Table 4 Endogeneity results Model 1... | Emerald Publishing

Table 4

Endogeneity results

	Model 1 (International performance)		Model 2 (reverse innovations)		Model 3 (International performance)		Model 4 (International performance)		Model 5 (reverse innovation)		Model 6 (International performance)
	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value
Entrepreneurial orientation	1.76 (18.14)	0.000	0.429 (5.62)	0.000	1.59 (17.2)	0.000	2.02 (5.78)	0.000	0.115 (4.48)	0.000	1.72 (5.16)	0.000
Reverse innovations	–	–	–	–	0.382 (43.8)	0.000	–	–	–	–	2.67 (2.71)	0.007
FS	0.251(13.5)	0.000	0.213 (14.7)	0.000	0.169 (9.57)	0.000	0.988 (7.10)	0.000	1.01 (58.2)	0.000	−1.70 (−1.70)	0.089
BS	−0.393 (−3.94)	0.000	−0.533 (−6.81)	0.000	−0.189 (−1.99)	0.046	0.06 (0.58)	0.564	0.012 (0.88)	0.381	0.059 (0.60)	0.549
ID	0.036 (0.132)	0.895	0.418 (1.92)	0.055	−0.123 (−0.467)	0.641	0.002 (0.01)	0.999	−0.051 (−1.40)	0.162	0.025 (0.10)	0.924
TQ	0.388 (4.69)	0.000	−0.415 (−6.39)	0.000	0.547 (6.927)	0.000	−0.173 (1.94)	0.052	−0.017 (−1.49)	0.137	−0.085 (−0.99)	0.323
BTMA	0.514 (4.05)	0.000	0.609 (6.11)	0.000	0.281 (2.32)	0.020	0.232 (1.01)	0.310	−0.106 (−4.53)	0.000	0.383 (1.80)	0.072
AG	−0.289 (−0.715)	0.474	−1.23 (−3.90)	0.000	0.185 (0.479)	0.632	−0.145 (−0.49)	0.621	−0.238 (−5.25)	0.000	0.376 (1.15)	0.250
ROE	−0.042 (−0.141)	0.888	0.055 (0.236)	0.814	−0.062 (−0.222)	0.824	−0.379 (−0.84)	0.401	−0.034 (−0.45)	0.651	−0.197 (−0.48)	0.631
BM	−0.001 (−0.038)	0.970	−0.067 (−3.19)	0.001	0.025 (0.964)	0.335	−0.114 (−3.62)	0.000	−0.024 (−6.86)	0.000	−0.058 (−1.66)	0.096
LEV	−8.01 (−10.9)	0.000	0.548 (0.953)	0.341	−8.22 (−11.7)	0.000	−1.08 (−1.17)	0.241	0.853 (7.37)	0.000	−2.76 (−2.66)	0.008
DUAL	1.144 (3.07)	0.002	−0.020 (−0.067)	0.946	1.15 (3.23)	0.001	−0.237 (−0.68)	0.496	−0.101 (−2.23)	0.026	0.031 (0.09)	0.925
Age	1.84 (23.9)	0.000	4.275 (70.5)	0.000	0.211 (2.56)	0.010	−0.299 (−0.79)	0.428	−0.221 (−4.45)	0.000	−0.021 (−0.06)	0.925
(Constant)	5.571 (27.8)	0.932	7.44 (47.4)	0.000	2.72 (13.54)	0.000	−2.58 (−0.89)	0.375	−0.391 (−1.06)	0.000	−1.31 (−0.49)	0.621
F-values	114.3		489.6		254.1
Adj-R²	0.070		0.247		0.155
WaldChi2							95.5		125.8		922

	Model 1 (International performance)		Model 2 (reverse innovations)		Model 3 (International performance)		Model 4 (International performance)		Model 5 (reverse innovation)		Model 6 (International performance)
	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value
Entrepreneurial orientation	1.76 (18.14)	0.000	0.429 (5.62)	0.000	1.59 (17.2)	0.000	2.02 (5.78)	0.000	0.115 (4.48)	0.000	1.72 (5.16)	0.000
Reverse innovations	–	–	–	–	0.382 (43.8)	0.000	–	–	–	–	2.67 (2.71)	0.007
FS	0.251(13.5)	0.000	0.213 (14.7)	0.000	0.169 (9.57)	0.000	0.988 (7.10)	0.000	1.01 (58.2)	0.000	−1.70 (−1.70)	0.089
BS	−0.393 (−3.94)	0.000	−0.533 (−6.81)	0.000	−0.189 (−1.99)	0.046	0.06 (0.58)	0.564	0.012 (0.88)	0.381	0.059 (0.60)	0.549
ID	0.036 (0.132)	0.895	0.418 (1.92)	0.055	−0.123 (−0.467)	0.641	0.002 (0.01)	0.999	−0.051 (−1.40)	0.162	0.025 (0.10)	0.924
TQ	0.388 (4.69)	0.000	−0.415 (−6.39)	0.000	0.547 (6.927)	0.000	−0.173 (1.94)	0.052	−0.017 (−1.49)	0.137	−0.085 (−0.99)	0.323
BTMA	0.514 (4.05)	0.000	0.609 (6.11)	0.000	0.281 (2.32)	0.020	0.232 (1.01)	0.310	−0.106 (−4.53)	0.000	0.383 (1.80)	0.072
AG	−0.289 (−0.715)	0.474	−1.23 (−3.90)	0.000	0.185 (0.479)	0.632	−0.145 (−0.49)	0.621	−0.238 (−5.25)	0.000	0.376 (1.15)	0.250
ROE	−0.042 (−0.141)	0.888	0.055 (0.236)	0.814	−0.062 (−0.222)	0.824	−0.379 (−0.84)	0.401	−0.034 (−0.45)	0.651	−0.197 (−0.48)	0.631
BM	−0.001 (−0.038)	0.970	−0.067 (−3.19)	0.001	0.025 (0.964)	0.335	−0.114 (−3.62)	0.000	−0.024 (−6.86)	0.000	−0.058 (−1.66)	0.096
LEV	−8.01 (−10.9)	0.000	0.548 (0.953)	0.341	−8.22 (−11.7)	0.000	−1.08 (−1.17)	0.241	0.853 (7.37)	0.000	−2.76 (−2.66)	0.008
DUAL	1.144 (3.07)	0.002	−0.020 (−0.067)	0.946	1.15 (3.23)	0.001	−0.237 (−0.68)	0.496	−0.101 (−2.23)	0.026	0.031 (0.09)	0.925
Age	1.84 (23.9)	0.000	4.275 (70.5)	0.000	0.211 (2.56)	0.010	−0.299 (−0.79)	0.428	−0.221 (−4.45)	0.000	−0.021 (−0.06)	0.925
(Constant)	5.571 (27.8)	0.932	7.44 (47.4)	0.000	2.72 (13.54)	0.000	−2.58 (−0.89)	0.375	−0.391 (−1.06)	0.000	−1.31 (−0.49)	0.621
F-values	114.3		489.6		254.1
Adj-R²	0.070		0.247		0.155
WaldChi2							95.5		125.8		922

Note(s): t-statistics are reported in parenthesis