Results of hierarchical regression analyses
| Performance in innovation of RE-founded firm | Legitimacy | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | Model 9 | Model 10 | Model 11 | |
| Control | |||||||||||
| Firm's age | −0.015 (−0.135) | −0.144 (−1.089) | −0.147 (−1.09) | −0.026 (−0.189) | −0.068 (−0.575) | −0.057 (−0.537) | −0.026 (−0.219) | −0.117 (−0.908) | −0.006 (−0.045) | −0.113 (−0.967) | −0.107 (−0.839) |
| Firm's size | 0.011 (0.078) | 0.065 (0.502) | 0.057 (0.435) | −0.064 (−0.475) | −0.117 (−0.981) | −0.137 (−1.145) | −0.11 (−0.94) | −0.37 (−0.428) | 0.108 (1.276) | 0.2* (2.521) | 0.406*** (3.278) |
| Industry (IT) | −0.201 (−1.651) | −0.044 (−0.391) | −0.111 (−0.955) | −0.178 (−1.546) | −0.107 (−1.043) | −0.108 (−1.066) | −0.052 (−0.507) | −0.042 (−0.208) | −0.148 (−0.781) | 0.117 (0.645) | 0.061 (0.605) |
| Government financial support | −0.167 (−1.486) | −0.065 (−0.651) | −0.132 (−1.34) | −0.07 (−0.636) | −0.145 (−1.551) | −0.106 (−1.093) | −0.066 (−0.706) | −0.232 (−1.069) | 0.171 (0.892) | 0.248 (1.24) | 0.103 (1.111) |
| Years abroad | 0.203 (1.604) | 0.215* (1.847) | 0.19* (1.648) | 0.32** (2.571) | 0.15 (1.393) | 0.209* (1.861) | 0.227** (2.145) | 0.213* (1.936) | 0.266* (2.099) | 0.293* (2.529) | 0.27** (2.552) |
| Business abroad | −0.015 (−0.135) | 0.001 (0.011) | −0.022 (−0.214) | −0.034 (−0.313) | −0.058 (−0.618) | −0.058 (−0.613) | −0.038 (−0.420) | −0.047 (−0.516) | 0.012 (0.07) | 0.046 (0.286) | 0.018 (0.202) |
| Main effect | |||||||||||
| Overseas knowledge | 0.423*** (3.902) | 0.093 (0.861) | 0.241*** (2.838) | ||||||||
| Local knowledge | 0.374*** (3.613) | 0.225** (2.167) | 0.325*** (3.575) | ||||||||
| Stakeholders' engagement | 0.365*** (3.351) | 0.168 (1.680) | 0.302*** (3.021) | 0.232** (2.838) | 0.338*** (3.601) | ||||||
| Mediating effect | |||||||||||
| Legitimacy | 0.565*** (6.088) | 0.511*** (5.244) | 0.396*** (3.809) | 0.444*** (4.343) | |||||||
| Moderating effect | |||||||||||
| Legitimacy X Overseas knowledge | 0.282** (2.591) | ||||||||||
| Stakeholders' engagement X Overseas knowledge | −0.223*** (−2.739) | ||||||||||
| Legitimacy X Local knowledge | −0.229** (−2.369) | ||||||||||
| Stakeholders' engagement X Local knowledge | 0.411*** (4.630) | ||||||||||
| R2 | 0.152 | 0.29 | 0.274 | 0.258 | 0.43 | 0.452 | 0.454 | 0.491 | 0.22 | 0.223 | 0.501 |
| Adjusted R2 | 0.098 | 0.235 | 0.218 | 0.19 | 0.378 | 0.393 | 0.395 | 0.421 | 0.147 | 0.15 | 0.440 |
| F | 2.828** | 5.305*** | 4.903*** | 3.783*** | 8.197*** | 7.625*** | 8.118*** | 7.032*** | 3.024*** | 3.068*** | 8.148*** |
| Mean VIF | 1.25 | 1.3 | 1.47 | 1.24 | 1.061 | 1.134 | 1.107 | 1.282 | 1.27 | 1.43 | |
| Performance in innovation of RE-founded firm | Legitimacy | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | Model 9 | Model 10 | Model 11 | |
| Firm's age | −0.015 (−0.135) | −0.144 (−1.089) | −0.147 (−1.09) | −0.026 (−0.189) | −0.068 (−0.575) | −0.057 (−0.537) | −0.026 (−0.219) | −0.117 (−0.908) | −0.006 (−0.045) | −0.113 (−0.967) | −0.107 (−0.839) |
| Firm's size | 0.011 (0.078) | 0.065 (0.502) | 0.057 (0.435) | −0.064 (−0.475) | −0.117 (−0.981) | −0.137 (−1.145) | −0.11 (−0.94) | −0.37 (−0.428) | 0.108 (1.276) | 0.2* (2.521) | 0.406*** (3.278) |
| Industry (IT) | −0.201 (−1.651) | −0.044 (−0.391) | −0.111 (−0.955) | −0.178 (−1.546) | −0.107 (−1.043) | −0.108 (−1.066) | −0.052 (−0.507) | −0.042 (−0.208) | −0.148 (−0.781) | 0.117 (0.645) | 0.061 (0.605) |
| Government financial support | −0.167 (−1.486) | −0.065 (−0.651) | −0.132 (−1.34) | −0.07 (−0.636) | −0.145 (−1.551) | −0.106 (−1.093) | −0.066 (−0.706) | −0.232 (−1.069) | 0.171 (0.892) | 0.248 (1.24) | 0.103 (1.111) |
| Years abroad | 0.203 (1.604) | 0.215* (1.847) | 0.19* (1.648) | 0.32** (2.571) | 0.15 (1.393) | 0.209* (1.861) | 0.227** (2.145) | 0.213* (1.936) | 0.266* (2.099) | 0.293* (2.529) | 0.27** (2.552) |
| Business abroad | −0.015 (−0.135) | 0.001 (0.011) | −0.022 (−0.214) | −0.034 (−0.313) | −0.058 (−0.618) | −0.058 (−0.613) | −0.038 (−0.420) | −0.047 (−0.516) | 0.012 (0.07) | 0.046 (0.286) | 0.018 (0.202) |
| Overseas knowledge | 0.423*** (3.902) | 0.093 (0.861) | 0.241*** (2.838) | ||||||||
| Local knowledge | 0.374*** (3.613) | 0.225** (2.167) | 0.325*** (3.575) | ||||||||
| Stakeholders' engagement | 0.365*** (3.351) | 0.168 (1.680) | 0.302*** (3.021) | 0.232** (2.838) | 0.338*** (3.601) | ||||||
| Legitimacy | 0.565*** (6.088) | 0.511*** (5.244) | 0.396*** (3.809) | 0.444*** (4.343) | |||||||
| Legitimacy X Overseas knowledge | 0.282** (2.591) | ||||||||||
| Stakeholders' engagement X Overseas knowledge | −0.223*** (−2.739) | ||||||||||
| Legitimacy X Local knowledge | −0.229** (−2.369) | ||||||||||
| Stakeholders' engagement X Local knowledge | 0.411*** (4.630) | ||||||||||
| 0.152 | 0.29 | 0.274 | 0.258 | 0.43 | 0.452 | 0.454 | 0.491 | 0.22 | 0.223 | 0.501 | |
| Adjusted | 0.098 | 0.235 | 0.218 | 0.19 | 0.378 | 0.393 | 0.395 | 0.421 | 0.147 | 0.15 | 0.440 |
| F | 2.828** | 5.305*** | 4.903*** | 3.783*** | 8.197*** | 7.625*** | 8.118*** | 7.032*** | 3.024*** | 3.068*** | 8.148*** |
| Mean VIF | 1.25 | 1.3 | 1.47 | 1.24 | 1.061 | 1.134 | 1.107 | 1.282 | 1.27 | 1.43 | |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Standardized coefficients are shown
t-statistics in parenthesis
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