Table 4.

Mediating effect test results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	Exploratory	DDC	Exploratory	Exploitative	DDC	Exploitative
DT	0.037***	0.065***	0.031***	0.040***	0.056***	0.035***
	(0.005)	(0.006)	(0.006)	(0.004)	(0.005)	(0.005)
DDC			0.057***			0.042***
			(0.005)			(0.005)
Controls	YES	YES	YES	YES	YES	YES
Year	YES	YES	YES	YES	YES	YES
Industry	YES	YES	YES	YES	YES	YES
_cons	− 0.063**	− 0.151*	− 0.114	− 0.125	− 0.172	− 0.161*
	(0.027)	(0.059)	(0.136)	(0.072)	(0.094)	(0.056)
Obs	13,709	13,709	13,709	13,709	13,709	13,709
$R^2$	0.139	0.102	0.152	0.196	0.128	0.171

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