Table VI. Regression of creative...

Table VI.

Regression of creative culture, intangibility and corporate performance, estimated with GLS and 2SLS

Models	Without control variables				With control variables
Models	Coef.	z	p-value	Chi²	Coef.	z	p-value	Chi²
PANEL A (generalized least squares – GLS)
CC → INT	−2.07	−1.47	0.141	2.16	−2.40	−1.74*	0.000***	163.85
CC → PER	−1.08	−1.78*	0.075*	3.15	−1.31	−2.18**	0.000***	58.33
INT → PER	0.04	2.36**	0.018**	5.59	0.02	0.93	0.000***	54.17
CC+INT → PER	−0.95	−1.65*	0.015**	8.35	−1.28	−2.12**	0.000***	59.01
PANEL B (two-stage least squares – 2SLS)
CC → INT	−2.10	0.038**	4.33**	0.33	−2.40	0.048**	12.23***	18.92
CC → PER	−1.06	0.034**	4.51**	0.50	−1.31	0.006***	5.43***	7.67
INT → PER	0.03	0.645	0.21	0.80	0.02	0.861	5.43***	7.16
CC+INT → PER	−0.98	0.013**	3.42**	1.23	−1.28	0.003***	5.15***	7.75

Models	Without control variables				With control variables
Models	Coef.	z	p-value	Chi²	Coef.	z	p-value	Chi²
PANEL A (generalized least squares – GLS)
CC → INT	−2.07	−1.47	0.141	2.16	−2.40	−1.74*	0.000***	163.85
CC → PER	−1.08	−1.78*	0.075*	3.15	−1.31	−2.18**	0.000***	58.33
INT → PER	0.04	2.36**	0.018**	5.59	0.02	0.93	0.000***	54.17
CC+INT → PER	−0.95	−1.65*	0.015**	8.35	−1.28	−2.12**	0.000***	59.01
PANEL B (two-stage least squares – 2SLS)
CC → INT	−2.10	0.038**	4.33**	0.33	−2.40	0.048**	12.23***	18.92
CC → PER	−1.06	0.034**	4.51**	0.50	−1.31	0.006***	5.43***	7.67
INT → PER	0.03	0.645	0.21	0.80	0.02	0.861	5.43***	7.16
CC+INT → PER	−0.98	0.013**	3.42**	1.23	−1.28	0.003***	5.15***	7.75

Notes:

CC = creative corporate culture; INT = investments in intangible assets; CC → INT = dynamic variable between CC and INT; PER = performance expressed as return on equity. The control variables included SIZ, LEV, REG, EFCR, GDP, LEG_com, LEG_civ, ECO and INP. Estimated coefficients and standard errors robust to heteroscedasticity. *, ** e *** *, ** and *** correspond to the 10%, 5% and 1% level of significance, respectively

Source: The authors

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