Table 5.

Moderating Effect test results.

Variables	(1)	(2)	(3)
	Exploratory	Exploitative	DDC
DT	0.038***	0.013***	0.027***
	(0.006)	(0.003)	(0.005)
EC	− 0.008	− 0.012	− 0.002
	(0.015)	(0.011)	(0.024)
DT $\times$ EC	0.186***	0.153***	0.129***
	(0.017)	(0.014)	(0.026)
Controls	YES	YES	YES
Year	YES	YES	YES
Industry	YES	YES	YES
_cons	− 0.285**	− 0.334	− 0.315
	(0.082)	(0.197)	(0.164)
Obs	13,709	13,709	13,709
$R^2$	0.175	0.146	0.181

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