#44; and the enthusiasm for enterprise innovation will be discouraged&#46; <a class="elsevierStyleCrossRef" href="#bib0046">Long&#160;and Ravenscraft&#160;&#40;1993&#41;</a> found that it decreases the motivation for enterprise innovation because of managers&#8217; changes&#46; Third&#44; other researchers have found a nonlinear correlation between the takeover market and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0046">Long&#160;and Ravenscraft&#160;&#40;1993&#41;</a> also found a &#8220;U-shaped&#8221; relationship between enterprise innovation and external takeover pressure&#46; Although managers&#8217; innovation activities may be encouraged by shareholders&#8217; supervision&#44; it is difficult to generate a strong driving force when the supervision intensity reaches a certain high level&#46; This study finds that changes in dominant shareholders may improve an enterprise&#39;s operation&#59; therefore&#44; this study supports the opinion that the takeover market positively affects enterprise innovation&#46; Based on the above literature and discussion&#44; we propose the following hypotheses&#58;</p><p id="para9001" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleEnunciation" id="enun0001"><span class="elsevierStyleLabel">Hypothesis 1</span><p id="para0010" class="elsevierStylePara elsevierViewall">Takeover market positively and significantly impacts enterprise innovation</p></span></p></span><span id="sec0004" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0006">Internal Governance and Enterprise Innovation</span><p id="para0011" class="elsevierStylePara elsevierViewall">Appropriate manager incentives could coordinate information asymmetry and conflict of interest due to the segregation of control power under a rational principal-agent relationship in enterprise innovation&#46; Manager incentives could maintain the stability of enterprise management and stimulate their enthusiasm and creativity&#46; Compensation&#44; equity&#44; promotion&#44; and implicit incentives are the main activities adopted&#46; However&#44; it is difficult to determine the rational level of these encouraging behaviors&#46; This study hypothesizes the mediation effect of internal governance on the relationship between the takeover market and enterprise innovation&#44; and some previous studies support our hypotheses &#40;<a class="elsevierStyleCrossRef" href="#bib0001">Amore &#38; Bennedsen&#44;&#160;2016</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0015">Cyert&#160;et&#160;al&#46;&#44; 2002</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0033">Hoskisson&#160;et&#160;al&#46;&#44; 2002</a>&#41;&#46; Prior studies highlight that internal governance has different names but generally falls within four categories&#58; managers&#8217; compensation incentives&#44; managers&#8217; equity incentives&#44; boards of directors&#44; and large shareholders &#40;<a class="elsevierStyleCrossRef" href="#bib0058">Samma&#160;et&#160;al&#46;&#44; 2020</a>&#41;&#46; The literature below supports the mediating effect of internal governance on the relationship between the takeover market and enterprise innovation&#46;</p><span id="sec0005" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0007">Manager&#39;s Compensation Incentive and Enterprise Innovation</span><p id="para0012" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#bib0037">Jenkinson&#160;and Mayer&#160;&#40;1992&#41;</a> widely accept the external supervision of managers in the takeover market is widely accepted <a class="elsevierStyleCrossRef" href="#bib0037">Jenkinson&#160;and Mayer&#160;&#40;1992&#41;</a>&#46; Based on the principal-agent theory&#44; different from managers who have the actual management power of the company&#44; the owner of the company only has the nominal right of management &#40;<a class="elsevierStyleCrossRef" href="#bib0009">Berle &#38; Means&#44;&#160;1991</a>&#41;&#46; Being owners&#44; shareholders chase innovative projects with high returns and risks&#46; At the same time&#44; the agent &#40;i&#46;e&#46;&#44; the managers&#41; mainly considers the stability and reputation of their jobs and prefers to reduce enterprise innovation activities to reduce the private costs of non-routine management &#40;<a class="elsevierStyleCrossRef" href="#bib0010">Bertrand &#38; Mullainathan&#44;&#160;2003</a>&#41;&#46; To address these problems&#44; managers&#39; compensation incentives implemented in enterprises are now accepted as the main incentive method&#46; This is considered an effective way to solve information asymmetry and conflicts of interest between owners and managers&#46; Many studies have been conducted on management compensation incentives&#44; but the effect of managers&#8217; compensation incentives remains a topic of discussion&#46; There are currently two main opinions&#46; First&#44; managers&#8217; compensation incentives are positively correlated with enterprise innovation&#46; This point of view has been accepted by most researchers &#40;<a class="elsevierStyleCrossRef" href="#bib0048">Lu&#160;et&#160;al&#46;&#44; 2020</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0013">Chen&#160;and Whalley&#160;&#40;2014&#41;</a> analyzed the world&#39;s top 500 enterprises&#59; these companies usually design and supervise the implementation of compensation plans by estimating compensation committees&#46; The compensation committees can effectively reduce the managers&#8217; &#8220;short-sighted&#8221; behaviors&#44; and executive compensation increases the enterprise&#39;s investment in innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0012">Canarella&#160;and Nourayi&#160;&#40;2008&#41;</a> demonstrated that a reasonable compensation incentive could increase an enterprise&#39;s performance&#46; <a class="elsevierStyleCrossRef" href="#bib0004">Barros&#160;and Lazzarini&#160;&#40;2012&#41;</a> state that both managers&#8217; compensation and promotion incentives positively affect enterprise innovation&#46; Similarly&#44; <a class="elsevierStyleCrossRef" href="#bib0060">Sarfraz&#160;et&#160;al&#46;&#160;&#40;2019&#41;</a> conclude that hierarchical CEO succession intensifies enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0004">Barros&#160;and Lazzarini&#160;&#40;2012&#41;</a> also find that enterprises can improve their innovation ability by providing targeted compensation incentives to senior managers&#46; <a class="elsevierStyleCrossRef" href="#bib0032">Hoskisson&#160;et&#160;al&#46;&#160;&#40;1993&#41;</a> studied the impact of senior manager incentives on a company&#39;s innovation capability&#46; They find an obvious positive correlation between a manager&#39;s compensation incentive and enterprise innovation ability&#46;</p><p id="para0013" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#bib0014">Chuntao&#160;and Min&#160;&#40;2010&#41;</a> find that appropriate compensation incentives promote executives&#39; innovation enthusiasm&#46; <a class="elsevierStyleCrossRef" href="#bib0040">Li&#160;et&#160;al&#46;&#160;&#40;2015&#41;</a> analyzed panel data of Chinese listed manufacturing enterprises from 2002 to 2013&#44; and the results showed that an increase in executive compensation could persistently improve enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0063">Shahzad&#160;et&#160;al&#46;&#160;&#40;2021&#41;</a> also obtained similar results&#46; However&#44; some researchers believe that there is no significant correlation between manager compensation incentives and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0066">Taussig&#160;and Barker&#160;&#40;1925&#41;</a> pointed out that there is a low correlation between executive compensation and an enterprise&#39;s performance&#46; <a class="elsevierStyleCrossRef" href="#bib0030">Holmstrom&#160;and Costa&#160;&#40;1986&#41;</a> pointed out that an increase in executive compensation incentives may lead to a shortage of enterprises&#8217; innovation funds and reduce R&#38;D investment&#46; <a class="elsevierStyleCrossRef" href="#bib0048">Lu&#160;et&#160;al&#46;&#160;&#40;2020&#41;</a> point out that compensation incentives have no significant correlation with an enterprise&#39;s R&#38;D investment&#46; <a class="elsevierStyleCrossRef" href="#bib0088">Zahra&#160;and Neubaum&#160;&#40;2000&#41;</a> and <a class="elsevierStyleCrossRef" href="#bib0090">Zahra&#44;&#160;Neubaum&#44; et&#160;al&#46;&#160;&#40;2000&#41;</a> separately analyze traditional enterprises and high-tech enterprises and find that&#44; compared with traditional enterprises&#44; long-term compensation has a significant positive effect on R&#38;D investment in high-tech enterprises&#46; However&#44; the relationship between short-term compensation and R&#38;D investment was not significant&#46; <a class="elsevierStyleCrossRef" href="#bib0044">Lin&#160;et&#160;al&#46;&#160;&#40;2011&#41;</a> found that CEO compensation is independent of enterprises&#8217; R&#38;D innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0065">Tang&#160;et&#160;al&#46;&#160;&#40;2011&#41;</a>&#59; &#40;<a class="elsevierStyleCrossRef" href="#bib0078">Xu&#44;&#160;2011</a>&#41; find an inverted &#34;U&#34;-shaped relationship between executive compensation incentives and R&#38;D investment in China&#39;s state-owned enterprises&#46; For non-state-owned companies&#44; there is no correlation between executive compensation incentives and R&#38;D investments&#46; Hence&#44; we propose the following hypothesis&#58;</p><p id="para9002" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleEnunciation" id="enun0002"><span class="elsevierStyleLabel">Hypothesis 2</span><p id="para0014" class="elsevierStylePara elsevierViewall">Managers&#8217; compensation incentives mediate the relationship between takeover market and enterprise innovation&#46;</p></span></p></span><span id="sec0006" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0008">Manager&#39;s Equity Incentive and Enterprise Innovation</span><p id="para0015" class="elsevierStylePara elsevierViewall">Innovation has many features such as strong professional requirements&#44; high risk&#44; time&#44; and significant investment&#46; Managers often hesitate or even reject enterprise innovation to achieve short-term benefits&#46; However&#44; shareholders aim to maintain continuous&#44; long-term earnings&#46; To effectively alleviate the principal-agent problem&#44; researchers have focused on the impact of managers&#8217; equity incentives on the level of enterprise innovation and enterprise performance &#40;<a class="elsevierStyleCrossRef" href="#bib0070">Wang&#160;et&#160;al&#46;&#44; 2021</a>&#41;&#46; Previous scholars point out three views regarding managers&#8217; equity incentives&#58; First&#44; managers&#8217; equity incentives positively and significantly impact enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0003">Barker&#160;III and Mueller&#160;&#40;2002&#41;</a> show that the shareholding ratio of managers could reflect their attitude toward bearing operational risks&#44; and the equity incentive could encourage managers to choose high-risk investments&#44; which provides obvious evidence of the positive correlation between them&#46; The managers who obtain the enterprise&#39;s equity may gain dividends&#59; they are inclined to enterprise R&#38;D at high risk&#44; promoting enterprise innovations and achieving its business goals&#46; <a class="elsevierStyleCrossRef" href="#bib0019">Dong&#160;and Gou&#160;&#40;2010&#41;</a> pointed out that equity incentives can stimulate enterprises&#39; willingness to innovate&#46; <a class="elsevierStyleCrossRef" href="#bib0002">Artz&#160;et&#160;al&#46;&#160;&#40;2010&#41;</a> selected the number of patents owned by enterprises to indicate a company&#39;s R&#38;D performance&#46; <a class="elsevierStyleCrossRef" href="#bib0067">TENG&#160;and HE&#160;&#40;2010&#41;</a> &#40;<a class="elsevierStyleCrossRef" href="#bib0076">Xiaoyan &#38; Yujing&#44;&#160;2014</a>&#41; show that executive equity incentives positively affect a company&#39;s innovation performance&#46; A manager&#39;s equity incentive can promote a company&#39;s R&#38;D and improve its performance &#40;<a class="elsevierStyleCrossRef" href="#bib0042">LIANG &#38; ZHANG&#44;&#160;2005</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0084">Yang&#44;&#160;2007</a>&#41;&#46; Similar conclusions were drawn from 2012 to 2016 &#40;<a class="elsevierStyleCrossRef" href="#bib0082">Yan-ni&#44;&#160;2011</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0086">Yin &#38; Sheng&#44;&#160;2019</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0091">Zhang&#160;and Zhao&#160;&#40;2014&#41;</a> point out that managers&#8217; equity incentives in non-state-owned enterprises have a stronger impact on enterprise innovation than in state-owned enterprises&#46; Second&#44; managers&#8217; equity incentives negatively correlate with enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0008">Bens&#160;et&#160;al&#46;&#160;&#40;2002&#41;</a> believe that after senior executives receive stock compensation&#44; they are more likely to pursue higher short-term performance to obtain larger stock income&#44; leading managers to decrease innovation investment&#46;</p><p id="para0016" class="elsevierStylePara elsevierViewall">Similarly&#44; a manager&#39;s equity incentives do not correlate with enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0068">Tien&#160;and Chen&#160;&#40;2012&#41;</a> analyzed high-tech Chinese firms and concluded that neither long-term equity incentives nor short-term salary incentives could improve innovation&#46; Managers&#8217; preferences are essential factors in R&#38;D investment decision-making&#44; which equity incentives cannot affect&#46; <a class="elsevierStyleCrossRef" href="#bib0028">Han&#160;and Tang&#160;&#40;2019&#41;</a> chose listed manufacturing enterprises as a sample&#46; The results showed that equity incentives have weak positive effects on enterprises&#8217; performance&#44; while the shares compensated by managers have a weak correlation with company innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0026">Guozhong&#160;and Xue&#160;&#40;2019&#41;</a> point out that equity incentives are ineffective in increasing a company&#39;s R&#38;D investment because of loss avoidance&#46; Third&#44; a non-linear correlation exists between equity incentives and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0025">Feng&#160;et&#160;al&#46;&#160;&#40;2007&#41;</a> found an inverted U-shaped relationship between managers&#8217; incentives and innovation input&#46; The number of shares held is a threshold value&#59; when it is less than this value&#44; a positive correlation will be observed&#44; while a negative correlation will be found if the number of shares held is greater than the threshold value&#46; <a class="elsevierStyleCrossRef" href="#bib0077">Xu&#160;and XU&#160;&#40;2012&#41;</a> found that takeover market incentives positively influence dynamic technological innovation capability when the takeover market incentive is less than a critical value&#46; There is a significant inverted U-shaped relationship between takeover market incentives and takeover market incentive innovation performance&#46; <a class="elsevierStyleCrossRef" href="#bib0032">Hoskisson&#160;et&#160;al&#46;&#160;&#40;1993&#41;</a> point out an inverted U-shaped relationship between equity incentives and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0093">Zhao&#160;et&#160;al&#46;&#160;&#40;2018&#41;</a> found a significant inverted U-shaped relationship between the shareholding ratio of senior executives and enterprises&#8217; R&#38;D efficiency&#46; Scholars find that granting some equity to executives could prevent them from pursuing short-term interests and alleviate the conflict between owners and executives&#44; encouraging managers to continuously invest in enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0089">Zahra&#44;&#160;Ireland&#44; et&#160;al&#46;&#44; 2000</a>&#41;&#46; Therefore&#44; we propose the following hypotheses&#58;</p><p id="para9003" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleEnunciation" id="enun0003"><span class="elsevierStyleLabel">Hypothesis 3</span><p id="para0017" class="elsevierStylePara elsevierViewall">Equity incentives mediate the relationship between the takeover market and enterprise innovation&#46;</p></span></p></span><span id="sec0007" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0009">Board of Directors and Enterprise Innovation</span><p id="para0018" class="elsevierStylePara elsevierViewall">As the decision-maker&#44; the board represents shareholders&#8217; benefits&#46; Scholars have mainly studied the relationship between board governance and enterprise innovation through board size&#44; structure&#44; power concentration level&#44; number of meetings&#44; and ownership concentration&#46; <a class="elsevierStyleCrossRef" href="#bib0011">Bhagat&#160;and Black&#160;&#40;1999&#41;</a> point out that small-sized director boards perform better in terms of reaction speed under dangerous circumstances&#46; However&#44; <a class="elsevierStyleCrossRef" href="#bib0090">Zahra&#44;&#160;Neubaum&#44; et&#160;al&#46;&#160;&#40;2000&#41;</a> analyzed 239 medium-sized American manufacturing companies from 1991 to 1997&#59; the results show that the size of the board and enterprise innovation ability represent an inverted U-shaped relationship&#46; <a class="elsevierStyleCrossRef" href="#bib0085">Yermack&#160;&#40;1996&#41;</a>&#160;found that independent directors may bring innovative suggestions and that an appropriate proportion of independent directors will be helpful for enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0080">Xue&#160;and Guozhong&#160;&#40;2019&#41;</a> studied Chinese listed companies and pointed out that the level of enterprise technological innovation is improving&#46; However&#44; <a class="elsevierStyleCrossRef" href="#bib0084">Yang&#160;&#40;2007&#41;</a> failed to find a significant relationship between board size and enterprise innovation&#46;</p><p id="para0019" class="elsevierStylePara elsevierViewall">Similarly&#44; based on contingency theory&#44; <a class="elsevierStyleCrossRef" href="#bib0095">Zona&#160;et&#160;al&#46;&#160;&#40;2013&#41;</a> find that the proportion of independent directors has no direct effect on enterprise innovation&#46; Some researchers have found that the education level of the board of directors has a positive correlation with enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0013">Chen &#38; Whalley&#44;&#160;2014</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0073">Wincent&#160;et&#160;al&#46;&#44; 2010</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0094">Zhu&#44;&#160;2020</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0017">David&#160;and Foray&#160;&#40;2001&#41;</a> studied 73 American enterprises from 1987 to 1993 and found that board structure does not significantly affect enterprise R&#38;D input and output&#46; <a class="elsevierStyleCrossRef" href="#bib0026">Guozhong&#160;and Xue&#160;&#40;2019&#41;</a> pointed out a positive correlation between independent directors and enterprise innovation&#46; Enterprises with a high proportion of independent directors invest significantly more in innovation than those with a low proportion of independent directors&#46; <a class="elsevierStyleCrossRef" href="#bib0092">Zhao&#160;and Wen&#160;&#40;2011&#41;</a> pointed out that enterprise innovation levels increase with the proportion of independent directors&#46; However&#44; <a class="elsevierStyleCrossRef" href="#bib0090">Zahra&#44;&#160;Neubaum&#44; et&#160;al&#46;&#160;&#40;2000&#41;</a> found that the greater the proportion of outside directors&#44; the lower the enterprise&#39;s R&#38;D innovation enthusiasm&#46; Previous studies also discussed the effect of the board of directors on enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0057">Rejeb&#160;et&#160;al&#46;&#44; 2019</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0049">Mallette&#160;and Fowler&#160;&#40;1992&#41;</a> point out that the combination of chairperson and general manager positions has a significant and positive correlation with enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0049">Mallette&#160;and Fowler&#160;&#40;1992&#41;</a> also point out that the combination of chairman and general manager positions promotes more flexible enterprise innovation decision making&#46; <a class="elsevierStyleCrossRef" href="#bib0024">FENG&#160;and Wen&#160;&#40;2008&#41;</a> point out that combining the chairman and general manager positions would avoid conflicts and ensure the consistency of enterprise innovation decisions&#46; <a class="elsevierStyleCrossRef" href="#bib0092">Zhao&#160;and Wen&#160;&#40;2011&#41;</a> analyzed the relationship between the power structure of board directors and enterprise innovation ability&#46; The results show that the separation of the chairman and general manager positions is conducive to increasing the enterprise&#39;s R&#38;D investment&#46; However&#44; <a class="elsevierStyleCrossRef" href="#bib0074">Wu&#160;et&#160;al&#46;&#160;&#40;2007&#41;</a> find that the separation of chairman and general manager positions has no significant effect on an enterprise&#39;s technological innovation&#46; Prior studies have also discussed the relationship between ownership structure and enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0005">Baysinger&#160;et&#160;al&#46;&#44; 1991</a>&#41;&#46; <a class="elsevierStyleCrossRef" href="#bib0054">Parrino&#160;et&#160;al&#46;&#160;&#40;2005&#41;</a> find that large shareholders intend to share more benefits gained from an enterprise&#39;s technological innovation and are more willing to increase their investment through their control rights&#46; Some researchers have shown that a chairman&#39;s shareholding ratio positively affects enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0041">LI &#38; LIU&#44;&#160;2012</a>&#59; <a class="elsevierStyleCrossRef" href="#bib0079">XU &#38; YIN&#44;&#160;2011</a>&#41;&#46; From the perspective of the shareholding ratio of board directors&#44; <a class="elsevierStyleCrossRef" href="#bib0092">Zhao&#160;and Wen&#160;&#40;2011&#41;</a> point out that it is conducive to improving enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0047">Lu&#160;and Dang&#160;&#40;2014&#41;</a> analyze the panel data of 1&#44;344 enterprises on the main boards of the Shanghai and Shenzhen Stock Exchanges from 2006 to 2010&#46; Their research showed that an enterprise&#39;s R&#38;D investment increases with an increase in the shareholding ratio of directors and supervisors&#46; This study also discusses how board meetings affect enterprise innovation&#46; Some researchers have found that the number of board meetings can enhance enterprise innovation ability&#46; <a class="elsevierStyleCrossRef" href="#bib0055">Qi&#160;and Dongzhi&#160;&#40;2001&#41;</a> believe that board directors&#8217; decisions and behaviors are reflected in board meetings&#46; Directors supervise enterprise managers through board meetings&#44; which is conducive to the implementation of innovative decisions&#46; However&#44; <a class="elsevierStyleCrossRef" href="#bib0049">Mallette&#160;and Fowler&#160;&#40;1992&#41;</a> show that if board directors represent shareholders of state-owned shares&#44; enterprise innovation activities may be reduced because of innovation risks&#46; Therefore&#44; we propose the following hypotheses&#58;</p><p id="para9004" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleEnunciation" id="enun0004"><span class="elsevierStyleLabel">Hypothesis 4</span><p id="para0020" class="elsevierStylePara elsevierViewall">Board of directors mediates between takeover market and enterprise innovation</p></span></p></span><span id="sec0008" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0010">Large Shareholders Governance and Enterprise Innovation</span><p id="para0021" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#bib0020">Dyck&#160;and Zingales&#160;&#40;2004&#41;</a> showed that an enterprise&#39;s major shareholder governance affects incentives and entrenchment&#46; The incentive effect is that major shareholders can supervise managers&#44; which would improve the company&#39;s value and increase profits&#46; The entrenchment effect is that large shareholders &#8220;occupy&#8221; the benefits of minority shareholders by using their controlling power to maximize their interests&#46; This study categorizes large shareholders into three dimensions &#40;to measure enterprise innovation&#41;&#46; First&#44; there is a positive relationship between the governance of large shareholders and enterprise innovation&#46; For example&#44; <a class="elsevierStyleCrossRef" href="#bib0036">Jacobs&#160;&#40;1979&#41;</a> analyzed high-tech enterprises and found that concentration of ownership positively affects a company&#39;s innovation input&#46; <a class="elsevierStyleCrossRef" href="#bib0064">Shleifer&#160;and Vishny&#160;&#40;1997&#41;</a> indicate that a few major shareholders control a company&#39;s equity&#46; Large shareholders actively supervise managers and promote innovation to obtain long-term benefits&#46; <a class="elsevierStyleCrossRef" href="#bib0039">Lee&#160;and O&#39;neill&#160;&#40;2003&#41;</a> found that when the concentration of a company&#39;s ownership is low&#44; increasing the shareholding ratio of larger shareholders could encourage small shareholders to supervise managers and prevent managers from reducing innovation input for short-term interests &#40;<a class="elsevierStyleCrossRef" href="#bib0056">Rasool&#160;et&#160;al&#46;&#44; 2019</a>&#41;&#46; An increase in the shareholding ratio of larger shareholders improves enterprise innovation&#46; In addition&#44; Hosono&#44; <a class="elsevierStyleCrossRef" href="#bib0034">Hosono&#44;&#160;et&#160;al&#46;&#160;&#40;2004&#41;</a> analyzed the panel data of Japanese manufacturing enterprises from 1987 to 1998&#46; Empirical results show that the shareholding ratio of major shareholders is positively correlated with corporate R&#38;D&#46; <a class="elsevierStyleCrossRef" href="#bib0045">LIU&#160;et&#160;al&#46;&#160;&#40;2005&#41;</a> find that the higher the shareholding ratio of large shareholders&#44; the more managers would pay attention to a company&#39;s long-term goals and promote enterprise innovation&#46; Second&#44; it investigates the negative relationship between large shareholder governance and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0081">Yafeh&#160;and Yosha&#160;&#40;2003&#41;</a> conducted an empirical analysis&#46; They pointed out that when ownership concentration is high&#44; large shareholders can embezzle the benefits of minority shareholders&#46; However&#44; the enterprise&#39;s controlling authority&#44; i&#46;e&#46;&#44; the &#8220;entrenchment defense effect&#44;&#8221; is significant&#59; the gradually concentrated ownership will hinder the enterprise&#39;s innovation investment&#46; <a class="elsevierStyleCrossRef" href="#bib0027">Haiyun&#160;&#40;2015&#41;</a> analyzed panel data from manufacturing companies of listed A-shares and found that if the ownership of the company is relatively concentrated&#44; the major shareholders may infringe on the R&#38;D funds to maximize their own short-term interests&#44; leading to low R&#38;D utilization efficiency&#46; Third&#44; we examine the non-linear relationship between large shareholders&#8217; governance and enterprise innovation&#46; <a class="elsevierStyleCrossRef" href="#bib0071">Wen&#160;&#40;2008&#41;</a> used the empirical analysis and showed an &#8220;N-shaped&#8221; relationship between the ownership concentration of large shareholders and enterprise innovation&#46; Both <a class="elsevierStyleCrossRef" href="#bib0083">Yang&#160;&#40;2011&#41;</a> and <a class="elsevierStyleCrossRef" href="#bib0067">TENG&#160;and HE&#160;&#40;2010&#41;</a> show a significant inverted U-shaped relationship between ownership concentration and technological innovation&#59; only some ownership concentration values can promote managers to actively carry out innovation activities&#46; Therefore&#44; we propose the following hypotheses&#58;</p><p id="para9005" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleEnunciation" id="enun0005"><span class="elsevierStyleLabel">Hypothesis 5</span><p id="para0022" class="elsevierStylePara elsevierViewall">Large shareholders mediate the relationship between takeover market and enterprise innovation</p></span></p></span></span></span><span id="sec0009" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0011">Methodology</span><span id="sec0010" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0012">Data</span><p id="para0023" class="elsevierStylePara elsevierViewall">Considering the impact of China&#39;s reform of non-tradable shares in 2005 on the capital market and the availability of research data&#44; this study selects panel data of A-share listed industrial companies in Shenzhen and Shanghai stock exchanges from 2006 to 2016&#46; In particular&#44; the following data were excluded from the initial sample&#46; First&#44; ST and &#42;ST listed firms with abnormal financial status<a class="elsevierStyleCrossRef" href="#cit_1"><span class="elsevierStyleSup">1</span></a>since their financial conditions or other conditions are unnormal&#46; Second&#44; listed financial firms have financial accounting that is significantly different from industrial firms&#46; Third&#44; the samples had incomplete or extreme values&#46; The final sample consists of 1307 firm-year observations 6501&#46; The data source was the China Tai&#8217; an database&#46;</p></span><span id="sec0011" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0013">Variables</span><p id="para0025" class="elsevierStylePara elsevierViewall">Enterprise innovation capability is expressed by <span class="elsevierStyleItalic">FMZL</span>&#46; According to <a class="elsevierStyleCrossRef" href="#bib0035">Iqbal&#160;et&#160;al&#46;&#160;&#40;2020&#41;</a>&#44; the number of invention patents can be used to measure the output innovation capability of listed enterprises&#46; The independent variable was the market mechanism of corporate control &#40;<span class="elsevierStyleItalic">KZQSC</span>&#41;&#46; According to the method provided by Yao &#40;2010&#41;&#44; considering that the industry is a prerequisite for driving M&#38;A&#44; the M&#38;A activity of listed companies in the industry is measured&#46; The mediating variable was the management incentive mechanism &#40;<span class="elsevierStyleItalic">GLZJL</span>&#41;&#46; The management compensation incentive &#40;<span class="elsevierStyleItalic">XCJL</span>&#41; is measured by the natural logarithm of managers&#8217; total annual monetary compensation&#46; Management equity incentive &#40;<span class="elsevierStyleItalic">GQJL</span>&#41; is measured by the shareholding ratio of management at the end of the year&#46; Suppose that the chairperson and general manager are the same people&#46; In that case&#44; it could weaken its governance effect&#59; the proportion of independent directors reflects the characteristics and intelligence structure of the board&#59; the responsibility fulfillment situation of the board directors could be reflected by the times of the meeting&#59; the larger the board size&#44; the more conducive it is to improve the efficiency of management&#46; Therefore&#44; board governance &#40;<span class="elsevierStyleItalic">DSHZL</span>&#41; is explained by the integrated position of the chairman and general manager&#44; the proportion of independent directors&#44; meeting frequency&#44; and the scale of the board directors&#46; The detailed calculation process is as follows&#58; First&#44; the variables are logically valued&#46; If the proportion of independent directors is higher than the average industry value&#44; the value is 1&#59; otherwise&#44; it is 0&#46; If there is another post situation&#44; the value is 0&#59; otherwise&#44; it is 1&#46; If the number of board meetings is higher than the average industry value&#44; the value is 1&#59; otherwise&#44; it is 0&#46; If the size of the directors is larger than the average industry value&#44; the value is written as 1&#59; otherwise&#44; the value is written as 0&#46; Second&#44; we add the logical values of the board governance index&#46; Third&#44; a linear regression analysis was carried out&#46; We take the logical value of corporate board governance as the dependent variable and the other variables as independent variables&#46; Then&#44; a regression model was adopted&#44; and the regression coefficients of each variable were estimated&#46; Finally&#44; the board governance index is calculated based on the results of the regression model&#46; The larger the board governance index&#44; the more effective the corporate board governance mechanism&#8212;large shareholders governance mechanism &#40;<span class="elsevierStyleItalic">DGDZL</span>&#41;&#46; The motivation of large shareholders to supervise managers is closely related to the proportion of their shares&#46; The higher the proportion of shares held by large shareholders&#44; the more motivated they are to supervise their managers&#46; This study measures the governance of large shareholders based on the degree of ownership concentration of the largest shareholders&#46;</p><p id="para0026" class="elsevierStylePara elsevierViewall">There are five control variables&#46; According to <a class="elsevierStyleCrossRef" href="#bib0038">Ke-qin&#160;&#40;2010&#41;</a>&#44; the growth rate of total assets &#40;<span class="elsevierStyleItalic">Growth</span>&#41;&#44; operational years of the company &#40;<span class="elsevierStyleItalic">Firmage</span>&#41;&#44; profitability &#40;<span class="elsevierStyleItalic">ROA</span>&#41;&#44; free cash flow &#40;<span class="elsevierStyleItalic">FCF</span>&#41;&#44; and CEO&#39;s management experience &#40;<span class="elsevierStyleItalic">CEOAGE</span>&#41; were taken as control variables&#46; In particular&#44; the growth rate of total assets&#160;&#61;&#160;&#40;total assets at the beginning of year&#8211;total assets at the end of year&#41;&#47; total assets at the beginning of the year&#44; and the operation years of the company are the period from the beginning of the company establishment to the time of sample selection&#46; Net interest rate of total assets&#160;&#61;&#160;net interest &#47; total assets at the end of the year&#46; The independent director&#39;s proportion is the number of independent directors&#47;board directors&#46; Free cash flow&#160;&#61;&#160;&#40;profits before interest and tax&#160;&#43;&#160;depreciation and amortization&#8211;capital expenditures &#8211; increase in operation capital&#41;&#47; total assets at the end of the year&#46; CEO management experience is explained by the natural logarithm of CEOs&#8217; ages&#46; Equity distribution&#160;&#61;&#160;the top five shareholders&#39; shareholding&#47;large shareholders&#8217; stakes&#46; Simultaneously&#44; annual and industry factors were controlled&#46; Year and industry effects were explained using dummy variables 0 and 1&#46;</p></span><span id="sec0012" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0014">Models</span><p id="para0027" class="elsevierStylePara elsevierViewall">According to the mediating effect test method from <a class="elsevierStyleCrossRef" href="#bib0072">Wen&#160;and Ye&#160;&#40;2014&#41;</a>&#44; &#34;takeover market&#160;&#8594;&#160;manager incentive&#160;&#8594;&#160;enterprise innovation&#34;&#44; the models are constructed as follows&#58;<elsevierMultimedia ident="eqn0001"></elsevierMultimedia><elsevierMultimedia ident="eqn0002"></elsevierMultimedia><elsevierMultimedia ident="eqn0003"></elsevierMultimedia>another two mediating effect models are similar as follows&#8220;Takeover market&#160;&#8594;&#160;board governance&#160;&#8594;&#160;enterprise innovation&#8221; and &#34;takeover market&#160;&#8594;&#160;major shareholder governance&#160;&#8594;&#160;enterprise innovation&#34;&#46;</p><p id="para0028" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#fig0001">Figure&#160;1</a>&#46;</p><elsevierMultimedia ident="fig0001"></elsevierMultimedia></span></span><span id="sec0013" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0015">Results and discussion</span><span id="sec0014" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0016">Descriptive analysis</span><p id="para0029" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0001">Table&#160;1</a> presents the descriptive statistics for the main variables&#46; The maximum value of FMZL is 8&#46;6635&#44; the minimum value is 0&#44; and the standard deviation is 1&#46;2888&#44; all of which indicate large differences in enterprise innovation among listed companies&#46; The mean value of FMZL is 1&#46;8217&#44; and the median value is 1&#46;6094&#44; which indicates that the listed companies&#8217; innovation level is low&#46; The maximum value of KZQSC is 7&#46;0296&#44; the minimum value is 0&#44; the mean value is 5&#46;1722&#44; and the standard deviation is 1&#46;0266&#44; indicating that the market difference in control rights among listed companies is great and the development is unbalanced&#46; The maximum value of DSHZL was 5&#46;3259&#44; the minimum value was 0&#46;2456&#44; the mean value was 2&#46;0394&#44; and the standard deviation was 0&#46;6193&#44; indicating that the governance level and effectiveness of the board of directors are significantly different&#46; The maximum&#44; minimum&#44; and mean values of DGDZL are 0&#46;8999&#44; 0&#46;0029&#44; and 0&#46;3589&#44; respectively&#44; indicating that the governance of large shareholders is relatively significant&#46; However&#44; the degrees of ownership concentration are significantly different&#46; The maximum value of GQJL is 0&#46;8092&#44; the minimum value is 0&#44; and the standard deviation is 0&#46;1363&#44; indicating that management equity incentives are rarely applied and the differences are small&#46; The maximum value of xCJL is 17&#46;7348&#44; the minimum value is 11&#46;0021&#44; and the standard deviation is 0&#46;8224&#44; indicating that compared with the equity incentive&#44; the management compensation incentive is applied more&#44; and the differences are relatively great&#46;</p><elsevierMultimedia ident="tbl0001"></elsevierMultimedia><p id="para0030" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0002">Table&#160;2</a> shows Pearson&#39;s correlation analysis of the two major variables&#46; The correlation coefficient between FMZL and KZQSC was 0&#46;126&#44; indicating that the takeover market positively affects enterprise innovation&#46; The correlation coefficient between FMZL and GQJL is -0&#46;029&#44; indicating that managers&#39; equity incentives restrain enterprise innovation&#46; The correlation coefficient between FMZL and xCJL is 0&#46;341&#44; indicating that managers&#39; compensation incentives inspire enterprise innovation&#46; The correlation coefficient between FMZL and DSHZL is 0&#46;107&#44; indicating that board governance improves an enterprise&#39;s innovation ability&#46; The correlation coefficient between FMZL and DGDZL is 0&#46;060&#44; which indicates that the improvement in large shareholders&#8217; governance promotes enterprise innovation ability&#46; The correlation coefficients among the variables were less than 0&#46;8&#44; indicating that collinearity was less likely to occur in the model test&#46;</p><elsevierMultimedia ident="tbl0002"></elsevierMultimedia></span><span id="sec0015" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0017">Estimation of Mediating Effect Model</span><span id="sec0016" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0018">Takeover market&#44; Managers&#8217; equity incentive&#44; and enterprise innovation</span><p id="para0031" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0003">Table&#160;3</a> shows the results of the empirical analysis of the influence of the takeover market mechanism on enterprise innovation through managers&#8217; equity incentives&#46; In <a class="elsevierStyleCrossRef" href="#tbl0002">Table&#160;2</a>&#44; the test path is &#34;KZQSC&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1168&#44; and the T value is 6&#46;39&#44; which is significant at the 1&#37; level&#44; which indicates that the takeover market is significantly and positively correlated with the enterprises&#8217; innovation ability&#46; In other words&#44; the takeover market promotes enterprise innovation positively&#46; Thus&#44; Hypothesis 1 is verified&#46; According to the test path &#34;KZQSC&#160;&#8594;&#160;GQJZ&#34;&#44; the regression coefficient of KZQSC is 0&#46;0088&#44; and the T value is 4&#46;68&#44; indicating that the takeover market is significantly positively correlated with the managers&#39; equity incentive&#44; i&#46;e&#46;&#44; the takeover market improves the managers&#39; equity incentive level&#46; According to the test path &#34;KZQSC&#160;&#8594;&#160;GQJZ&#160;&#8594;&#160;FMZL&#44;&#8221; the regression coefficient of KZQSC was 0&#46;1224&#44; the T value was 6&#46;70&#44; and the regression coefficient of GQJL was -0&#46;6456&#44; and the T value was -5&#46;33&#44; all of which were significant at the 1&#37; level&#46; The results indicate that managers&#8217; equity incentives are negatively correlated with enterprise innovation&#46; Based on the mediating effect&#44; managers&#8217; equity incentives inhibit the positive effect of the takeover market on enterprises&#8217; innovation&#59; that is&#44; the takeover market can inhibit enterprise innovation by improving managers&#8217; equity incentives&#46;</p><elsevierMultimedia ident="tbl0003"></elsevierMultimedia><p id="para0032" class="elsevierStylePara elsevierViewall">Because managers&#8217; equity incentives are improved by the takeover market&#44; they are not widely used in China&#44; and the high risk of enterprise innovation will reduce the effect of managers&#8217; equity incentives&#44; managers&#8217; innovation enthusiasm is affected&#44; and enterprise innovation ability is reduced&#46; Thus&#44; Hypothesis 2 is not verified&#46;</p></span><span id="sec0017" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0019">Takeover market&#44; executive compensation incentive&#44; and enterprise innovation</span><p id="para0033" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0004">Table&#160;4</a> shows the results of the empirical analysis of the takeover market&#39;s influence on enterprise innovation through managers&#39; compensation incentives&#46; In <a class="elsevierStyleCrossRef" href="#tbl0004">Table&#160;4</a>&#44; the test path is &#34;KZQSC&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1168&#44; and the T value is 6&#46;39&#44; which is significant at the 1&#37; level&#44; which indicates that the takeover market is significantly and positively correlated with the enterprises&#8217; innovation ability&#44; i&#46;e&#46;&#44; takeover market promotes the enterprise innovation&#46; Thus&#44; Hypothesis 1 is verified&#46; According to the test path &#34;KZQSC&#160;&#8594;&#160;XCJL&#34;&#44; the regression coefficient of KZQSC is 0&#46;039&#44; and the T value is 3&#46;60&#44; which is significant at the 1&#37; level&#46; They indicate that the takeover market is significantly and positively correlated with the manager compensation incentive&#44; i&#46;e&#46;&#44; the takeover market improves the managers&#8217; compensation incentive&#46; According to the test path &#34;KZQSC&#160;&#8594;&#160;XCJL&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;0963&#44; the T value is 5&#46;53&#44; the regression coefficient of XCJL is 0&#46;5260&#44; and the T value is 26&#46;38&#44; all of which are significant at the 1&#37; level&#44; they indicate that the manager compensation incentive is positively correlated with enterprise innovation&#46; The manager compensation incentive&#44; which has a mediating effect&#44; further improves the takeover market&#39;s influence on enterprise innovation&#46; In other words&#44; the takeover market promotes enterprise innovation by increasing the compensation incentives of managers&#46; Thus&#44; Hypothesis 2 is verified&#46;</p><elsevierMultimedia ident="tbl0004"></elsevierMultimedia></span><span id="sec0018" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0020">Takeover market&#44; board governance&#44; and enterprise innovation</span><p id="para0034" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0005">Table&#160;5</a> shows the results of the empirical analysis of the takeover market&#39;s influence on corporate innovation through board governance&#46; In <a class="elsevierStyleCrossRef" href="#tbl0004">Table&#160;4</a>&#44; the test path is &#34;KZQSC&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1168&#44; and the T value is 6&#46;39&#44; which indicates that the takeover market is significantly and positively correlated with the enterprises&#39; innovation ability&#44; i&#46;e&#46;&#44; the takeover market promotes the enterprises&#8217; innovation&#46; Thus&#44; Hypothesis 1 is verified&#46; The test path is &#34;KZQSC&#160;&#8594;&#160;DSHZL&#34;&#44; the regression coefficient of KZQSC is -0&#46;0347&#44; and the T value is -3&#46;98&#44; which indicates that the takeover market is significantly negatively correlated with the board governance&#44; i&#46;e&#46;&#44; the takeover market inhibits the level of board governance&#46; About the test path&#44; i&#46;e&#46;&#44; &#34;KZQSC&#160;&#8594;&#160;DSHZL&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1262&#44; the T value is 6&#46;95&#44; the regression coefficient of DSHZL is 0&#46;2726&#44; and the T value is 10&#46;51&#44; all of which were significant at the 1&#37; level&#46; This shows that board governance is positively correlated with enterprises&#8217; innovation abilities&#46; However&#44; the effect of board directors&#8217; governance on the takeover market will decline&#44; and board directors&#8217; governance will harm enterprises&#8217; innovation&#46; In other words&#44; the takeover market reduces enterprise innovation by reducing board governance&#46; The board of directors has the right to decide the enterprise&#39;s strategy&#44; and the improvement of its governance level will promote the implementation of the enterprise&#39;s innovation&#46; However&#44; with the enterprise&#39;s transfer&#44; the change in board directors will decline governance level&#44; development strategy will also change&#44; and the resources for enterprise innovation will require reconfiguration&#44; which will decline enterprise innovation ability&#46; Therefore&#44; Hypothesis 3 was verified&#46;</p><elsevierMultimedia ident="tbl0005"></elsevierMultimedia></span><span id="sec0019" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0021">Takeover market&#44; major shareholder governance&#44; and enterprise innovation</span><p id="para0035" class="elsevierStylePara elsevierViewall"><a class="elsevierStyleCrossRef" href="#tbl0006">Table&#160;6</a> shows the results of the empirical analysis of the takeover market&#39;s influence on enterprise innovation through shareholder governance&#46; In <a class="elsevierStyleCrossRef" href="#tbl0005">Table&#160;5</a>&#44; the test path is &#34;KZQSC&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1168&#44; and the T value is 6&#46;39&#44; which are significant at the 1&#37; level&#44; they indicate that the takeover market is significantly and positively correlated with the enterprises&#8217; innovation&#44; i&#46;e&#46;&#44; takeover market promotes enterprise innovation&#46; Thus&#44; Hypothesis 1 is verified&#46; About the test path &#34;KZQSC&#160;&#8594;&#160;DGDZL&#34;&#44; the regression coefficient of KZQSC is -0&#46;0242&#44; and the T value is -11&#46;63&#46; They indicate that the takeover market is significant and negatively correlated with the governance of large shareholders&#59; that is&#44; the takeover market inhibits the governance level of large shareholders&#46; About the test path &#34;KZQSC&#160;&#8594;&#160;DGDZL&#160;&#8594;&#160;FMZL&#34;&#44; the regression coefficient of KZQSC is 0&#46;1329&#44; and the T value is 7&#46;21&#46; The regression coefficient of DGDZL is 0&#46;6659&#44; and the T-value is 6&#46;11&#59; all of them are significant at the 1&#37; level&#46; They show that the governance level of large shareholders is positively correlated with enterprise innovation&#59; the governance level of large shareholders is reduced with the effect of the takeover market&#59; thus&#44; enterprise innovation is reduced&#46; In other words&#44; the takeover market reduces enterprise innovation by reducing the governance of large shareholders&#46; Large shareholders have decision-making rights&#44; and improving their governance level could promote enterprise innovation&#46; However&#44; the takeover market causes market pressure and a change in ownership structure&#44; which reduces the governance level of large shareholders and enterprise innovation&#46; Therefore&#44; Hypothesis 4 was not verified&#46;</p><elsevierMultimedia ident="tbl0006"></elsevierMultimedia></span></span><span id="sec0020" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0022">Robustness Checks</span><span id="sec0021" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0023">Fixed Effect Regression</span><p id="para0036" class="elsevierStylePara elsevierViewall">To verify the robustness of the above regression results&#44; fixed effects estimates were used to re-regress the original model&#46; The robustness results in <a class="elsevierStyleCrossRef" href="#tbl0007">Table&#160;7</a> show that takeover market power still positively correlates with enterprise innovation&#44; and they are significantly and positively correlated at the 1&#37; level&#46; The takeover market and managers&#8217; incentives were positively correlated at the 1&#37; level&#46; However&#44; the mediating effect of equity incentives on the relationship between takeovers and enterprise innovation has not been verified&#46; The takeover market and manager&#39;s compensation incentive are significantly and positively correlated at the 1&#37; level&#46; Managers&#8217; compensation incentives significantly affect the relationship between the takeover market and enterprise innovation&#46; Considering the manager&#39;s compensation incentive&#44; the regression coefficient between the takeover market and enterprise innovation is 0&#46;096&#44; which is the regression coefficient&#44; i&#46;e&#46;&#44; 0&#46;117&#46; Therefore&#44; the manager&#39;s compensation incentive has a mediating effect on the relationship between takeover and enterprise innovation&#46; The takeover market is significantly negatively correlated with board governance&#44; and the mediating effect of board governance on the relationship between takeover and enterprise innovation is not significant&#46; Finally&#44; the takeover market is negatively correlated with major shareholder governance&#44; and the mediating effect of major shareholder governance on the relationship between the takeover market and enterprise innovation has not yet been verified&#46; In summary&#44; in addition to the difference in regression coefficients&#44; all the results are consistent with the above regression results&#44; which proves the robustness of the results above&#46;</p><elsevierMultimedia ident="tbl0007"></elsevierMultimedia></span><span id="sec0022" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0024">Two-Stage Least Squares &#40;2SLS&#41;</span><p id="para0037" class="elsevierStylePara elsevierViewall">To test the endogeneity of the model&#44; following <a class="elsevierStyleCrossRef" href="#bib0021">Fareed&#160;et&#160;al&#46;&#160;&#40;2022a&#41;</a> and <a class="elsevierStyleCrossRef" href="#bib0062">Shahzad&#160;et&#160;al&#46;&#160;&#40;2022&#41;</a>&#44; we checked the robustness of the model using the two-stage least squares &#40;2SLS&#41; method with one lag of the independent variable&#46; The robustness checks in <a class="elsevierStyleCrossRef" href="#tbl0008">Table&#160;8</a> show that the independent and dependent variables are still significantly and positively correlated&#46;</p><elsevierMultimedia ident="tbl0008"></elsevierMultimedia></span><span id="sec0023" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0025">Regression with Variable Substitution</span><p id="para0038" class="elsevierStylePara elsevierViewall">The natural logarithm of R&#38;D investment is replaced by the explained variable&#44; enterprise innovation&#46; The fixed effects method was used to perform a regression of the model again&#46; The results in <a class="elsevierStyleCrossRef" href="#tbl0009">Table&#160;9</a> show that replacing the variables is consistent with the results of the above regression and fixed effects regression&#44; proving that the results are robust&#46;</p><elsevierMultimedia ident="tbl0009"></elsevierMultimedia></span></span></span><span id="sec0024" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0026">Conclusions and Policy Recommendations</span><span id="sec0025" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0027">Conclusions</span><p id="para0039" class="elsevierStylePara elsevierViewall">This study explores the relationship between the takeover market and enterprise innovation&#46; We also investigate internal governance &#40;managers&#8217; compensation incentives&#44; managers&#8217; equity incentives&#44; boards of directors&#44; and large shareholders&#41; as a mediating variable between the takeover and enterprise innovation relationship&#46; Furthermore&#44; we analyzed China&#39;s A-share listed industrial companies in Shenzhen and Shanghai from 2006 to 2016&#46; First&#44; combining current theory and reality&#44; the significance of enterprise innovation and the influence of enterprise governance on enterprises&#8217; innovation is discussed&#46; Second&#44; we analyzed the influence of the takeover market&#44; managers&#8217; incentives&#44; board governance&#44; and large shareholders&#8217; governance on enterprise innovation&#46; Finally&#44; the mediating effect model&#44; descriptive statistics&#44; and Pearson&#39;s correlation were applied to test the influence of the takeover market and internal enterprise governance on enterprise innovation&#46; The conclusions are as follows&#58;</p><p id="para0040" class="elsevierStylePara elsevierViewall">First&#44; the takeover market has a significantly positive effect on enterprise innovation&#46; Under the circumstances of an enterprise principle-agent structure&#44; the development of the takeover market is capable of promoting the optimization of enterprise innovation resource allocation and stimulating enterprises&#8217; innovation&#46; It is also proven that the takeover market has accomplished its duty to promote enterprises&#39; innovation in China&#46; The takeover market improves enterprise innovation by increasing managers&#39; compensation incentives but reduces enterprise innovation by increasing managers&#39; equity incentives&#46; Generally&#44; the takeover market positively affects managers&#8217; incentives&#44; but the influences of different managers&#8217; incentives on enterprise innovation are different&#46; Currently&#44; compensation incentives are popular among Chinese enterprises&#46; An increase in manager compensation can stabilize these managers&#44; stimulate their enthusiasm&#44; and improve enterprise innovation&#46; However&#44; equity incentives reduce enterprise innovation because managers want to maximize their benefits&#46; Therefore&#44; to improve enterprise innovation&#44; it is important to choose a reasonable incentive according to the market and policy environment&#46;</p><p id="para0041" class="elsevierStylePara elsevierViewall">Second&#44; the takeover market reduces enterprise innovation by reducing board governance&#46; The takeover market is negatively correlated with the board&#39;s governance level&#46; The structure and size of the board of directors are altered because of takeover market affection&#44; which may lead to a decline in the enterprise governance level&#44; and enterprise innovation strategy may be harmed&#46;</p><p id="para0042" class="elsevierStylePara elsevierViewall">Third&#44; the takeover market can reduce enterprise innovation by reducing the governance level of large shareholders&#46; Large shareholders support enterprise innovation activities to maximize profit&#46; However&#44; the takeover market affects enterprise ownership structures&#44; which partially restricts large shareholders&#39; governance levels&#46; Owing to the pressure of the takeover market&#44; large shareholders might reduce their support for high-risk and long-periodicity enterprise innovation&#46; Finally&#44; this reduces enterprise innovation activities&#46;</p></span><span id="sec0026" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0028">Policy Recommendations</span><p id="para0043" class="elsevierStylePara elsevierViewall">As an effective external governance mechanism&#44; the takeover market is positive in terms of resource allocation and enterprise innovation&#44; but ownership structure and relative registration restrict its development&#46; Therefore&#44; it is necessary to perfect the legal environment&#44; improve the stock market&#44; and release the vitality of the takeover market&#46;</p><p id="para0044" class="elsevierStylePara elsevierViewall">The level of manager incentives will directly impact enterprise managers&#44; and enterprise operations and development will also be affected&#46; Therefore&#44; enterprises should focus on optimizing the internal governance structure&#44; diversifying incentive methods&#44; improving the supervision mechanism&#44; and selecting the most effective manager incentive method&#46; This will improve the governance level of managers and promote enterprise innovation&#46;</p><p id="para0045" class="elsevierStylePara elsevierViewall">Efficient board governance is conducive to decision-making in enterprise innovation and development&#46; Enterprises should focus on the comprehensive quality of board members and improve the board&#39;s decision-making ability&#46; The level of internal governance can be improved by optimizing the control environment and allocating management authority&#46; This can create rational conditions for enterprise innovation and development&#46;</p><p id="para0046" class="elsevierStylePara elsevierViewall">The principle&#44; which is based on strong property rights&#44; affects the corporate governance structure&#46; Ownership concentration can partially reflect an enterprise&#39;s internal governance level&#46; The level of large shareholder governance can be increased by optimizing the equity structure and strengthening the supervision of large shareholders&#46; Then&#44; the optimal configuration of the enterprise&#39;s resources and governance can be improved&#46; Finally&#44; enterprise innovation is also promoted&#46; Future studies could use researchers involved in R&#38;D activities as a more reliable proxy for enterprise innovation &#40;<a class="elsevierStyleCrossRef" href="#bib0022">Fareed&#160;et&#160;al&#46;&#44; 2022b</a>&#41;&#46;</p></span></span><span id="sec0027" class="elsevierStyleSection elsevierViewall"><span class="elsevierStyleSectionTitle" id="cesectitle0029">Declarations</span><p id="para0050" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleBold">Competing interests&#58;</span> The authors declare that they have no competing interests&#46;</p><p id="para0051" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleBold">Authors&#8217; contributions&#58;</span> All authors equally contributed to this study&#46;</p><p id="para0051a" class="elsevierStylePara elsevierViewall"><span class="elsevierStyleBold">Funding&#58;</span> This research work is supported by the National Social Science Fund of China &#40;No&#46; 20BGL070&#41;&#44; the research project of Philosophy and Social Sciences of Hubei Provincial Department of Education &#40;No&#46;20Q136&#41;&#44; and R&#38;D project DATA4LOWDENSity COLab&#44; FCT - Funda&#231;&#227;o para a Ci&#234;ncia e a Tecnologia&#44; Portugal &#40;UIDP&#47;04011&#47;2020&#41;&#46;Attachment&#46;</p></span></span>"
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          "titulo" => "Abstract"
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          "titulo" => "Keywords"
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        2 => array:2 [
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          "titulo" => "Introduction"
        ]
        3 => array:3 [
          "identificador" => "sec0002"
          "titulo" => "Literature Review and Hypothesis"
          "secciones" => array:2 [
            0 => array:2 [
              "identificador" => "sec0003"
              "titulo" => "Takeover Market and Enterprise Innovation"
            ]
            1 => array:3 [
              "identificador" => "sec0004"
              "titulo" => "Internal Governance and Enterprise Innovation"
              "secciones" => array:4 [
                0 => array:2 [
                  "identificador" => "sec0005"
                  "titulo" => "Manager&#39;s Compensation Incentive and Enterprise Innovation"
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                1 => array:2 [
                  "identificador" => "sec0006"
                  "titulo" => "Manager&#39;s Equity Incentive and Enterprise Innovation"
                ]
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                  "identificador" => "sec0007"
                  "titulo" => "Board of Directors and Enterprise Innovation"
                ]
                3 => array:2 [
                  "identificador" => "sec0008"
                  "titulo" => "Large Shareholders Governance and Enterprise Innovation"
                ]
              ]
            ]
          ]
        ]
        4 => array:3 [
          "identificador" => "sec0009"
          "titulo" => "Methodology"
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              "identificador" => "sec0010"
              "titulo" => "Data"
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            1 => array:2 [
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          "titulo" => "Results and discussion"
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              "titulo" => "Descriptive analysis"
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              "titulo" => "Estimation of Mediating Effect Model"
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                0 => array:2 [
                  "identificador" => "sec0016"
                  "titulo" => "Takeover market&#44; Managers&#8217; equity incentive&#44; and enterprise innovation"
                ]
                1 => array:2 [
                  "identificador" => "sec0017"
                  "titulo" => "Takeover market&#44; executive compensation incentive&#44; and enterprise innovation"
                ]
                2 => array:2 [
                  "identificador" => "sec0018"
                  "titulo" => "Takeover market&#44; board governance&#44; and enterprise innovation"
                ]
                3 => array:2 [
                  "identificador" => "sec0019"
                  "titulo" => "Takeover market&#44; major shareholder governance&#44; and enterprise innovation"
                ]
              ]
            ]
            2 => array:3 [
              "identificador" => "sec0020"
              "titulo" => "Robustness Checks"
              "secciones" => array:3 [
                0 => array:2 [
                  "identificador" => "sec0021"
                  "titulo" => "Fixed Effect Regression"
                ]
                1 => array:2 [
                  "identificador" => "sec0022"
                  "titulo" => "Two-Stage Least Squares &#40;2SLS&#41;"
                ]
                2 => array:2 [
                  "identificador" => "sec0023"
                  "titulo" => "Regression with Variable Substitution"
                ]
              ]
            ]
          ]
        ]
        6 => array:3 [
          "identificador" => "sec0024"
          "titulo" => "Conclusions and Policy Recommendations"
          "secciones" => array:2 [
            0 => array:2 [
              "identificador" => "sec0025"
              "titulo" => "Conclusions"
            ]
            1 => array:2 [
              "identificador" => "sec0026"
              "titulo" => "Policy Recommendations"
            ]
          ]
        ]
        7 => array:2 [
          "identificador" => "sec0027"
          "titulo" => "Declarations"
        ]
        8 => array:1 [
          "titulo" => "References"
        ]
      ]
    ]
    "pdfFichero" => "main.pdf"
    "tienePdf" => true
    "fechaRecibido" => "2022-02-09"
    "fechaAceptado" => "2022-05-16"
    "PalabrasClave" => array:1 [
      "en" => array:1 [
        0 => array:4 [
          "clase" => "keyword"
          "titulo" => "Keywords"
          "identificador" => "xpalclavsec1541768"
          "palabras" => array:4 [
            0 => "Enterprise innovation"
            1 => "Takeover market"
            2 => "Internal governance"
            3 => "Chinese stock market"
          ]
        ]
      ]
    ]
    "tieneResumen" => true
    "resumen" => array:1 [
      "en" => array:2 [
        "titulo" => "Abstract"
        "resumen" => "<span id="abss0001" class="elsevierStyleSection elsevierViewall"><p id="spara020" class="elsevierStyleSimplePara elsevierViewall">This study explores the relationship between the takeover market and enterprise innovation&#46; We also investigate the mediating role of internal governance &#40;managers&#8217; compensation incentives&#44; equity incentives&#44; boards of directors&#44; and large shareholders&#41; on the relationship between the takeover market and enterprise innovation&#46; We use comprehensive panel data of 1307 firms listed on the Shenzhen and Shanghai stock exchanges for 2006-2016 to meet the study&#39;s objectives&#46; We find that the takeover market positively and significantly influences corporate innovation&#46; It improves corporate innovation ability by increasing managers&#8217; compensation incentives&#46; However&#44; enterprise innovation ability decreases with an increase in managers&#8217; equity incentives&#44; large shareholders&#44; and the board of directors&#46; Finally&#44; this study recommends useful policy implications to increase enterprise innovation in the Chinese financial market&#46;</p></span>"
      ]
    ]
    "NotaPie" => array:1 [
      0 => array:3 [
        "etiqueta" => "1"
        "nota" => "<p class="elsevierStyleNotepara" id="notep0001">ST is abbreviation of &#8220;special treatment&#8221;&#46; A listed company&#39;s stock number with ST means that this company which listed in China stock market is in financial trouble or other abnormal conditions now&#46; On April 22&#44; 1998&#44; the Shanghai and Shenzhen Stock Exchanges announced that they would mark special treatment to the stock transactions of listed companies with abnormal financial trouble or other conditions&#46; Such as their stock prices are limited to 5&#37; increase and 5&#37; decrease per day&#46; Moreover&#44; the &#42;ST means that the listed company keep suffering losses in last three years&#44; an early warning of delisting is given&#46; price of the company with&#42;ST is also limited to 5&#37; increase and 5&#37; decrease per day&#46;</p>"
        "identificador" => "cit_1"
      ]
    ]
    "multimedia" => array:13 [
      0 => array:8 [
        "identificador" => "fig0001"
        "etiqueta" => "Figure 1"
        "tipo" => "MULTIMEDIAFIGURA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "figura" => array:1 [
          0 => array:4 [
            "imagen" => "gr1.jpeg"
            "Alto" => 1076
            "Ancho" => 1500
            "Tamanyo" => 117673
          ]
        ]
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0001"
            "detalle" => "Figure "
            "rol" => "short"
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara001" class="elsevierStyleSimplePara elsevierViewall">Research Model&#46;</p> <p id="spara002" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span> Solid lines show the direct relationships&#44; and dotted lines show the indirect relationship</p>"
        ]
      ]
      1 => array:8 [
        "identificador" => "tbl0001"
        "etiqueta" => "Table 1"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0002"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara004" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span> SD&#44; Standard deviation&#59; N&#44; Sample size&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Constructs&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Maximum&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Minimum&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Mean&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Median&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">SD&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">N&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0008"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0009"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">8&#46;6635&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0010"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0011"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;8217&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0012"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;6094&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0013"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;2888&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0014"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0015"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0016"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">7&#46;0926&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0017"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0018"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5&#46;1722&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0019"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5&#46;3753&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0020"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;0266&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0021"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0022"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0023"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5&#46;3259&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0024"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;2456&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0025"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">2&#46;0394&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0026"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">2&#46;0745&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0027"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;6193&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0028"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0029"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0030"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;8999&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0031"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0029&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0032"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3598&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0033"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3411&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0034"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1487&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0035"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0036"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0037"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;8092&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0038"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0039"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0672&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0040"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0002&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0041"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1363&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0042"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0043"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0044"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;7348&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0045"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">11&#46;0021&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0046"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">14&#46;6329&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0047"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">14&#46;6225&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0048"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;8224&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0049"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0050"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0051"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">4&#46;9215&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0052"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;56004&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0053"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1542&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0054"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1050&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0055"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;2410&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0056"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0057"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0058"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">38&#46;5833&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0059"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">2&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0060"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">13&#46;4581&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0061"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">13&#46;3333&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0062"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">4&#46;9834&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0063"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0064"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0065"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;4660&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0066"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;4620&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0067"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0488&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0068"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0430&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0069"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0599&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0070"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0071"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0072"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;6413&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0073"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;7927&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0074"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0064&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0075"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0182&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0076"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0971&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0077"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0078"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEO age&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0079"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">4&#46;3567&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0080"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">3&#46;2958&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0081"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">3&#46;8726&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0082"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">3&#46;8712&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0083"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1356&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0084"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara003" class="elsevierStyleSimplePara elsevierViewall">Descriptive statistics&#46;</p>"
        ]
      ]
      2 => array:8 [
        "identificador" => "tbl0002"
        "etiqueta" => "Table 2"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0003"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:1 [
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0085"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0086"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0087"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0088"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0089"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0090"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0091"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0092"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0093"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0094"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0095"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0096"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0097"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0098"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0099"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0100"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0101"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0102"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0103"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0104"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0105"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0106"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0107"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0108"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0109"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0110"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;126<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0111"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0112"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0113"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0114"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0115"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0116"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0117"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0118"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0119"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0120"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0121"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0122"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;029<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0123"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;165<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0124"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0125"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0126"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0127"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0128"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0129"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0130"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0131"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0132"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0133"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0134"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;341<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0135"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;144<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0136"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;039<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0137"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0138"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0139"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0140"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0141"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0142"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0143"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0144"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0145"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0146"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;107<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0147"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;096<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0148"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;345<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0149"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;161<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0150"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0151"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0152"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0153"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0154"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0155"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0156"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0157"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0158"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;060<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0159"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;178<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0160"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;068<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0161"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;005&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0162"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;029<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0163"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0164"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0165"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0166"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0167"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0168"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0169"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0170"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;042<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0171"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;044<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0172"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;042<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0173"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;081<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0174"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;059<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0175"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;034<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0176"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0177"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0178"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0179"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0180"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0181"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0182"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;046<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0183"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;090<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0184"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;164<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0185"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;135<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0186"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;108<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0187"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;150<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0188"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;045<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0189"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0190"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0191"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0192"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0193"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0194"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;051<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0195"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;011&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0196"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;104<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0197"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;236<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0198"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;076<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0199"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;072<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0200"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;286<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0201"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;115<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0202"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0203"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0204"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0205"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0206"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;013&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0207"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;041<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0208"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;041<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0209"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;003&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0210"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;034<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0211"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;106<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0212"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;319<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0213"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;009&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0214"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;099<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0215"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0216"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0217"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0218"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;057<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0219"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;053<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0220"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;030<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0221"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;162<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0222"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;098<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0223"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;011&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0224"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;026<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0225"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;103<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0226"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;011&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0227"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;004&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0228"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara005" class="elsevierStyleSimplePara elsevierViewall">Pearson correlation analysis&#46;</p>"
        ]
      ]
      3 => array:8 [
        "identificador" => "tbl0003"
        "etiqueta" => "Table 3"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0004"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara007" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span> &#42;&#42;&#42; means significant at 1&#37; level&#44; &#42;&#42; means significant at 5&#37; level&#44; and &#42; means significant at 10&#37; level&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
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                0 => """
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t ; entry_with_role_rowgroup " rowspan="2" align="left" valign="top" scope="col" style="border-bottom: 2px solid black">Items</th><a name="en0230"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0231"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0232"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0234"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0235"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Gqjz&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0236"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Gqjz&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0237"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Constant term&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0238"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;0322<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;-2&#46;12&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0239"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0908&#42; &#40;-1&#46;82&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0240"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;0909<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;-2&#46;24&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0241"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0242"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1168<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;39&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0243"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0088 &#40;4&#46;68&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0244"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1224<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;70&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0245"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0246"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#47;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0247"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#47;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0248"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;6456<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-5&#46;33&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0249"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0250"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1695<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;32&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0251"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0156<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;08&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0252"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1796<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;46&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0253"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0254"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0052 &#40;1&#46;52&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0255"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0064<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-18&#46;31&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0256"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0010 &#40;0&#46;30&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0257"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0258"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;9281<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;29&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0259"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1931<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;68&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0260"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;0528<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;72&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0261"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0262"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0819 &#40;-0&#46;47&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0263"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0561<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;14&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0264"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0457 &#40;-0&#46;26&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0265"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0266"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3463<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;94&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0267"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0198 &#40;1&#46;64&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0268"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3590<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;06&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0269"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0270"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0271"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0272"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0273"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0274"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0275"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0276"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0277"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">F value&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0278"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;84&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0279"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">41&#46;75&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0280"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">18&#46;45&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0281"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">R<span class="elsevierStyleSup">2</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0282"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0469&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0283"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1064&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0284"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0509&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0285"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Sample size&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0286"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0287"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0288"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara006" class="elsevierStyleSimplePara elsevierViewall">Takeover market&#44; Manager Equity incentive and Enterprise Innovation&#46;</p>"
        ]
      ]
      4 => array:8 [
        "identificador" => "tbl0004"
        "etiqueta" => "Table 4"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0005"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara009" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span> &#42;&#42;&#42; means significant at 1&#37; level&#44; &#42;&#42; means significant at 5&#37; level&#44; and &#42; means significant at 10&#37; level&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0289"></a><th class="td-with-role" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t ; entry_with_role_rowgroup " rowspan="2" align="left" valign="top" scope="col" style="border-bottom: 2px solid black">Items</th><a name="en0290"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0291"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0292"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0294"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0295"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0296"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Xcjl&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0297"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Constant term&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0298"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;0322<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;-2&#46;12&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0299"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">11&#46;2657<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;39&#46;03&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0300"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-6&#46;9574<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-13&#46;51&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0301"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0302"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1168<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;39&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0303"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0390<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;60&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0304"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0963<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;5&#46;53&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0305"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0306"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0307"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0308"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;5260<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;26&#46;38&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0309"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0310"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1695<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;32&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0311"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0405 &#40;0&#46;94&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0312"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1482<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;13&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0313"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0314"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0052 &#40;1&#46;52&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0315"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0116<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;5&#46;75&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0316"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0009 &#40;-0&#46;29&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0317"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0318"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;9281<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;29&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0319"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">3&#46;5891<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;21&#46;46&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0320"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;9596<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-3&#46;45&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0321"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0322"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0819 &#40;-0&#46;47&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0323"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;1770&#42; &#40;-1&#46;71&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0324"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0112 &#40;0&#46;07&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0325"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0326"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3463<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;94&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0327"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;6239<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;8&#46;95&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0328"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0181 &#40;0&#46;16&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0329"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0330"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0331"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0332"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0333"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0334"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0335"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0336"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0337"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">F value&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0338"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;84&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0339"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">75&#46;81&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0340"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">53&#46;56&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0341"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">R<span class="elsevierStyleSup">2</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0342"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0469&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0343"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1794&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0344"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1392&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0345"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Sample size&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0346"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0347"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0348"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara008" class="elsevierStyleSimplePara elsevierViewall">Takeover market&#44; manager&#39;s compensation incentive and enterprise innovation&#46;</p>"
        ]
      ]
      5 => array:8 [
        "identificador" => "tbl0005"
        "etiqueta" => "Table 5"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0006"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara011" class="elsevierStyleSimplePara elsevierViewall">Note&#58; &#42;&#42;&#42; means significant at 1&#37; level&#44; &#42;&#42; means significant at 5&#37; level&#44; and &#42; means significant at 10&#37; level&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0349"></a><th class="td-with-role" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t ; entry_with_role_rowgroup " rowspan="2" align="left" valign="top" scope="col" style="border-bottom: 2px solid black">Items</th><a name="en0350"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0351"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0352"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0354"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0355"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0356"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Dshzl&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0357"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Constant term&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0358"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;0322<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;-2&#46;12&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0359"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">4&#46;4281<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;19&#46;14&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0360"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-2&#46;2395<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-4&#46;51&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0361"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0362"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1168<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;39&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0363"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0347<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-3&#46;98&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0364"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1262<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;95&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0365"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0366"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0367"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0368"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;2726<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;10&#46;51&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0369"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0370"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1695<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;32&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0371"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;2309<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;64&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0372"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1066 &#40;1&#46;46&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0373"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0374"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0052 &#40;1&#46;52&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0375"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0171<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;10&#46;60&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0376"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0005 &#40;0&#46;15&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0377"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0378"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;9281<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;29&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0379"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;9677<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-7&#46;22&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0380"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;1919<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;4&#46;24&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0381"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0382"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0819 &#40;-0&#46;47&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0383"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0084 &#40;0&#46;10&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0384"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0841 &#40;-0&#46;49&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0385"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0386"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3463<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;94&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0387"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;4931<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-8&#46;82&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0388"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;4807<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;4&#46;09&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0389"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0390"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0391"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0392"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0393"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0394"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0395"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0396"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0397"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">F Value&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0398"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;84&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0399"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">26&#46;75&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0400"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">22&#46;76&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0401"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">R<span class="elsevierStyleSup">2</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0402"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0469&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0403"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0700&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0404"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0627&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0405"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Sample size&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0406"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0407"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0408"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara010" class="elsevierStyleSimplePara elsevierViewall">Takeover market&#44; board governance and enterprise innovation&#46;</p>"
        ]
      ]
      6 => array:8 [
        "identificador" => "tbl0006"
        "etiqueta" => "Table 6"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0007"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara013" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span> &#42;&#42;&#42; means significant at 1&#37; level&#44; &#42;&#42; means significant at 5&#37; level&#44; and &#42; means significant at 10&#37; level&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0409"></a><th class="td-with-role" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t ; entry_with_role_rowgroup " rowspan="2" align="left" valign="top" scope="col" style="border-bottom: 2px solid black">Constructs</th><a name="en0410"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0411"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0412"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0414"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0415"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0416"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&#8594;Dgdzl&#8594;Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0417"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Constant term&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0418"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;0322<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;-2&#46;12&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0419"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;4392<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;7&#46;93&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0420"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;3247<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-2&#46;71&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0421"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0422"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1168<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;39&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0423"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0242<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-11&#46;63&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0424"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1329<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;7&#46;21&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0425"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0426"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0427"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0428"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;6659<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;11&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0429"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0430"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1695<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;32&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0431"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0118 &#40;-1&#46;41&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0432"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1774<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;43&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0433"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0434"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0052 &#40;1&#46;52&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0435"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0043<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;-11&#46;24&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0436"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0080<span class="elsevierStyleSup">&#8270;&#8270;</span> &#40;2&#46;35&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0437"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0438"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;9281<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;3&#46;29&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0439"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1396<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;4&#46;35&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0440"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;8351<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;96&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0441"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0442"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0819 &#40;-0&#46;47&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0443"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;1264<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;6&#46;38&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0444"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;1660 &#40;-0&#46;95&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0445"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0446"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3463<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;94&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0447"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0195 &#40;1&#46;46&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0448"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;3332<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span> &#40;2&#46;84&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0449"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0450"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0451"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0452"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0453"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0454"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0455"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0456"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">controlled&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0457"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">F Value&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0458"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;84&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0459"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">28&#46;99&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0460"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">18&#46;91&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0461"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">R<span class="elsevierStyleSup">2</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0462"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0469&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0463"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0756&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0464"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0522&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0465"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Sample size&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0466"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0467"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0468"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara012" class="elsevierStyleSimplePara elsevierViewall">Takeover market&#44; major shareholder governance and enterprise innovation&#46;</p>"
        ]
      ]
      7 => array:8 [
        "identificador" => "tbl0007"
        "etiqueta" => "Table 7"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0008"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara015" class="elsevierStyleSimplePara elsevierViewall"><span class="elsevierStyleBold">Note&#58;</span><span class="elsevierStyleItalic">t</span> statistics in parentheses&#44; &#42; <span class="elsevierStyleItalic">p</span> &#60; 0&#46;1&#44; <span class="elsevierStyleSup">&#8270;&#8270;</span><span class="elsevierStyleItalic">p</span> &#60; 0&#46;05&#44; <span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span><span class="elsevierStyleItalic">p</span> &#60; 0&#46;01</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0469"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0470"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 1EI&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0471"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 2TM&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0472"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 3EI&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0473"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 4&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0474"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 5&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0475"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 6&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0476"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 7&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0477"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 8&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0478"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">Model 9&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0479"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0480"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0481"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0482"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0483"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0484"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0485"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0486"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0487"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0488"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0489"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0490"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;117<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0491"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0492"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;122<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0493"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0494"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;096<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0495"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0496"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;126<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0497"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0498"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;133<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0499"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0500"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;909&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0501"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0502"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;6&#46;174&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0503"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0504"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;050&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0505"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0506"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;6&#46;453&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0507"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0508"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;6&#46;900&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0509"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0510"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0511"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;384<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0512"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;646<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0513"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0514"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0515"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0516"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0517"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0518"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0519"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0520"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0521"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;4&#46;857&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0522"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-5&#46;616&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0523"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0524"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0525"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0526"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0527"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0528"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0529"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0530"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0531"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0532"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0533"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;051<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0534"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;526<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0535"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0536"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0537"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0538"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0539"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0540"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0541"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0542"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0543"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;545&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0544"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;21&#46;449&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0545"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0546"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0547"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0548"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0549"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0550"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0555"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;071<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0556"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;273<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0557"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0558"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0559"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0560"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0561"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0562"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0563"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0564"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0565"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-3&#46;945&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0566"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;9&#46;292&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0567"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0568"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0569"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0570"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0571"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;846<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0578"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;666<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0579"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0580"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-11&#46;634&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;694&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0589"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;170<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;163<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;180<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;167<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;107&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;156<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;177<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0599"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;2&#46;508&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0609"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;005&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t</td><a name="en0614"></a><td class="td" title="\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t</td><a name="en0616"></a><td class="td" title="\n
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                  \t\t\t\t  " align="" valign="top">0&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0617"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t</td><a name="en0618"></a><td class="td" title="\n
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                  \t\t\t\t  " align="" valign="top">0&#46;008<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0619"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0620"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;489&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0621"></a><td class="td" title="\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t</td><a name="en0628"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0711"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0712"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0713"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0714"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0715"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0716"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0717"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0718"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0719"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">r2&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0720"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;050&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0721"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;311&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0722"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;054&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0723"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;310&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0724"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;142&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0725"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;311&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0726"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;066&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0727"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;323&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0728"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;055&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0729"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">r2&#95;a&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0730"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;047&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0731"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;309&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0732"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;051&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0733"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;308&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0734"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;139&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0735"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;309&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0736"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;063&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0737"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;321&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0738"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;052&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0739"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">F&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0740"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;276&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0741"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">236&#46;431&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0742"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">17&#46;306&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0743"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">237&#46;147&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0744"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">38&#46;264&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0745"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">236&#46;081&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0746"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">20&#46;321&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0747"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">239&#46;913&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0748"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">18&#46;312&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0749"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0750"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0751"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0752"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0753"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0754"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0755"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0756"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0757"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0758"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0759"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0760"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0761"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0762"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0763"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0764"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0765"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0766"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0767"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0768"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara014" class="elsevierStyleSimplePara elsevierViewall">Results of FE estimates&#46;</p>"
        ]
      ]
      8 => array:8 [
        "identificador" => "tbl0008"
        "etiqueta" => "Table 8"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0009"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara017" class="elsevierStyleSimplePara elsevierViewall">Note&#58; t statistics in parentheses&#44; &#42; p &#60; 0&#46;1&#44; &#42;&#42; p &#60; 0&#46;05&#44; &#42;&#42;&#42; p &#60; 0&#46;01&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
                  \t\t\t\t\tvoid\n
                  \t\t\t\t" class=""><thead title="thead"><tr title="table-row"><a name="en0769"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Constructs&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0770"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0771"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Variables&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0772"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0773"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0774"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0838&#42;&#42;&#42;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0775"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">FCF&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0776"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;163&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0777"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0778"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;0325&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0779"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0780"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;139&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0781"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0782"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0858&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0783"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">CEOage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0784"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;0946&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0785"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0786"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;0689&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0787"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0788"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;168&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0789"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0790"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0887&#42;&#42;&#42;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0791"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Constant&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0792"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;636&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0793"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0794"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;0073&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0795"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0796"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;641&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0797"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">ROA&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0798"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;801&#42;&#42;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0799"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Observations&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0800"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">4&#44;763&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0801"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0802"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;322&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0803"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">R-sq&#58;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0804"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;0768&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
              ]
            ]
          ]
        ]
        "descripcion" => array:1 [
          "en" => "<p id="spara016" class="elsevierStyleSimplePara elsevierViewall">Robustness of 2SLS estimates&#46;</p>"
        ]
      ]
      9 => array:8 [
        "identificador" => "tbl0009"
        "etiqueta" => "Table 9"
        "tipo" => "MULTIMEDIATABLA"
        "mostrarFloat" => true
        "mostrarDisplay" => false
        "detalles" => array:1 [
          0 => array:3 [
            "identificador" => "alt0010"
            "detalle" => "Table "
            "rol" => "short"
          ]
        ]
        "tabla" => array:2 [
          "leyenda" => "<p id="spara019" class="elsevierStyleSimplePara elsevierViewall">Note&#58; t statistics in parentheses&#44; &#42; p &#60; 0&#46;1&#44; &#42;&#42; p &#60; 0&#46;05&#44; &#42;&#42;&#42; p &#60; 0&#46;01&#46;</p>"
          "tablatextoimagen" => array:1 [
            0 => array:1 [
              "tabla" => array:1 [
                0 => """
                  <table border="0" frame="\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0806"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;1&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0807"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;2&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;3&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0809"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;4&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0810"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;5&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0811"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;6&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0812"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;7&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0813"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;8&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0814"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col">&#40;9&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr><tr title="table-row"><a name="en0815"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Constructs&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0816"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0817"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0818"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0819"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0820"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0821"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0822"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0823"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th><a name="en0824"></a><th class="td" title="\n
                  \t\t\t\t\ttable-head\n
                  \t\t\t\t  " align="" valign="top" scope="col" style="border-bottom: 2px solid black">Fmzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t\t\t</th></tr></thead><tbody title="tbody"><tr title="table-row"><a name="en0825"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Kzqsc&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0826"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;091<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0827"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0828"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;104<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0829"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0830"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;074<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0831"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0832"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;107<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0833"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0834"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;117<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0835"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0836"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;4&#46;284&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0837"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0838"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;4&#46;917&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0839"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0840"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;692&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0841"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0842"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;113&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0843"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0844"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;632&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0845"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Gqjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0846"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0847"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;384<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0848"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-1&#46;548<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0849"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0850"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0851"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0852"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0853"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0854"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0855"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0856"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0857"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;4&#46;857&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0858"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-15&#46;699&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0859"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0860"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0861"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0862"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0863"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0864"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0865"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Xcjl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0866"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0867"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0868"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0869"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;051<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0870"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;795<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0871"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0872"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0873"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0874"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0875"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0876"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0877"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0878"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0879"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;545&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0880"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;30&#46;692&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0881"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0883"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0884"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0885"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dshzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0886"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0891"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;071<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0892"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;447<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0893"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0894"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0895"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0896"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0897"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0898"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0899"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0900"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0901"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-3&#46;945&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0902"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;14&#46;610&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0903"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0904"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0905"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Dgdzl&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0906"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0907"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0908"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0909"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0910"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0911"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0912"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0913"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;846<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0914"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">1&#46;232<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0915"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0916"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0917"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0918"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0919"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0920"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0921"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0922"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0923"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-11&#46;634&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0924"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;8&#46;797&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0925"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Growth&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0926"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;090&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0927"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;163<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0928"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;122&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0929"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;167<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0930"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;120&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;185<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0932"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;009&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0933"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;156<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0934"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;129&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0935"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0936"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;017&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0937"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;242&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0938"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;365&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0939"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;310&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0940"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;585&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0941"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;644&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0942"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-0&#46;101&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0943"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;257&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0944"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;433&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0945"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Firmage&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0946"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;018<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0947"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;006<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0948"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;009<span class="elsevierStyleSup">&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;009<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;009<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0951"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;007<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0952"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;010<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0953"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">-0&#46;012<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en0954"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;023<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en0955"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-5&#46;084&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;-0&#46;083&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;664<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">0&#46;086&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;447<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1016"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;555&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;785&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;4&#46;047&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;486&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;285&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;0&#46;447&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;5&#46;161&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;1&#46;075&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1024"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;505&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1025"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&#95;cons&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">14&#46;900<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1027"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">2&#46;006<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1028"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">14&#46;646<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1029"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">12&#46;904<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">14&#46;213<span class="elsevierStyleSup">&#8270;&#8270;&#8270;</span>&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;26&#46;253&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;26&#46;326&#41;&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1039"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">&#40;3&#46;720&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">&#40;6&#46;820&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">&#40;22&#46;163&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">&#40;7&#46;321&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t  " align="" valign="top">&#40;24&#46;911&#41;&nbsp;\t\t\t\t\t\t\n
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                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">N&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1046"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5100&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1047"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1048"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5100&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1049"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1050"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5100&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1051"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1052"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5100&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1053"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">6501&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1054"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">5100&#46;000&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1055"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">r2&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1056"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;103&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1057"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;311&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1058"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;129&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1059"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;310&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1060"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;279&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1061"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;311&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1062"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;142&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1063"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;323&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1064"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;119&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1065"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">r2&#95;a&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1066"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;100&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1067"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;309&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1068"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;125&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1069"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;308&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1070"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;276&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1071"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;309&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1072"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;138&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1073"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;321&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1074"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">0&#46;116&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1075"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">F&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1076"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">31&#46;723&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1077"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">236&#46;431&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1078"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">43&#46;981&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1079"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">237&#46;147&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1080"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">85&#46;554&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1081"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">236&#46;081&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1082"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">42&#46;580&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1083"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">239&#46;913&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1084"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">36&#46;194&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1085"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">Industry&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1086"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1087"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1088"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1089"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1090"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1091"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1092"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1093"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1094"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr><tr title="table-row"><a name="en1095"></a><td class="td-with-role" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t ; entry_with_role_rowhead " align="" valign="top">year&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1096"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1097"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1098"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1099"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1100"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1101"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1102"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1103"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td><a name="en1104"></a><td class="td" title="\n
                  \t\t\t\t\ttable-entry\n
                  \t\t\t\t  " align="" valign="top">Yes&nbsp;\t\t\t\t\t\t\n
                  \t\t\t\t</td></tr></tbody></table>
                  """
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      "titulo" => "References"
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        0 => array:2 [
          "identificador" => "cebibsec1"
          "bibliografiaReferencia" => array:95 [
            0 => array:3 [
              "identificador" => "bib0001"
              "etiqueta" => "Amore and Bennedsen&#44; 2016"
              "referencia" => array:1 [
                0 => array:2 [
                  "contribucion" => array:1 [
                    0 => array:2 [
                      "titulo" => "Corporate governance and green innovation"
                      "autores" => array:1 [
                        0 => array:2 [
                          "etal" => false
                          "autores" => array:2 [
                            0 => "M&#46;D&#46; Amore"
                            1 => "M&#46; Bennedsen"
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                    0 => array:1 [
                      "Revista" => array:5 [
                        "tituloSerie" => "Journal of Environmental Economics and Management"
                        "fecha" => "2016"
                        "volumen" => "75"
                        "paginaInicial" => "54"
                        "paginaFinal" => "72"
                      ]
                    ]
                  ]
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            1 => array:3 [
              "identificador" => "bib0002"
              "etiqueta" => "Artz et&#160;al&#46;&#44; 2010"
              "referencia" => array:1 [
                0 => array:2 [
                  "contribucion" => array:1 [
                    0 => array:2 [
                      "titulo" => "A longitudinal study of the impact of R&#38;D&#44; patents&#44; and product innovation on firm performance"
                      "autores" => array:1 [
                        0 => array:2 [
                          "etal" => false
                          "autores" => array:4 [
                            0 => "K&#46;W&#46; Artz"
                            1 => "P&#46;M&#46; Norman"
                            2 => "D&#46;E&#46; Hatfield"
                            3 => "L&#46;B&#46; Cardinal"
                          ]
                        ]
                      ]
                    ]
                  ]
                  "host" => array:1 [
                    0 => array:1 [
                      "Revista" => array:6 [
                        "tituloSerie" => "Journal of product innovation management"
                        "fecha" => "2010"
                        "volumen" => "27"
                        "numero" => "5"
                        "paginaInicial" => "725"
                        "paginaFinal" => "740"
                      ]
                    ]
                  ]
                ]
              ]
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            2 => array:3 [
              "identificador" => "bib0003"
              "etiqueta" => "Barker III and Mueller&#44; 2002"
              "referencia" => array:1 [
                0 => array:2 [
                  "contribucion" => array:1 [
                    0 => array:2 [
                      "titulo" => "CEO characteristics and firm R&#38;D spending"
                      "autores" => array:1 [
                        0 => array:2 [
                          "etal" => false
                          "autores" => array:2 [
                            0 => "V&#46;L&#46; Barker III"
                            1 => "G&#46;C Mueller"
                          ]
                        ]
                      ]
                    ]
                  ]
                  "host" => array:1 [
                    0 => array:1 [
                      "Revista" => array:6 [
                        "tituloSerie" => "Management Science"
                        "fecha" => "2002"
                        "volumen" => "48"
                        "numero" => "6"
                        "paginaInicial" => "782"
                        "paginaFinal" => "801"
                      ]
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                ]
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            3 => array:3 [
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              "etiqueta" => "Barros and Lazzarini&#44; 2012"
              "referencia" => array:1 [
                0 => array:2 [
                  "contribucion" => array:1 [
                    0 => array:2 [
                      "titulo" => "Do organizational incentives spur innovation&#63;"
                      "autores" => array:1 [
                        0 => array:2 [
                          "etal" => false
                          "autores" => array:2 [
                            0 => "H&#46;M&#46; Barros"
                            1 => "S&#46;G&#46; Lazzarini"
                          ]
                        ]
                      ]
                    ]
                  ]
                  "host" => array:1 [
                    0 => array:1 [
                      "Revista" => array:5 [
                        "tituloSerie" => "BAR-Brazilian Administration Review"
                        "fecha" => "2012"
                        "volumen" => "9"
                        "paginaInicial" => "308"
                        "paginaFinal" => "328"
                      ]
                    ]
                  ]
                ]
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            4 => array:3 [
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              "etiqueta" => "Baysinger et&#160;al&#46;&#44; 1991"
              "referencia" => array:1 [
                0 => array:2 [
                  "contribucion" => array:1 [
                    0 => array:2 [
                      "titulo" => "Effects of board and ownership structure on corporate R&#38;D strategy"
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                          "autores" => array:3 [
                            0 => "B&#46;D&#46; Baysinger"
                            1 => "R&#46;D&#46; Kosnik"
                            2 => "T&#46;A&#46; Turk"
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                  "host" => array:1 [
                    0 => array:1 [
                      "Revista" => array:6 [
                        "tituloSerie" => "Academy of Management journal"
                        "fecha" => "1991"
                        "volumen" => "34"
                        "numero" => "1"
                        "paginaInicial" => "205"
                        "paginaFinal" => "214"
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Article information
ISSN: 2444569X
Original language: English
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