Table 8 Testing for path coefficient invariance across firm types.

From: The nexus of top executives’ attributes, firm strategies, and outcomes: Large firms versus SMEs

Structural model

χ2

df

Δχ2

Δdf

Pr (>Chisq)

Baseline model

(all path coefficients equal across groups)

488

82

   

Unrestricted model

(all path coefficients vary across groups)

238.58

24

117.83

58

0.00

Path coefficients: Mediator to ROA

 Financial leverage

483

80

2.51

2

0.29

 R&D intensity

488

80

1.28

2

0.53

Path coefficients: Factors to ROA

 Conscientiousness

475

80

3.55

2

0.17

 Uniqueness

485

80

2.05

2

0.36

 Execution skills

461

80

5.93

2

0.05

 Extraversion

475

80

3.78

2

0.15

 Neuroticism

471

80

3.9

2

0.14

 Openness

459

80

6.43

2

0.04

 Decisiveness

464

80

6.65

2

0.04

 Agreeableness

487

80

1.63

2

0.44

 Financial prudence

482

80

2.93

2

0.23

Path coefficients: Factors to financial leverage

 Conscientiousness

397.27

80

14.71

2

0.00

 Uniqueness

481.77

80

2.96

2

0.23

 Execution skills

358.15

80

18.56

2

0.00

 Extraversion

360.93

80

19.43

2

0.00

 Neuroticism

366.5

80

16.18

2

0.00

 Openness

365.26

80

18.42

2

0.00

 Decisiveness

404.11

80

15.28

2

0.00

 Agreeableness

474.96

80

4.94

2

0.08

 Financial prudence

422.61

80

15.47

2

0.00

Path coefficients: Factors to R&D intensity

 Conscientiousness

465.89

80

5.85

2

0.05

 Uniqueness

485.88

80

2.09

2

0.35

 Execution skills

452.59

80

6.48

2

0.04

 Extraversion

470.3

80

4.09

2

0.13

 Neuroticism

456.07

80

6.57

2

0.04

 Openness

448.59

80

6.42

2

0.04

 Decisiveness

460.51

80

4.93

2

0.08

 Agreeableness

483.29

80

2.55

2

0.28

 Financial prudence

479.26

80

2.96

2

0.23

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