Random-effects GLS regression results
| DV: Firm performance—ROA | Hypothesis | Model I | Model II | Model III | Model IV |
|---|---|---|---|---|---|
| Main effect | |||||
| Heterogeneous collaborative networkt−1 (β1) | H1 (+) | 0.136***(0.039) | 0.137***(0.039) | 0.087**(0.049) | |
| Moderator | |||||
| Family managementt−1 (β21) | 0.033 (0.020) | 0.016 (0.024) | |||
| Interaction effect | |||||
| Heterogeneous collaborative networkt−1 × family managementt−1 (β31) | H2 (+) | 0.060**(0.030) | |||
| Controls | |||||
| Firm size | 0.073***(0.023) | 0.056** (0.023) | 0.060***(0.023) | 0.062***(0.023) | |
| Firm seniority | −0.219***(0.048) | −0.204***(0.049) | −0.207***(0.049) | −0.202***(0.049) | |
| Internationalisation | 0.055 (0.100) | 0.087 (0.101) | 0.090 (0.101) | 0.090 (0.101) | |
| Diversification | 0.056 (0.065) | −0.010 (0.060) | 0.001 (0.060) | 0.003 (0.060) | |
| Firm leverage | −0.656***(0.117) | −0.653***(0.122) | −0.651***(0.122) | −0.652***(0.122) | |
| CBP | 0.003***(0.001) | 0.004***(0.001) | 0.003***(0.001) | 0.003***(0.001) | |
| Industry and year dummies | Included | Included | Included | Included | |
| Intercept | 1.246***(0.152) | 1.200***(0.153) | 1.135***(0.159) | 1.143***(0.159) | |
| Number of observations | 10,985 | 10,985 | 10,985 | 10,985 | |
| R2 within, between, overall | 0.03;0.03;0.03 | 0.02;0.04;0.03 | 0.02;0.04;0.03 | 0.02;0.04;0.03 | |
| Wald chi-square | 294.90*** | 268.36*** | 274.87*** | 280.69*** | |
| DV: Firm performance—ROA | Hypothesis | Model I | Model II | Model III | Model IV |
|---|---|---|---|---|---|
| Heterogeneous collaborative network | 0.136***(0.039) | 0.137***(0.039) | 0.087**(0.049) | ||
| Family management | 0.033 (0.020) | 0.016 (0.024) | |||
| Heterogeneous collaborative network | 0.060**(0.030) | ||||
| Firm size | 0.073***(0.023) | 0.056** (0.023) | 0.060***(0.023) | 0.062***(0.023) | |
| Firm seniority | −0.219***(0.048) | −0.204***(0.049) | −0.207***(0.049) | −0.202***(0.049) | |
| Internationalisation | 0.055 (0.100) | 0.087 (0.101) | 0.090 (0.101) | 0.090 (0.101) | |
| Diversification | 0.056 (0.065) | −0.010 (0.060) | 0.001 (0.060) | 0.003 (0.060) | |
| Firm leverage | −0.656***(0.117) | −0.653***(0.122) | −0.651***(0.122) | −0.652***(0.122) | |
| CBP | 0.003***(0.001) | 0.004***(0.001) | 0.003***(0.001) | 0.003***(0.001) | |
| Industry and year dummies | Included | Included | Included | Included | |
| Intercept | 1.246***(0.152) | 1.200***(0.153) | 1.135***(0.159) | 1.143***(0.159) | |
| Number of observations | 10,985 | 10,985 | 10,985 | 10,985 | |
| 0.03;0.03;0.03 | 0.02;0.04;0.03 | 0.02;0.04;0.03 | 0.02;0.04;0.03 | ||
| Wald chi-square | 294.90*** | 268.36*** | 274.87*** | 280.69*** | |
Note(s): DV = Dependent variable. Robust standard errors in parentheses. ***p < 0.01., **p < 0.05., *p < 0.10