Table 1 Hypothesis testing results...

Table 1

Hypothesis testing results

Dependent variable		Model 1	Model 2 (with the use of MAS as the mediator)		Model 3 (with the use of MAS as the mediator and ACAP as the moderator)
Dependent variable		FP	Use of MAS	FP	Use of MAS	FP
	Independent variable
H1	APAR	0.30 (5.89)^c	0.52 (11.89)^c	0.07 (1.18)	0.51 (12.44)^c	0.07 (1.19)
	ACAP				0.20 (4.28)^c
H2	Use of MAS			0.41 (8.41)^c		0.41 (7.77)^c
H4	APAR × ACAP					0.19 (5.18)^c
	Control variable
	Ownership	0.14 (2.77)^c		0.11 (2.40)^b		0.11 (2.28)^b
	Assets	0.13 (2.38)^b		0.14 (2.99)^c		0.14 (3.12)^c
	Employees	−0.05 (1.09)		−0.05 (1.03)		−0.05 (1.01)
	Firm age	0.10 (2.19)^b		0.07 (1.53)		0.07 (1.53)
Adjusted R²		0.12	0.26	0.24	0.36	0.24
Indirect effect				Estimate	LLCI	ULCI
H3	APAR→Use of MAS→FP			0.21 (6.35)^c	0.16	0.29

Dependent variable		Model 1	Model 2 (with the use of MAS as the mediator)		Model 3 (with the use of MAS as the mediator and ACAP as the moderator)
Dependent variable		FP	Use of MAS	FP	Use of MAS	FP
	Independent variable
H1	APAR	0.30 (5.89)^c	0.52 (11.89)^c	0.07 (1.18)	0.51 (12.44)^c	0.07 (1.19)
	ACAP				0.20 (4.28)^c
H2	Use of MAS			0.41 (8.41)^c		0.41 (7.77)^c
H4	APAR × ACAP					0.19 (5.18)^c
	Control variable
	Ownership	0.14 (2.77)^c		0.11 (2.40)^b		0.11 (2.28)^b
	Assets	0.13 (2.38)^b		0.14 (2.99)^c		0.14 (3.12)^c
	Employees	−0.05 (1.09)		−0.05 (1.03)		−0.05 (1.01)
	Firm age	0.10 (2.19)^b		0.07 (1.53)		0.07 (1.53)
Adjusted R²		0.12	0.26	0.24	0.36	0.24
Indirect effect				Estimate	LLCI	ULCI
H3	APAR→Use of MAS→FP			0.21 (6.35)^c	0.16	0.29

Note(s): APAR × ACAP: interaction between APAR and ACAP; FP: firm performance; Numbers in brackets: t-values; ^b, ^c: significance at 5% and 1% levels, respectively (two-tailed t-test); LLCI: lower limit confidence interval; ULCI: upper limit confidence interval

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