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TABLE 1
Summary Statistics and Correlations

Variables	Mean	SD	1	2	3	4	5	6	7
1. Founding	1984.5	2.80
2. Cit/pat	4.68	10.69	.-422**
3. Ln rd	1.45	.91	.446**	-.247
4. Ln sales	.87	1.69	.120	-.127	.533**
5. N partn.	2.90	2.73	-.086	.080	.329**	.383**
6. N patents	8.38	11.05	-.184	-.010	.296*	.233*	.397**
7. R&D age	49.48	29.99	-.321**		.260*	-.032	.289*	.112	.081
8. N R&D	2.21	2.23	-.181	.123	.331*	.402	.861**	.463**	.102

N = 103
* p < 0.05, ** p < 0.01 (two–tailed tests)

Independent variables. Independent variables of the study were the cumulative number of R&D cooperative partners (N R&D), partner age (industry incumbency; R&D age) and partner innovativeness (Innov). Paine–Webber and Genguide directories, Predicasts, and various news databases were the sources of the cooperation data: a relationship was recorded only if a record of it was found in two independent sources. A lagged–variable design was used: data for the independent variables were collected for the first five years since the firm’s founding. The data included all cooperative relationships (N partn.) that were started during this period. The purpose of the relationship was also coded to distinguish between technological and other kinds of relationships. The age of the partner was measured at the time when the cooperation started.

Control variables. Since R&D expenditure of the company is likely to affect innovative output and growth of high technology firms, average R&D expenditures for years 3–5 (Ln rd) were collected for each firm (adjusted for inflation and logged). We also controlled for the differences in founding conditions and citation periods by including the founding year of the start–up (Founding). See Table 1 for the descriptive statistics of all variables.

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