Table 9 Robustness tests results.
Variables | Curvilinear model | No ownership control | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |||||||||
IG | II | IG | II | |||||||||
β | \(t\)-value | \(p\)-value | β | \(t\)-value | \(p\)-value | β | \(t\)-value | \(p\)-value | β | \(t\)-value | \(p\)-value | |
Constant | 3.269 | 5.680 | 0.000*** | 2.316 | 3.840 | 0.000*** | 2.557 | 8.245 | 0.000*** | 1.698 | 5.245 | 0.000*** |
Gender | −0.043 | −0.424 | 0.672 | 0.050 | 0.470 | 0.639 | −0.025 | −0.252 | 0.801 | 0.060 | 0.577 | 0.564 |
Age | 0.025 | 0.639 | 0.523 | −0.025 | −0.621 | 0.535 | 0.025 | 0.656 | 0.512 | −0.026 | −0.647 | 0.518 |
Education | −0.032 | −0.835 | 0.405 | −0.021 | −0.523 | 0.602 | −0.033 | −0.851 | 0.395 | −0.020 | −0.505 | 0.614 |
Firm size | 0.024 | 0.471 | 0.638 | 0.022 | 0.421 | 0.674 | −0.011 | −0.400 | 0.690 | 0.001 | 0.019 | 0.985 |
Team size | −0.064 | −2.296 | 0.022** | −0.034 | −1.157 | 0.248 | −0.064 | −2.317 | 0.021** | −0.034 | −1.168 | 0.244 |
Tenure | 0.049 | 1.618 | 0.107 | 0.130 | 4.108 | 0.000*** | 0.048 | 1.604 | 0.110 | 0.126 | 4.060 | 0.000*** |
Position | 0.004 | 0.126 | 0.900 | 0.057 | 1.644 | 0.101 | 0.014 | 0.421 | 0.674 | 0.068 | 1.980 | 0.049** |
Marital status | 0.048 | 1.858 | 0.064* | 0.073 | 2.693 | 0.007*** | 0.045 | 1.754 | 0.080* | 0.070 | 2.620 | 0.009*** |
Ownership | 0.106 | 0.858 | 0.391 | 0.067 | 0.518 | 0.605 | ||||||
PECSR | 0.292 | 8.729 | 0.000*** | 0.351 | 10.046 | 0.000*** | ||||||
PECSR _Squared | 0.003 | 0.111 | 0.911 | 0.030 | 1.205 | 0.229 | ||||||
PsyCap | −0.025 | −0.225 | 0.822 | 0.056 | 0.478 | 0.633 | 0.106 | 2.323 | 0.021** | 0.115 | 2.405 | 0.017** |
PECSR x PsyCap | 0.103 | 2.479 | 0.014** | 0.083 | 1.918 | 0.056* | ||||||
PECSR _Squared x PsyCap | 0.011 | 1.746 | 0.082* | 0.006 | 0.910 | 0.363 | ||||||
R2 | 0.334 | 0.401 | 0.336 | 0.406 | ||||||||
Adjusted R2 | 0.310 | 0.379 | 0.312 | 0.387 | ||||||||
F value | 14.008*** | 18.685*** | 14.137*** | 20.917*** |