Table 3 Results of the linear regression...

Table 3

Results of the linear regression analysis

Measures	Model 1 Control variables	Model 2 Independent variable	Model 3 Direct effects	Model 4 Interaction effects
Controls
Size of the organization	0.392**	0.350**	0.322	0.414**
Age of the organization	0.132	0.045	0.060	0.175
Prior financial strength	0.452**	0.547***	0.558***	0.487**
Industry innovation intensity	0.076	0.123	0.171	0.182
TMT functional diversity	0.188*	0.279***	0.299**	0.354***
TMT educational diversity	−0.013	0.057	0.092	0.168
Main effect
Family ownership		0.243**	0.266**	1.345
Moderators
Diversification			0.033	−0.049
Internationalization			−0.106	−0.108
TMT educational level			−0.026	−0.516**
TMT average age			0.006	0.136
Interaction terms
Family ownership*Internationalization				−0.009
Family ownership*Diversification				−0.086
Family ownership*TMT educational level				0.781**
Family ownership*TMT average age				−1.719*
R-squared	0.541	0.578	0.588	0.651
Adjusted R-squared	0.495	0.531	0.508	0.562
R-squared change	0.541***	0.037**	0.010	0.063**
F-value	16.221***	16.526***	9.826***	9.547***

Measures	Model 1Control variables	Model 2Independent variable	Model 3Direct effects	Model 4Interaction effects
Controls
Size of the organization	0.392**	0.350**	0.322	0.414**
Age of the organization	0.132	0.045	0.060	0.175
Prior financial strength	0.452**	0.547***	0.558***	0.487**
Industry innovation intensity	0.076	0.123	0.171	0.182
TMT functional diversity	0.188*	0.279***	0.299**	0.354***
TMT educational diversity	−0.013	0.057	0.092	0.168
Main effect
Family ownership		0.243**	0.266**	1.345
Moderators
Diversification			0.033	−0.049
Internationalization			−0.106	−0.108
TMT educational level			−0.026	−0.516**
TMT average age			0.006	0.136
Interaction terms
Family ownership*Internationalization				−0.009
Family ownership*Diversification				−0.086
Family ownership*TMT educational level				0.781**
Family ownership*TMT average age				−1.719*
R-squared	0.541	0.578	0.588	0.651
Adjusted R-squared	0.495	0.531	0.508	0.562
R-squared change	0.541***	0.037**	0.010	0.063**
F-value	16.221***	16.526***	9.826***	9.547***

Note(s): N = 137

Dependent variable: Firm's financial strength

Standardized coefficients are shown; *p < 0.1; **p < 0.05; ***p < 0.01 (one-tailed)

Source(s): Authors’ own creation

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