Table 4 Results of mediation analyses... | Emerald Publishing

Table 4

Results of mediation analyses

Dependent variables	Financial success						Digital maturity
	Net profit			Operating profit			Digital maturity
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
Controls
No. of employees	0.016*** (0.002)	0.016*** (0.002)	0.016*** (0.002)	0.023*** (0.002)	0.024*** (0.002)	0.024*** (0.002)	1,107E-6 (0.000)
Revenue change	−0.134 (1,356)	−0.127 (1,365)	−0.178 (1,352)	−0.151 (1,530)	−0.151 (1,541)	−0.206 (1,528)	0.001 (0.002)
Industry	−30,614 (43,044)	−31,348 (43,953)	−24,013 (43,658)	−40,969 (48,575)	−42,569 (49,616)	−34,675 (49,347)	−0.093 (0.070)
Ownership	51,122 (44,876)	52,845 (45,473)	47,578 (45,084)	59,457 (50,642)	59,452 (51,332)	53,784 (50,958)	0.056 (0.080)
Main effects
Digital orientation		−0.197 (,996)	−0.856 (1,040)		−0.211 (1,124)	−0.920 (1,175)	0.003*** (0.001)
Digital intensity		−1,902 (14,124)	−25,018 (18,210)		2,245 (15,944)	−22,633 (20,582)	0.323*** (0.020)
Mediation effect
Digital maturity			81,028* (40,907)			87,202* (46,236)
Model summary
F	17,258 ***	11,375 ***	10,514 ***	28,973 ***	19,054 ***	17,139 ***	71,821 ***
R²	0.327	0.328	0.346	0.449	0.450	0.463	0.678
Adjusted R²	0.308	0.299	0.313	0.434	0.426	0.436	0.668

Dependent variables	Financial success						Digital maturity
	Net profit			Operating profit			Digital maturity
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
Controls
No. of employees	0.016*** (0.002)	0.016*** (0.002)	0.016*** (0.002)	0.023*** (0.002)	0.024*** (0.002)	0.024*** (0.002)	1,107E-6 (0.000)
Revenue change	−0.134 (1,356)	−0.127 (1,365)	−0.178 (1,352)	−0.151 (1,530)	−0.151 (1,541)	−0.206 (1,528)	0.001 (0.002)
Industry	−30,614 (43,044)	−31,348 (43,953)	−24,013 (43,658)	−40,969 (48,575)	−42,569 (49,616)	−34,675 (49,347)	−0.093 (0.070)
Ownership	51,122 (44,876)	52,845 (45,473)	47,578 (45,084)	59,457 (50,642)	59,452 (51,332)	53,784 (50,958)	0.056 (0.080)
Main effects
Digital orientation		−0.197 (,996)	−0.856 (1,040)		−0.211 (1,124)	−0.920 (1,175)	0.003*** (0.001)
Digital intensity		−1,902 (14,124)	−25,018 (18,210)		2,245 (15,944)	−22,633 (20,582)	0.323*** (0.020)
Mediation effect
Digital maturity			81,028* (40,907)			87,202* (46,236)
Model summary
F	17,258 ***	11,375 ***	10,514 ***	28,973 ***	19,054 ***	17,139 ***	71,821***
R²	0.327	0.328	0.346	0.449	0.450	0.463	0.678
Adjusted R²	0.308	0.299	0.313	0.434	0.426	0.436	0.668

Note(s): Unstandardized coefficients and standard errors (in parentheses) are reported

***p ≤ 0.001, ** 0.001 < p ≤ 0.01, * 0.01 < p ≤ 0.1