Estimation results
| Model I | Model II | Model III | |||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (1) | (2) | (1) | (2) | ||
| Constant | 10.988**(3) | 2.594 | 12.672***(3) | 3.204 | 12.703***(3) | 3.226 | |
| 1 | Hotel | 0.106** | 2.480 | 0.081** | 2.030 | 0.086** | 2.170 |
| 2 | Resta | 0.032 | 0.764 | 0.038 | 0.957 | 0.040 | 1.023 |
| 3 | Tour | 0.145*** | 3.978 | 0.094*** | 2.768 | 0.093*** | 2.738 |
| 4 | Transp | 0.097*** | 2.976 | 0.079*** | 2.600 | 0.082*** | 2.708 |
| 5 | Size | 0.051* | 1.652 | 0.051* | 1.773 | 0.044 | 1.510 |
| 6 | Age | 0.060* | 1.957 | 0.068** | 2.394 | 0.069** | 2.426 |
| 7 | QMC | 0.153*** | 4.853 | 0.078*** | 2.609 | 0.073** | 2.441 |
| 8 | Coop | 0.073** | 2.320 | −0.004 | −0.132 | −0.003 | −0.115 |
| 9 | ROA | 0.100*** | 3.308 | 0.030 | 1.032 | 0.034 | 1.171 |
| 5 | Dyncap | 0.356*** | 11.775 | 0.347*** | 11.418 | ||
| 6 | Coorcap | 0.105*** | 3.433 | 0.098*** | 3.183 | ||
| 7 | FB | 0.100*** | 3.490 | 0.101*** | 3.473 | ||
| 10 | Dyncap × FB | −0.070** | −2.398 | ||||
| 11 | Coorcap × FB | 0.001 | 0.049 | ||||
| 12 | Dyncap × Coorcap | 0.059** | 2.024 | ||||
| F | 11.451*** | 24.261*** | 20.391*** | ||||
| R2 | 0.093 | 0.224 | 0.234 | ||||
| Adjusted R2 | 0.085 | 0.215 | 0.222 | ||||
| Changes in R2 | – | 0.132 | 0.009 | ||||
| Model I | Model II | Model III | |||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (1) | (2) | (1) | (2) | ||
| Constant | 10.988**(3) | 2.594 | 12.672***(3) | 3.204 | 12.703***(3) | 3.226 | |
| 1 | Hotel | 0.106** | 2.480 | 0.081** | 2.030 | 0.086** | 2.170 |
| 2 | Resta | 0.032 | 0.764 | 0.038 | 0.957 | 0.040 | 1.023 |
| 3 | Tour | 0.145*** | 3.978 | 0.094*** | 2.768 | 0.093*** | 2.738 |
| 4 | Transp | 0.097*** | 2.976 | 0.079*** | 2.600 | 0.082*** | 2.708 |
| 5 | Size | 0.051* | 1.652 | 0.051* | 1.773 | 0.044 | 1.510 |
| 6 | Age | 0.060* | 1.957 | 0.068** | 2.394 | 0.069** | 2.426 |
| 7 | QMC | 0.153*** | 4.853 | 0.078*** | 2.609 | 0.073** | 2.441 |
| 8 | Coop | 0.073** | 2.320 | −0.004 | −0.132 | −0.003 | −0.115 |
| 9 | ROA | 0.100*** | 3.308 | 0.030 | 1.032 | 0.034 | 1.171 |
| 5 | Dyncap | 0.356*** | 11.775 | 0.347*** | 11.418 | ||
| 6 | Coorcap | 0.105*** | 3.433 | 0.098*** | 3.183 | ||
| 7 | FB | 0.100*** | 3.490 | 0.101*** | 3.473 | ||
| 10 | Dyncap × FB | −0.070** | −2.398 | ||||
| 11 | Coorcap × FB | 0.001 | 0.049 | ||||
| 12 | Dyncap × Coorcap | 0.059** | 2.024 | ||||
| F | 11.451*** | 24.261*** | 20.391*** | ||||
| 0.093 | 0.224 | 0.234 | |||||
| Adjusted | 0.085 | 0.215 | 0.222 | ||||
| Changes in | – | 0.132 | 0.009 | ||||
Note(s): (1) Standardized regression coefficients
(2) t-values
(3) Non-standardized beta
*p < 0.1, **p < 0.05, ***p < 0.01
Source(s): Own elaboration
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