Dynamic QCA panel data

R language software is used to process the above data for QCA analysis.Among them, the Strategic flexibility indicator is treated as follows:(1) Capital Intensity (Net Fixed Assets / Number of Employees); (2) Advertising and Publicity Investment (Selling Expenses / Operating Income); (3) Degree of Renewal of Fixed Assets (Net Fixed Assets / Original Value of Fixed Assets); (4) Research and Development Inputs (Net Intangible Assets / Operating Income); (5) Corporate Financial Leverage (Sum of Long-term Borrowings, Short-term Borrowings, and Bonds Payable / Total owners' equity); and (6) Investment in Administrative Expenses (Administrative Expenses / Operating Income).

These six indicators are standardized by subtracting the average industry value for the year and dividing by the standard deviation of the indicator. The standardized values are then converted to absolute values, and the average of these absolute values across the six dimensions represents the strategic flexibility of the sample companies.