Table IV. Regression analysis results...

Table IV.

Regression analysis results

	Model 1	Model 2	Model 3	Model 4	VIFs
Controls
Firm industry^a	−0.105 (−0.411)	−0.128 (−0.398)	0.128 (0.540)	0.129 (0.287)	1.114
Firm size^b	0.126 (0.637)	−0.118 (−0.104)	0.127 (0.220)	0.102 (0.128)	1.336
Firm age^c	−0.077 (−1.82)	−0.102 (−1.655)	−0.067 (−1.26)	−0.062 (−1.14)	1.429
Strategic planning (SP)		0.476 (6.810)**	0.414 (6.138)**	0.420 (6.333)**	1.096
Market dynamism (MD)			0.047 (0.774)	0.049 (0.810)	1.124
Strategic planning × market dynamism				0.128 (2.771)**	1.022

R²	0.178	0.325	0.348	0.499
ΔR²	0.178	0.147	0.023	0.151
ΔF-statistics (DF)	43.687 (191)***	40.117 (191)***	25.736 (189)***	7.679 (188)***

	Model 1	Model 2	Model 3	Model 4	VIFs
Controls
Firm industry^a	−0.105 (−0.411)	−0.128 (−0.398)	0.128 (0.540)	0.129 (0.287)	1.114
Firm size^b	0.126 (0.637)	−0.118 (−0.104)	0.127 (0.220)	0.102 (0.128)	1.336
Firm age^c	−0.077 (−1.82)	−0.102 (−1.655)	−0.067 (−1.26)	−0.062 (−1.14)	1.429
Strategic planning (SP)		0.476 (6.810)**	0.414 (6.138)**	0.420 (6.333)**	1.096
Market dynamism (MD)			0.047 (0.774)	0.049 (0.810)	1.124
Strategic planning × market dynamism				0.128 (2.771)**	1.022

R²	0.178	0.325	0.348	0.499
ΔR²	0.178	0.147	0.023	0.151
ΔF-statistics (DF)	43.687 (191)***	40.117 (191)***	25.736 (189)***	7.679 (188)***

Notes:

t-values are in the parenthesis;

^aDummy variable (industry): 1 = manufacturing; 0 = others; dummy variable (size): 1 = small; 0 = micro;

p < 0.05 (two-tailed);

p < 0.01 (two-tailed); ***model significant at 1%