Table VII. Regression of creative...

Table VII.

Regression of creative culture, intangibility and corporate performance by continent

Models	Without control variables				With control variables
Models	Coef.	p-value	F-test	R² (%)	Coef.	p-value	F-test	R² (%)
PANEL A – Latin America (228 observations)
CC → INT	−0.332	0.858	0.03	0.00	−2.444	0.452	6.25***	6.52
CC → PER	0.352	0.629	0.23	0.00	−2.315	0.677	1.98**	4.80
INT → PER	−0.229	0.115	2.50	27.25	−2.395	0.098*	1.79*	32.64
CC+INT → PER	0.276	0.638	1.68	27.29	−0.821	0.265	1.75*	32.91
PANEL B – Asia (234 observations)
CC → INT	−3.317	0.031**	4.72**	1.38	−2.535	0.146	2.67***	26.47
CC → PER	−2.012	0.008***	7.09***	1.74	−2.517	0.006***	2.80***	11.97
INT → PER	−0.202	0.162	1.97	13.96	−0.220	0.169	2.26***	22.09
CC+INT → PER	−2.720	0.003***	4.39**	17.09	−3.099	0.004 ***	2.31***	25.23
PANEL C – Europe (240 observations)
CC → INT	−5.878	0.002***	9.64***	1.61	−4.326	0.031**	9.82***	36.10
CC → PER	−2.302	0.063*	3.48*	1.88	−1.907	0.027**	4.36***	20.06
INT → PER	0.202	0.017**	5.76**	31.09	0.207	0.036**	11.60***	40.03
CC+INT → PER	−1.133	0.117	3.15**	31.54	−1.024	0.284	10.86***	40.33

Models	Without control variables				With control variables
Models	Coef.	p-value	F-test	R² (%)	Coef.	p-value	F-test	R² (%)
PANEL A – Latin America (228 observations)
CC → INT	−0.332	0.858	0.03	0.00	−2.444	0.452	6.25***	6.52
CC → PER	0.352	0.629	0.23	0.00	−2.315	0.677	1.98**	4.80
INT → PER	−0.229	0.115	2.50	27.25	−2.395	0.098*	1.79*	32.64
CC+INT → PER	0.276	0.638	1.68	27.29	−0.821	0.265	1.75*	32.91
PANEL B – Asia (234 observations)
CC → INT	−3.317	0.031**	4.72**	1.38	−2.535	0.146	2.67***	26.47
CC → PER	−2.012	0.008***	7.09***	1.74	−2.517	0.006***	2.80***	11.97
INT → PER	−0.202	0.162	1.97	13.96	−0.220	0.169	2.26***	22.09
CC+INT → PER	−2.720	0.003***	4.39**	17.09	−3.099	0.004 ***	2.31***	25.23
PANEL C – Europe (240 observations)
CC → INT	−5.878	0.002***	9.64***	1.61	−4.326	0.031**	9.82***	36.10
CC → PER	−2.302	0.063*	3.48*	1.88	−1.907	0.027**	4.36***	20.06
INT → PER	0.202	0.017**	5.76**	31.09	0.207	0.036**	11.60***	40.03
CC+INT → PER	−1.133	0.117	3.15**	31.54	−1.024	0.284	10.86***	40.33

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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