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臺大管理論叢
第
27
卷第
3
期
125
TABLE 4 Multi-Variable Linear Regression with Fixed-Effect Dependent Variable:
Exploitation
Variables
Model 3
Model 4
Model 5
Prior Exploration
0.1757**
0.2097**
(0.0650)
(0.0660)
Current Exploration
0.1293**
(0.0514)
Uncertainty
0.0318
0.0349
0.0257
(0.0299)
(0.0297)
(0.0297)
Firm Size (log of sales)
0.0479**
0.0495**
0.0550**
(0.0084)
(0.0084)
(0.0086)
Firm Age
-0.0049+
-0.0039
-0.0035
(0.0025)
(0.0025)
(0.0025)
Current Ratio
0.0009
0.0006
0.0003
(0.0013)
(0.0013)
(0.0013)
Debt/Equity Ratio
-0.0122**
-0.0159**
-0.0140**
(0.0040)
(0.0043)
(0.0043)
Industry Growth
0.0015
0.0044
0.0076
(0.0178)
(0.0177)
(0.0177)
Industry Concentration
0.4978
0.5640
0.5404
(0.3728)
(0.3711)
(0.3690)
N
526
526
526
R
2
(Within)
0.1287
0.1485
0.1542
R
2
(Overall)
0.0750
0.0831
0.0824
Note: +
p
< .10. *
p
< .05. **
p
< .01.