Table 4 Results for hypotheses testing.
Mode1 CPA | Model 2 CPA | Model 3 CPA | Model 4 Entrepreneurial activity | Model 5 Risk-taking managerial | Model 6 CPA | Model 7 CPA | Model 8CPA | Model 9 CPA | |
|---|---|---|---|---|---|---|---|---|---|
Financial slack | 0.322*** (0.077) | 0.196*** (0.070) | 0.233*** (0.071) | 0.389*** (0.068) | 0.364*** (0.068) | ||||
Operational slack | 0.151** (0.075) | 0.204*** (0.068) | 0.239*** (0.070) | 0.298*** (0.068) | 0.271*** (0.071) | ||||
Entrepreneurial behavior | 0.071 (0.071) | 0.075 (0.065) | 0.054 (0.064) | ||||||
Managerial attitude towards risk | 0.192*** (0.068) | 0.114* (0.062) | 0.138** (0.063) | ||||||
Industry development stage | 0.015 (0.139) | 0.077 (0.132) | 0.048 (0.137) | −0.041 (0.120) | −0.046 (0.122) | 0.111 (0.135) | 0.043 (0.131) | 0.050 (0.131) | 0.112 (0.134) |
Industry competitiveness | −0.067 (0.089) | −0.074 (0.084) | −0.105 (0.088) | 0.124 (0.076) | 0.155** (0.078) | −0.062 (0.086) | −0.090 (0.085) | −0.100 (0.084) | −0.075 (0.086) |
Market share | 0.387 (0.374) | 0.097 (0.353) | 0.300 (0.369) | −0.317 (0.321) | 0.196 (0.328) | 0.219 (0.362) | 0.147 (0.355) | 0.104 (0.354) | 0.162 (0.360) |
Composite index of Marketization | 0.038 (0.034) | −0.026 (0.034) | 0.016 (0.034) | −0.024 (0.031) | 0.045 (0.031) | 0.006 (0.034) | −0.023 (0.034) | −0.029 (0.034) | −0.004 (0.034) |
High tech industry | −0.072 (0.148) | −0.128 (0.141) | −0.114 (0.148) | 0.451*** (0.128) | 0.021 (0.130) | −0.064 (0.146) | −0.191 (0.142) | −0.165 (0.139) | −0.038 (0.142) |
Manufacture industry | −0.071 (0.203) | −0.037 (0.191) | −0.077 (0.199) | 0.141 (0.173) | −0.015 (0.177) | −0.131 (0.195) | −0.006 (0.192) | -0.002 (0.190) | −0.113 (0.194) |
Cons | 4.112*** (0.519) | 2.201*** (0.581) | 3.152*** (0.587) | 2.686*** (0.527) | 1.356*** (0.538) | 2.332*** (0.620) | 2.453*** (0.582) | 2.397*** (0.555) | 2.327*** (0.596) |
N | 303 | 303 | 303 | 303 | 303 | 303 | 303 | 303 | 303 |
R2 | 0.012 | 0.139 | 0.058 | 0.171 | 0.191 | 0.092 | 0.129 | 0.137 | 0.102 |
Adj R2 | 0.008 | 0.127 | 0.032 | 0.149 | 0.169 | 0.067 | 0.106 | 0.114 | 0.078 |
F | 0.595 | 5.934*** | 2.251** | 7.602*** | 8.688*** | 3.713*** | 5.458*** | 5.843*** | 4.190*** |
