Results of moderation analyses
Dependent variables | Financial success | |||||||
|---|---|---|---|---|---|---|---|---|
| Net profit | Operating profit | |||||||
| Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | Model 13 | Model 14 | Model 15 | |
| Controls | ||||||||
| No. of employees | −0.016*** (−0.002) | −0.016*** (−0.002) | −0.016*** (0.002) | −0.016*** (0.002) | −0.023*** (0.002) | −0.024*** (0.002) | −0.024*** (0.002) | −0.026*** (0.003) |
| Revenue change | −0.134 (1,356) | −0.129 (1,361) | −0.127 (1,365) | −0.219 (1,324) | −0.151 (1,530) | −0.148 (1,536) | −0.151 (1,541) | −0.249 (1,501) |
| Industry | −30,614 (43,044) | −32,124 (43,421) | −31,348 (43,953) | −18,101 (42,823) | −40,969 (48,575) | −41,653 (49,016) | −42,569 (49,616) | −28,444 (48,526) |
| Ownership | 51,122 (44,876) | 52,364 (45,174) | 52,845 (45,473) | 28,048 (44,787) | 59,457 (50,642) | 60,020 (50,995) | 59,452 (51,332) | 33,012 (50,752) |
| Main effects | ||||||||
| Digital orientation | −0.272 (−0.824) | −0.197 (−0.996) | 8,043 (2,789**) | −0.123 (−0.930) | −0.211 (1,124) | 8,574 (3,160**) | ||
| Moderation effects | ||||||||
| Digital intensity | −1,902 (14,124) | 23,058 (15,822) | 2,245 (15,944) | 28,859 (17,929) | ||||
| Interaction effect | ||||||||
| Digital orientation* | −1,508** | −1,608** | ||||||
| Digital intensity | (0.479) | (0.543) | ||||||
| Model summary | ||||||||
| F | 17,258*** | 13,742*** | 11,375*** | 11,788*** | 28,973*** | 23,021*** | 19,054*** | 18,495*** |
| R2 | 0.327 | 0.328 | 0.328 | 0.373 | 0.449 | 0.449 | 0.450 | 0.482 |
| Adjusted R2 | 0.308 | 0.304 | 0.299 | 0.341 | 0.434 | 0.430 | 0.426 | 0.456 |
| Financial success | ||||||||
|---|---|---|---|---|---|---|---|---|
| Net profit | Operating profit | |||||||
| Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | Model 13 | Model 14 | Model 15 | |
| No. of employees | −0.016*** (−0.002) | −0.016*** (−0.002) | −0.016*** (0.002) | −0.016*** (0.002) | −0.023*** (0.002) | −0.024*** (0.002) | −0.024*** (0.002) | −0.026*** (0.003) |
| Revenue change | −0.134 (1,356) | −0.129 (1,361) | −0.127 (1,365) | −0.219 (1,324) | −0.151 (1,530) | −0.148 (1,536) | −0.151 (1,541) | −0.249 (1,501) |
| Industry | −30,614 (43,044) | −32,124 (43,421) | −31,348 (43,953) | −18,101 (42,823) | −40,969 (48,575) | −41,653 (49,016) | −42,569 (49,616) | −28,444 (48,526) |
| Ownership | 51,122 (44,876) | 52,364 (45,174) | 52,845 (45,473) | 28,048 (44,787) | 59,457 (50,642) | 60,020 (50,995) | 59,452 (51,332) | 33,012 (50,752) |
| Digital orientation | −0.272 (−0.824) | −0.197 (−0.996) | 8,043 (2,789**) | −0.123 (−0.930) | −0.211 (1,124) | 8,574 (3,160**) | ||
| Digital intensity | −1,902 (14,124) | 23,058 (15,822) | 2,245 (15,944) | 28,859 (17,929) | ||||
| Digital orientation* | −1,508** | −1,608** | ||||||
| Digital intensity | (0.479) | (0.543) | ||||||
| 17,258*** | 13,742*** | 11,375*** | 11,788*** | 28,973*** | 23,021*** | 19,054*** | 18,495*** | |
| 0.327 | 0.328 | 0.328 | 0.373 | 0.449 | 0.449 | 0.450 | 0.482 | |
| Adjusted | 0.308 | 0.304 | 0.299 | 0.341 | 0.434 | 0.430 | 0.426 | 0.456 |
Note(s): Unstandardized coefficients and standard errors (in parentheses) are reported
***p ≤ 0.001, ** 0.001 < p ≤ 0.01, * 0.01 < p ≤ 0.1
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