Subsidiary performance analysis, recession 2009–2016 (dependent variable: perceived performance)
| Variables | Model 1 | Model 2 | Recession Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Ctrl: Age | 0.592 (0.367) | 0.331 (0.285) | 0.509 (0.308 | 0.123 (0.205) | 1.063 (0.312) |
| Ctrl: Size | 0.444 (0.165) | 1.341 (0.165) | 0.898 (0.184) | 1.021 (0.198) | 0.909 (0.145) |
| Ctrl: Cap | 0.402* (0.064) | 0.364* (0.068) | 0.323* (0.051) | 0.355* (0.077) | 0.604* (0.089) |
| Ctrl: Industry | 0.201* (0.074) | 0.399* (0.080) | 0.123* (0.088) | 0.465* (0.066) | 0.082* (0.050) |
| LILs | 1.506*** (0.000) | 1.612*** (0.001) | 1.544*** (0.002) | 1.407*** (0.000) | |
| IILs | 1.302*** (0.000) | 1.355*** (0.000) | 1.444*** (0.004) | 1.377*** (0.002) | |
| SLs | 0.043* (0.066) | 0.023 (0.191) | 0.109 (0.159) | 0.155* (0.081) | |
| NoLabs | −0.893* (0.073) | −0.777* (0.064) | −1.003** (0.047) | −0.992** (0.035) | |
| Know1 SLs (0) vs. LILs (1) | 0.231*** (0.042) | ||||
| Know2 SLs (0) vs. IILs (1) | 0.108*** (0.058) | ||||
| Know3 NoLabs (0) vs. SLs (1) | 0.113* (0.077) | ||||
| Constant | 1.001 (0.385) | 0.184 (0.634) | 1.061 (0.534) | 1.049 (0.412) | 0.901 (0.221) |
| Adjusted R2 | 0.301 | 0.403 | 0.487 | 0.419 | 0.345 |
| Durbin-Watson | 2.003 | 1.658 | 1.228 | 1.994 | 1.345 |
| Variables | Model 1 | Model 2 | Model 4 | Model 5 | |
|---|---|---|---|---|---|
| Ctrl: Age | 0.592 (0.367) | 0.331 (0.285) | 0.509 (0.308 | 0.123 (0.205) | 1.063 (0.312) |
| Ctrl: Size | 0.444 (0.165) | 1.341 (0.165) | 0.898 (0.184) | 1.021 (0.198) | 0.909 (0.145) |
| Ctrl: Cap | 0.402* (0.064) | 0.364* (0.068) | 0.323* (0.051) | 0.355* (0.077) | 0.604* (0.089) |
| Ctrl: Industry | 0.201* (0.074) | 0.399* (0.080) | 0.123* (0.088) | 0.465* (0.066) | 0.082* (0.050) |
| LILs | 1.506*** (0.000) | 1.612*** (0.001) | 1.544*** (0.002) | 1.407*** (0.000) | |
| IILs | 1.302*** (0.000) | 1.355*** (0.000) | 1.444*** (0.004) | 1.377*** (0.002) | |
| SLs | 0.043* (0.066) | 0.023 (0.191) | 0.109 (0.159) | 0.155* (0.081) | |
| NoLabs | −0.893* (0.073) | −0.777* (0.064) | −1.003** (0.047) | −0.992** (0.035) | |
| Know1 | 0.231*** (0.042) | ||||
| Know2 | 0.108*** (0.058) | ||||
| Know3 | 0.113* (0.077) | ||||
| Constant | 1.001 (0.385) | 0.184 (0.634) | 1.061 (0.534) | 1.049 (0.412) | 0.901 (0.221) |
| Adjusted | 0.301 | 0.403 | 0.487 | 0.419 | 0.345 |
| Durbin-Watson | 2.003 | 1.658 | 1.228 | 1.994 | 1.345 |
Note(s): Significance levels: * significance at 10%; ** significance at 5%; *** significance at 1%
The numbers in parentheses represent the corresponding p-values
Source(s): Table created by authors
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