Figure 2
At the upper left, an oval labeled “Global environmental factors” connects to four indicator boxes labeled “G E F 1”, “G E F 2”, “G E F 3”, and “G E F 4”. A downward arrow labeled “H 1” with coefficient “0.684 triple asterisk” connects “Global environmental factors” to “Industry-specific factors”. Another downward arrow labeled “H 2” with coefficient “0.288 triple asterisk” connects “Global environmental factors” to “Top management”. A diagonal arrow labeled “H 4” with coefficient “0.221 triple asterisk” connects “Global environmental factors” to “Digital strategy”. At the middle left, the oval labeled “Top Management support R squared equals 0.399” connects to indicator boxes labeled “T M S 1”, “T M S 2”, and “T M S 3”. A rightward arrow labeled “H 6” with coefficient “0.518 triple asterisk” connects “Top Management support” to “Digital strategy”. At the lower left, an oval labeled “Industry-specific factors R squared equals 0.467” connects to indicator boxes labeled “I S F 1”, “I S F 2”, “I S F 3”, and “I S F 4”. A diagonal upward arrow labeled “H 3” with coefficient “0.381 triple asterisk” connects “Industry-specific factors” to “Top Management support”. Another diagonal upward arrow labeled “H 5” with coefficient “0.156 triple asterisk” connects “Industry-specific factors” to “Digital strategy”. At the upper center, an oval labeled “Perceived barriers” connects to five indicator boxes labeled “P B 1”, “P B 2”, “P B 3”, “P B 4”, and “P B 5”. A diagonal arrow labeled “H 12” with coefficient “negative 0.083 triple asterisk” connects “Perceived barriers” to “Top Management support”. A diagonal arrow labeled “H 13” with coefficient “negative 0.093 triple asterisk” connects “Perceived barriers” to “Digital strategy”. A diagonal arrow labeled “H 14” with coefficient “negative 0.167 triple asterisk” connects “Perceived barriers” to “Digital transformation”. At the center, the oval labeled “Digital strategy R squared equals 0.640” connects to three indicator boxes labeled “D S 1”, “D S 2”, and “D S 3”. A rightward arrow labeled “H 7” with coefficient “0.308 triple asterisk” connects “Digital strategy” to “Digital transformation”. A diagonal rightward arrow labeled “H 8” with coefficient “0.444 triple asterisk” connects “Digital strategy” to “Firm performance”. At the lower center, an oval labeled “Digital technology usage” connects to four indicator boxes labeled “D T U 1”, “D T U 2”, “D T U 3”, and “D T U 4”. A diagonal upward arrow labeled “H 9” with coefficient “0.070 triple asterisk” connects “Digital technology usage” to “Top management support”. Another diagonal upward arrow labeled “H 10” with coefficient “0.051 double asterisk” connects “Digital technology usage” to “Digital Strategy transformation”. Another diagonal upward arrow labeled “H 11” with coefficient “0.432 triple asterisk” connects “Digital technology usage” to “Digital transformation”. At the upper right, the oval labeled “Digital transformation R squared equals 0.369” connects to three indicator boxes labeled “D T 1”, “D T 2”, and “D T 3”. A downward arrow labeled “H 15” with coefficient “0.116 triple asterisk” connects “Digital transformation” to “Firm performance”. At the lower right, the oval labeled “Firm performance R squared equals 0.251” connects to three indicator boxes labeled “F P 1”, “F P 2”, and “F P 3”. A box below reads “Moderation variables: Industry sector; Technological level”. A diagonal upward arrow from the moderation variables points toward the relationship between “Digital technology usage” and “Digital transformation”.Model with standardized regression coefficients and R2 (**p < 0.05; ***p < 0.001). Source: Own elaboration