Table 3.

Main effect test results.

Variables	(1)	(2)	(3)	(4)
	Exploratory	Exploitative	Exploratory)	Exploitative
DT	0.061***	0.049***	0.043***	0.038***
	(0.007)	(0.003)	(0.006)	(0.003)
Scale			0.106*	0.140**
			(0.047)	(0.031)
Board			− 0.008	− 0.006
			(0.041)	(0.063)
Vrd			0.055	0.050
			(0.089)	(0.085)
Leverage			− 0.161**	− 0.127*
			(0.063)	(0.058)
Free cashflow			0.205	0.133
			(0.164)	(0.187)
Grow			0.075**	0.084**
			(0.039)	(0.036)
Year	YES	YES	YES	YES
Industry	YES	YES	YES	YES
_cons	− 0.039**	− 0.083	− 0.075**	− 0.117
	(0.018)	(0.069)	(0.024)	(0.085)
Obs	13,709	13,709	13,709	13,709
$R^2$	0.136	0.194	0.120	0.167

t-statistics in parentheses: * p < 0.1, ** p < 0.05, *** p < 0.01.