Table 2. Descriptive statistics

Variable	Observation	Mean	Median	Inter-quartile range	Standard dev. (overall)	Standard dev. (bet.)	Standard dev. (within)
Ri,tCi,t-11)	4,749	1.5	0.4	0.4	22.3	15.0	19.6
Δyi,t	12,071	0.2	0.1	0.4	0.6	0.3	0.5
ci,t−2−yi,t−2	8,315	–2.7	–2.4	2.2	2.1	2.0	0.8
yi,t-2	13,597	15.7	16.0	2.3	1.7	1.7	0.7
Zombie status (1/0)	8,185	0.11	0.0	0.0	0.31	0.25	0.22
Industry with lower zombie share (1/0)	16,071	0.36	0	1	0.48	0.48	0

R&D capital stock (C) was calculated by authors, which is detailed in Appendix 2.
R&D, research and development.