Table 6.
Robust test results by changing data source and estimation method.
| Dependent variable: Profitability | Model 8 | Model 9 |
|---|---|---|
| Constant | 58.078*** | 55.281*** |
| Independent Variables: | ||
| Innovation | −80.223*** | −2.807 |
| Advertising | −10.636*** | −18.334* |
| Personal Selling | 7.079** | 19.916 |
| Sino-Securities Sustainability | 8.031** | 14.017*** |
| Interaction Items: | ||
| Sino-Securities Sustainability*Innovation | −169.651** | |
| Sino-Securities Sustainability*Advertising | 13.446 | |
| Sino-Securities Sustainability*Personal Selling | −21.367 | |
| Control Variables: | ||
| Ln (Firm Age) | −7.389*** | −7.591*** |
| Ln (Asset Size) | 1.610 | 1.988 |
| Ln (Total Number of Employees) | −0.922 | −1.368 |
| Debt to Net Worth Ratio | −0.010** | −0.008*** |
| Model-fitting metrics: | ||
| R2 | 0.2327 | 0.2447 |
| F value | 19.14*** | 82.31*** |
| Observations | 350 | 350 |
***p < 0.01, **p < 0.05, and *p < 0.10, two tailed test.