Results of hierarchical moderated regression
| Independent variables | Firm growth | Result summary | |||
|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | ||
| Control effects | |||||
| Firm size | 0.05 (0.64) | −0.00 (−0.03) | 0.05 (0.77) | 0.03 (0.42) | |
| Firm age | −0.33*** (−4.09) | −0.31*** (−4.13) | −0.31*** (−4.43) | −0.48*** (−5.76) | |
| Industry | 0.19 **(2.46) | 0.17 * (2.30) | 0.12 (1.69) | 0.11 (1.68) | |
| Managerial experience | 0.04 (0.58) | 0.03 (0.45) | 0.04 (0.57) | 0.08 (1.14) | |
| Competitive intensity | 0.12 (1.61) | 0.07 (0.97) | −0.03 (−0.40) | −0.04 (−0.56) | |
| Linear effects | |||||
| Discovery | 0.22** (2.86) | 0.26*** (3.65) | 0.25*** (3.50) | H1: Supported | |
| Creation | −0.23** (−3.17) | −0.05 (−0.62) | −0.04 (−0.48) | ||
| Nonlinear effects | |||||
| Creation2 | 0.30*** (3.38) | 0.25** (2.96) | H2: Supported | ||
| Moderating effects | |||||
| Discovery × creation | 0.26*** (3.32) | 0.26*** (3.73) | H3: Supported | ||
| Creation × firm age | 0.01 (0.07) | ||||
| Discovery × firm age | −0.00 (−0.01) | H4a: Not supported | |||
| Creation2 × firm age | 0.31** (2.49) | H4b Supported | |||
| Model fit indices | |||||
| R2 | 0.14 | 0.22 | 0.31 | 0.39 | |
| ∆R2 | – | 0.08 | 0.09 | 0.08 | |
| F-value | 5.35*** | 6.2*** | 8.45*** | 8.22*** | |
| VIF | 1.13 | 1.16 | 1.78 | 3.98 | |
| Independent variables | Firm growth | Result summary | |||
|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | ||
| Firm size | 0.05 (0.64) | −0.00 (−0.03) | 0.05 (0.77) | 0.03 (0.42) | |
| Firm age | −0.33*** (−4.09) | −0.31*** (−4.13) | −0.31*** (−4.43) | −0.48*** (−5.76) | |
| Industry | 0.19 **(2.46) | 0.17 * (2.30) | 0.12 (1.69) | 0.11 (1.68) | |
| Managerial experience | 0.04 (0.58) | 0.03 (0.45) | 0.04 (0.57) | 0.08 (1.14) | |
| Competitive intensity | 0.12 (1.61) | 0.07 (0.97) | −0.03 (−0.40) | −0.04 (−0.56) | |
| Discovery | 0.22** (2.86) | 0.26*** (3.65) | 0.25*** (3.50) | ||
| Creation | −0.23** (−3.17) | −0.05 (−0.62) | −0.04 (−0.48) | ||
| Creation2 | 0.30*** (3.38) | 0.25** (2.96) | |||
| Discovery × creation | 0.26*** (3.32) | 0.26*** (3.73) | |||
| Creation × firm age | 0.01 (0.07) | ||||
| Discovery × firm age | −0.00 (−0.01) | ||||
| Creation2 × firm age | 0.31** (2.49) | ||||
| 0.14 | 0.22 | 0.31 | 0.39 | ||
| ∆ | – | 0.08 | 0.09 | 0.08 | |
| 5.35*** | 6.2*** | 8.45*** | 8.22*** | ||
| VIF | 1.13 | 1.16 | 1.78 | 3.98 | |
Note(s): *p < 0.0.05; **p < 0.01; ***p < 0.001; standardized coefficients and t-values (in parenthesis) are reported
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