Individual AQTB as dependent variables
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| AQTB1 | AQTB2 | AQTB3 | AQTB4 | AQTB5 | AQTB6 | AQTB7 | AQTB8 | |
| main | ||||||||
| MeanDI | 0.196 (0.50) | 1.404*** (3.63) | 0.231 (0.56) | 0.578 (1.42) | 0.133 (0.37) | 0.978** (2.52) | 0.097 (0.27) | 0.226 (0.59) |
| MeanGE | 0.014 (0.03) | 0.142 (0.31) | 1.312** (2.51) | 0.608 (1.29) | 0.189 (0.46) | 0.952 (2.23) | 0.149 (0.35) | 0.117 (0.26) |
| SocialId | −0.259* (−1.82) | −0.323** (−2.30) | −0.522*** (−3.18) | −0.044 (−0.27) | −0.482*** (−3.27) | −0.518*** (−3.48) | −0.534*** (−3.66) | −0.641*** (−4.00) |
| LnAge | 0.755 (0.86) | 0.179 (0.20) | 0.762 (0.78) | −1.453 (−1.59) | 1.375 (1.63) | −0.926 (−1.06) | 0.902 (1.07) | 0.257 (0.28) |
| Female | 0.111 (0.26) | −0.033 (−0.08) | −0.182 (−0.40) | −0.856* (−1.93) | −0.315 (−0.77) | −0.130 (−0.32) | 0.508 (1.31) | 0.613 (1.46) |
| TeamRole | −0.219 (−1.45) | 0.138 (0.85) | 0.150 (0.91) | −0.022 (−0.13) | −0.212 (−1.43) | −0.481*** (−2.83) | −0.081 (−0.51) | −0.192 (−1.15) |
| TeamSize | −1.835 (−0.01) | 6.567 (0.19) | 3.937 (0.00) | −6.676 (−0.12) | 11.510 (0.11) | 0.504 (0.27) | 0.024 (0.02) | −11.818 (−0.37) |
| Tenure | 0.109 (0.00) | 13.534 (0.45) | 12.524 (0.02) | −13.571 (−0.30) | 27.088 (0.35) | 0.918 (0.25) | 0.329 (0.10) | −23.577 (−0.84) |
| MeanSatis | −0.730 (−1.52) | 0.068 (0.15) | 0.455 (0.88) | −0.606 (−1.17) | −0.592 (−1.20) | −1.126** (−2.26) | −0.771* (−1.69) | −0.778* (−1.66) |
| MeanTAT | −0.330 (−0.78) | −0.804* (−1.82) | −0.890* (−1.85) | −1.011* (−1.85) | −0.293 (−0.73) | −0.539 (−1.27) | −0.077 (−0.19) | −0.628 (−1.34) |
| CostGap | −23.296 (−0.17) | −128.248 (−0.99) | −141.202 (−0.91) | 125.381 (0.80) | −272.956** (−1.97) | −9.098 (−0.27) | −7.198 (−0.24) | 217.840 (1.53) |
| LnTA | 15.990 (0.01) | −70.639 (−0.22) | −47.292 (−0.00) | 71.829 (0.15) | −128.219 (−0.13) | −5.059 (−0.26) | −0.572 (−0.03) | 127.229 (0.45) |
| ROA | −21.902 (−0.00) | 705.248 (0.24) | 606.940 (0.01) | −714.216 (−0.29) | 1373.510 (0.25) | 55.008 (0.29) | 23.113 (0.14) | −1242.806 (−0.81) |
| Leverage | −27.656 (−0.00) | 434.785 (0.10) | 339.749 (0.01) | −431.517 (−0.30) | 784.846 (0.17) | 34.919 (0.30) | 15.681 (0.16) | −749.940 (−0.84) |
| InvenTAratio | −49.518 (−0.00) | 540.771 (0.11) | 473.556 (0.01) | −600.372 (−0.35) | 1158.016 (0.29) | 34.647 (0.22) | 23.375 (0.17) | −1047.743 (−0.96) |
| SalesGrowth | −10.469 (−0.01) | −10.851 (−0.01) | −17.777 (−0.00) | −7.140 (−0.00) | −15.024 (−0.09) | 0.425 (0.13) | −1.117 (−0.42) | −4.741 (−0.00) |
| StateClient | −12.281 (−0.00) | 684.099 (0.18) | 592.835 (0.01) | −687.883 (−0.31) | 1313.405 (0.25) | 51.178 (0.28) | 22.838 (0.14) | −1193.354 (−0.86) |
| N | 251 | 251 | 251 | 251 | 251 | 251 | 251 | 251 |
| pseudo R2 | 0.269 | 0.262 | 0.349 | 0.309 | 0.253 | 0.312 | 0.270 | 0.286 |
| Chi-squared | 152.491 | 164.123 | 176.922 | 158.224 | 151.105 | 179.237 | 162.062 | 155.466 |
| p-value | 0.002 | 0.001 | 0.000 | 0.001 | 0.004 | 0.000 | 0.001 | 0.002 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| AQTB1 | AQTB2 | AQTB3 | AQTB4 | AQTB5 | AQTB6 | AQTB7 | AQTB8 | |
| main | ||||||||
| MeanDI | 0.196 (0.50) | 0.231 (0.56) | 0.578 (1.42) | 0.133 (0.37) | 0.097 (0.27) | 0.226 (0.59) | ||
| MeanGE | 0.014 (0.03) | 0.142 (0.31) | 0.608 (1.29) | 0.189 (0.46) | 0.952 (2.23) | 0.149 (0.35) | 0.117 (0.26) | |
| SocialId | −0.323 | |||||||
| LnAge | 0.755 (0.86) | 0.179 (0.20) | 0.762 (0.78) | −1.453 (−1.59) | 1.375 (1.63) | −0.926 (−1.06) | 0.902 (1.07) | 0.257 (0.28) |
| Female | 0.111 (0.26) | −0.033 (−0.08) | −0.182 (−0.40) | −0.856 | −0.315 (−0.77) | −0.130 (−0.32) | 0.508 (1.31) | 0.613 (1.46) |
| TeamRole | −0.219 (−1.45) | 0.138 (0.85) | 0.150 (0.91) | −0.022 (−0.13) | −0.212 (−1.43) | −0.081 (−0.51) | −0.192 (−1.15) | |
| TeamSize | −1.835 (−0.01) | 6.567 (0.19) | 3.937 (0.00) | −6.676 (−0.12) | 11.510 (0.11) | 0.504 (0.27) | 0.024 (0.02) | −11.818 (−0.37) |
| Tenure | 0.109 (0.00) | 13.534 (0.45) | 12.524 (0.02) | −13.571 (−0.30) | 27.088 (0.35) | 0.918 (0.25) | 0.329 (0.10) | −23.577 (−0.84) |
| MeanSatis | −0.730 (−1.52) | 0.068 (0.15) | 0.455 (0.88) | −0.606 (−1.17) | −0.592 (−1.20) | −1.126 | −0.771 | −0.778 |
| MeanTAT | −0.330 (−0.78) | −0.804 | −0.890 | −1.011 | −0.293 (−0.73) | −0.539 (−1.27) | −0.077 (−0.19) | −0.628 (−1.34) |
| CostGap | −23.296 (−0.17) | −128.248 (−0.99) | −141.202 (−0.91) | 125.381 (0.80) | −9.098 (−0.27) | −7.198 (−0.24) | 217.840 (1.53) | |
| LnTA | 15.990 (0.01) | −70.639 (−0.22) | −47.292 (−0.00) | 71.829 (0.15) | −128.219 (−0.13) | −5.059 (−0.26) | −0.572 (−0.03) | 127.229 (0.45) |
| ROA | −21.902 (−0.00) | 705.248 (0.24) | 606.940 (0.01) | −714.216 (−0.29) | 1373.510 (0.25) | 55.008 (0.29) | 23.113 (0.14) | −1242.806 (−0.81) |
| Leverage | −27.656 (−0.00) | 434.785 (0.10) | 339.749 (0.01) | −431.517 (−0.30) | 784.846 (0.17) | 34.919 (0.30) | 15.681 (0.16) | −749.940 (−0.84) |
| InvenTAratio | −49.518 (−0.00) | 540.771 (0.11) | 473.556 (0.01) | −600.372 (−0.35) | 1158.016 (0.29) | 34.647 (0.22) | 23.375 (0.17) | −1047.743 (−0.96) |
| SalesGrowth | −10.469 (−0.01) | −10.851 (−0.01) | −17.777 (−0.00) | −7.140 (−0.00) | −15.024 (−0.09) | 0.425 (0.13) | −1.117 (−0.42) | −4.741 (−0.00) |
| StateClient | −12.281 (−0.00) | 684.099 (0.18) | 592.835 (0.01) | −687.883 (−0.31) | 1313.405 (0.25) | 51.178 (0.28) | 22.838 (0.14) | −1193.354 (−0.86) |
| 251 | 251 | 251 | 251 | 251 | 251 | 251 | 251 | |
| pseudo | 0.269 | 0.262 | 0.349 | 0.309 | 0.253 | 0.312 | 0.270 | 0.286 |
| Chi-squared | 152.491 | 164.123 | 176.922 | 158.224 | 151.105 | 179.237 | 162.062 | 155.466 |
| 0.002 | 0.001 | 0.000 | 0.001 | 0.004 | 0.000 | 0.001 | 0.002 | |
Notes:
t-statistics in parentheses; *p < 0.1; **p < 0.05; ***p < 0.01
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