Regression (OLS) of creative culture, intangibility and corporate performance
| Variables | Models (OLS) | ||||
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | ||
| CC | −0.240** (0.048) | −1.208*** (0.006) | −1.278*** (0.003) | ||
| INT | 0.015 (0.870) | 0.013** (0.882) | |||
| SIZ | −0.017 (0.350) | 0.005 (0.513) | 0.002 (0.805) | 0.006 (0.430) | |
| LEV | 0.939*** (0.001) | 0.075 (0.619) | 0.051 (0.751) | 0.068 (0.688) | |
| REG | 0.047 (0.856) | 0.075 (0.716) | 0.071 (0.735) | 0.077 (0.715) | |
| EFCR | 0.041 (0.516) | −0.123*** (0.000) | −0.121*** (0.000) | −0.120*** (0.000) | |
| GDP | −5.07e−06*** (0.000) | −1.74e−08 (0.908) | −2.56e08 (0.956) | −8.36e−08 (0.860) | |
| LEGcom | 0.451* (0.089) | 0.135 (0.515) | 0.138 (0.477) | 0.124 (0.519) | |
| LEGciv | 0.307 (0.204) | −0.002 (0.991) | −0.006 (0.975) | −0.010 (0.961) | |
| ECO | 0.525*** (0.000) | 0.018 (0.513) | 0.011 (0.779) | 0.009 (0.806) | |
| INP | 0.313*** (0.000) | 0.031** (0.043) | 0.035 (0.299) | 0.026 (0.445) | |
| Intercept | 0.007 (0.970) | 0.141* (0.085) | 0.013 (0.832) | 0.113* (0.174) | |
| Year | Sim | Sim | Sim | Sim | |
| N | 702 | 702 | 702 | 702 | |
| F | 12.23*** | 5.43*** | 5.02*** | 5.15*** | |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | |
| R2 | 0.189 | 0.077 | 0.072 | 0.078 | |
| Variables | Models (OLS) | ||||
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | ||
| −0.240 | −1.208 | −1.278 | |||
| 0.015 (0.870) | 0.013 | ||||
| −0.017 (0.350) | 0.005 (0.513) | 0.002 (0.805) | 0.006 (0.430) | ||
| 0.939 | 0.075 (0.619) | 0.051 (0.751) | 0.068 (0.688) | ||
| 0.047 (0.856) | 0.075 (0.716) | 0.071 (0.735) | 0.077 (0.715) | ||
| 0.041 (0.516) | −0.123 | −0.121 | −0.120 | ||
| −5.07e−06 | −1.74e−08 (0.908) | −2.56e08 (0.956) | −8.36e−08 (0.860) | ||
| 0.451 | 0.135 (0.515) | 0.138 (0.477) | 0.124 (0.519) | ||
| 0.307 (0.204) | −0.002 (0.991) | −0.006 (0.975) | −0.010 (0.961) | ||
| 0.525 | 0.018 (0.513) | 0.011 (0.779) | 0.009 (0.806) | ||
| 0.313 | 0.031 | 0.035 (0.299) | 0.026 (0.445) | ||
| Intercept | 0.007 (0.970) | 0.141 | 0.013 (0.832) | 0.113 | |
| Year | Sim | Sim | Sim | Sim | |
| 702 | 702 | 702 | 702 | ||
| 12.23 | 5.43 | 5.02 | 5.15 | ||
| 0.000 | 0.000 | 0.000 | 0.000 | ||
| 0.189 | 0.077 | 0.072 | 0.078 | ||
Notes:
CC=creative corporate culture; INT = investments in intangible assets; PER = corporate performance expressed as return on equity; SIZ=company size estimated by the ln of assets; LEV = leverage expressed as the ratio between liabilities and assets; REG = regional location; EFCR = effect of crisis; GDP = effect of country crisis; LEGcom = common law country; LEGciv = civil law country; ECO = country’s level of economic development; INP = dummy variable for innovative potential. Estimated coefficients and standard errors robust to heteroscedasticity (in parentheses). *, ** e *** *, ** and *** correspond to the 10%, 5% and 1% level of significance, respectively
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