Table 5.
Results of regression analyses.
| GI |
DC |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Model1 |
Model2 |
Model3 |
Model4 |
Model5 |
Model6 |
Model7 |
||||||||
| Coefficient(T) | P | Coefficient(T) | P | Coefficient(T) | P | Coefficient(T) | P | Coefficient(T) | P | Coefficient(T) | P | Coefficient(T) | P | |
| Const. | 5.703***(21.954) | <0.001 | 5.274***(17.460) | <0.001 | 2.281***(6.406) | <0.001 | 2.302***(6.434) | <0.001 | 5.090***(21.311) | <0.001 | 4.329***(16.320) | <0.001 | 4.942***(22.997) | <0.001 |
| Industry 1 | −0.044 (-0.120) | 0.904 | −0.065 (-0.180) | 0.858 | −0.128 (-0.442) | 0.659 | −0.125 (-0.432) | 0.666 | 0.124 (0.369) | 0.712 | 0.087 (0.275) | 0.783 | 0.170 (0.560) | 0.576 |
| Industry 2 | −2.188***(-5.568) | <0.001 | −2.093***(-5.379) | <0.001 | −1.079**(-3.334) | 0.001 | −1.076**(-3.321) | 0.001 | −1.649***(-4.566) | <0.001 | −1.482***(-4.336) | <0.001 | −0.733*(-2.077) | 0.039 |
| Industry 3 | −0.354 (-0.561) | 0.575 | −0.342 (-0.549) | 0.583 | −0.072 (-0.145) | 0.885 | −0.069 (-0.138) | 0.890 | −0.420 (-0.723) | 0.470 | −0.398 (-0.728) | 0.467 | −0.307 (-0.594) | 0.553 |
| Industry 4 | 0.337 (1.476) | 0.141 | 0.305 (1.351) | 0.178 | −0.008 (-0.046) | 0.964 | −0.009 (-0.047) | 0.962 | 0.514*(2.447) | 0.015 | 0.456*(2.304) | 0.022 | 0.381*(2.030) | 0.044 |
| Industry 5 | 0.040 (0.154) | 0.878 | −0.012 (-0.046) | 0.963 | 0.085 (0.414) | 0.679 | 0.097 (0.471) | 0.638 | −0.067 (-0.279) | 0.780 | −0.159 (-0.703) | 0.483 | −0.177 (-0.825) | 0.410 |
| Industry 6 | −0.337 (-0.529) | 0.597 | −0.055 (-0.087) | 0.931 | −0.417 (-0.830) | 0.408 | −0.480 (-0.939) | 0.349 | 0.119 (0.202) | 0.840 | 0.619 (1.105) | 0.270 | 0.933 (1.746) | 0.082 |
| Industry 7 | 0.250 (1.344) | 0.180 | 0.186 (1.005) | 0.316 | 0.312*(2.128) | 0.034 | 0.328*(2.204) | 0.029 | −0.092 (-0.540) | 0.590 | −0.206 (-1.267) | 0.206 | −0.171 (-1.116) | 0.266 |
| Industry 8 | 0.450 (1.813) | 0.071 | 0.335 (1.348) | 0.179 | 0.127 (0.644) | 0.520 | 0.145 (0.728) | 0.467 | 0.480*(2.104) | 0.036 | 0.276 (1.266) | 0.207 | 0.151 (0.729) | 0.467 |
| SE | −0.644*(-2.237) | 0.026 | −0.646*(-2.275) | 0.024 | −0.312 (-1.364) | 0.174 | −0.304 (-1.328) | 0.186 | −0.494 (-1.866) | 0.063 | −0.498*(-1.997) | 0.047 | −0.358 (-1.510) | 0.132 |
| JV | 0.152 (0.569) | 0.570 | 0.159 (0.605) | 0.546 | 0.071 (0.337) | 0.737 | 0.067 (0.320) | 0.749 | 0.120 (0.491) | 0.624 | 0.133 (0.578) | 0.564 | 0.203 (0.929) | 0.354 |
| PE | −0.119 (-0.631) | 0.528 | −0.109 (-0.589) | 0.556 | −0.123 (-0.830) | 0.407 | −0.125 (-0.843) | 0.400 | 0.006 (0.036) | 0.971 | 0.023 (0.141) | 0.888 | 0.075 (0.484) | 0.629 |
| FE | −0.272 (-0.848) | 0.397 | −0.227 (-0.718) | 0.473 | −0.261 (-1.035) | 0.302 | −0.270 (-1.069) | 0.286 | −0.016 (-0.053) | 0.958 | 0.063 (0.227) | 0.821 | 0.052 (0.198) | 0.843 |
| NE | 0.001 (0.020) | 0.984 | 0.009 (0.124) | 0.901 | −0.026 (-0.474) | 0.636 | −0.028 (-0.511) | 0.610 | 0.041 (0.638) | 0.524 | 0.054 (0.886) | 0.377 | 0.060 (1.035) | 0.302 |
| HNTA | −0.276 (-1.663) | 0.098 | −0.284 (-1.736) | 0.084 | −0.243 (-1.855) | 0.065 | −0.240 (-1.833) | 0.068 | −0.050 (-0.327) | 0.744 | −0.064 (-0.448) | 0.655 | −0.015 (-0.112) | 0.911 |
| EEA | −0.183 (-1.224) | 0.222 | −0.189 (-1.278) | 0.203 | −0.146 (-1.236) | 0.218 | −0.144 (-1.218) | 0.225 | −0.056 (-0.404) | 0.687 | −0.065 (-0.503) | 0.615 | 0.023 (0.186) | 0.853 |
| CEON | 0.104**(2.683) | 0.008 | −0.023 (-0.686) | 0.493 | 0.185***(5.419) | <0.001 | 0.202***(6.115) | <0.001 | ||||||
| DC | 0.672***(11.741) | <0.001 | 0.686***(11.258) | <0.001 | ||||||||||
| MRA | 0.235***(4.949) | <0.001 | ||||||||||||
| CEON*MRA | −0.049*(-2.242) | 0.026 | ||||||||||||
| R-sq | 0.202 | 0.227 | 0.507 | 0.508 | 0.159 | 0.256 | 0.343 | |||||||
| F | 3.774 | 4.086 | 14.316 | 13.469 | 2.814 | 4.807 | 6.408 | |||||||
Independent variable: CEON; Mediating variable: DC; Moderating variables: MRA.
Note: This table summarizes the regression analyses which provide comprehensive test to the hypotheses.