. 2020 Aug 8;21(3):432–457. doi: 10.1057/s41291-020-00131-1

Table 5.

Regression results

Variables	Social Capital					Willingness to choose external financing
Variables	Model1	Model2	Model3	Model4	odel5	Model6	Model7	Model8	Model9	Model10	Model11	Model12
Explanatory variable
Masculinity	1.296***				1.239***		0.619*				1.233***	0.007
	(4.721)				(6.243)		(1.823)				(6.092)	(0.127)
Femininity		− 0.526			2.765***			1.362***			2.893***	0.158**
		(− 1.611)			(15.065)			(4.762)			(15.463)	(2.127)
Androgyny			1.522***		2.751***				1.620***		2.891***	0.170**
			(6.931)		(16.855)				(7.124)		(17.375)	(2.386)
Undifferentiated				− 2.395***						− 2.496***
				(− 13.826)						(− 13.790)
Intervening variable
Social capital						1.035***						0.989***
						(90.526)						(46.404)
Controlled variable
RegEco	− 0.037	− 0.054	− 0.057	0.010	− 0.034	0.003	− 0.035	− 0.055	− 0.056	0.013	− 0.001	− 0.035
	(− 0.498)	(− 0.666)	(− 0.820)	(0.189)	(− 0.803)	(0.273)	(− 0.456)	(− 0.658)	(− 0.786)	(0.247)	(− 0.090)	(− 0.801)
Edu dummy	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl
Age dummy	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl
Ind dummy	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl
Size dummy	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl	Incl
Constant	5.298***	5.878***	5.360***	5.990***	3.813***	− 0.171	5.305***	5.938***	5.365***	6.030***	3.773***	0.002
	(5.767)	(5.973)	(6.305)	(9.393)	(7.095)	(− 1.164)	(5.541)	(5.798)	(6.092)	(9.047)	(6.888)	(0.012)
R²	0.178	0.062	0.292	0.601	0.736	0.984	0.184	0.072	0.306	0.602	0.750	0.985
Adj.R²	0.106	− 0.020	0.230	0.566	0.709	0.983	0.113	− 0.010	0.245	0.567	0.724	0.984

^* p < 0.1, ** p < 0.05, ***p < 0.01