High performance work systems and corporate performance: the influence of entrepreneurial orientation and organizational learning

Frontiers of Business Research in China

Table 5 Regression Results: HPWS, Entrepreneurial Orientation and Corporate Performance (Hypotheses 1, 2 & 3)

DV	Corporate Performance				Entrepreneurial Orientation
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Firm size	0.061	0.054	0.042	0.045	0.053	0.045
Industry type	0.125	0.080	0.102	0.077	0.065	0.013
Listed	−0.627^***	− 0.436^**	−0.538^***	− 0.424^**	−0.242	− 0.058
Firm age	−0.120^*	− 0.058	−0.020	− 0.016	−0.273^***	− 0.204^**
Ownership	0.088	0.012	0.051	0.004	0.099	0.041
HPWS		0.496^***		0.413^***		0.402^***
EO			0.365^***	0.206^*
F	7.500^***	14.833^***	10.253^***	13.967^***	5.475^***	10.350^***
∆F	–	7.333^***	2.753^***	3.714^***	–	4.875^***
R ²	0.181	0.348	0.267	0.371	0.139	`0.271
∆ R²	–	0.167	0.086	0.104	–	0.132
Mean VIF	1.46	1.44	1.46	1.49	1.46	1.44