DV | OP | EO | ||||||
---|---|---|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | |
Constant | 4.553*** | 3.151*** | 3.133*** | 2.637*** | 3.746*** | 1.748*** | 1.151* | 1.193** |
Firm size | 0.065* | 0.062* | 0.046 | 0.048 | 0.050 | 0.046 | 0.043 | 0.050* |
Industry | 0.134 | 0.103 | 0.102 | 0.092 | 0.084 | 0.035 | 0.024 | 0.070 |
Listed | −0.582*** | − 0.437* | −0.476** | − 0.415** | −0.279* | − 0.073 | −0.034 | 0.003 |
Duration | −0.096 | −0.054 | − 0.009 | −0.004 | − 0.228*** | −0.171*** | − 0.143** | −0.163** |
Ownership1 | −0.197 | −0.213 | − 0.141 | −0.164 | − 0.147 | −0.167 | − 0.077 | −0.147 |
Ownership2 | −0.003 | −0.061 | − 0.091 | −0.104 | 0.232 | 0.148 | 0.247 | 0.152 |
OL | 0.289*** | 0.167 | 0.412*** | 0.276*** | 0.284*** | |||
EO | 0.379*** | 0.294** | ||||||
HPWS | 0.248** | 0.213** | ||||||
OL×HPWS | 0.145** | |||||||
R 2 | 0.163 | 0.223 | 0.251 | 0.265 | 0.167 | 0.336 | 0.369 | 0.397 |
△R2 | – | 0.060 | 0.088 | 0.042 | – | 0.169 | 0.202 | 0.028 |
F | 5.620*** | 7.014*** | 8.252*** | 7.680*** | 5.781*** | 12.348*** | 12.331*** | 12.948*** |
△F | – | 1.394 | 2.632 | 0.666 | – | 6.567 | 6.550 | 0.617 |
Average VIF | 1.82 | 1.75 | 1.77 | 1.77 | 1.82 | 1.75 | 1.83 | 1.80 |