Table 7 Coefficients for heterogeneity... | Emerald Publishing

Table 7

Coefficients for heterogeneity of a firm’s life cycle

Variables	Model 1 Start-up phase firms	Model 2 Growth phase firms	Model 3 Maturity phase firms
DFI	0.173**	0.205***	0.316***
AIQ	0.273**	0.261***	0.427***
Control variables	Yes	Yes	Yes
Constant	2.374***	2.995**	4.672***
Year	Yes	Yes	Yes
Ind	Yes	Yes	Yes
Adjusted R²	0.536	0.609	0.659

Variables	Model 1Start-up phase firms	Model 2Growth phase firms	Model 3Maturity phase firms
DFI	0.173**	0.205***	0.316***
AIQ	0.273**	0.261***	0.427***
Control variables	Yes	Yes	Yes
Constant	2.374***	2.995**	4.672***
Year	Yes	Yes	Yes
Ind	Yes	Yes	Yes
Adjusted R²	0.536	0.609	0.659

Source(s): Table by the authors’ own elaboration of the data