124 / 274
以實質選擇權觀點探討探索性與利用性活動對公司績效之影響：中介效果模型
124
TABLE 3 Multi-Variable Linear Regression with Fixed-Effect Dependent Variable:
Exploration/Exploitation
Dependent Variables: Exploration
Dependent Variables: Exploitation
Variables
Model 1
Variables
Model 2
Uncertainty
0.0671**
Uncertainty
0.0257
(0.0268)
(0.0297)
Exploitation
0.1062**
Prior Exploration
0.2097**
(0.0422)
(0.0660)
Prior Exploration
-0.2812**
Exploration
0.1293**
(0.0590)
(0.0514)
Firm Size (log of sales)
-0.0479**
Firm Size (log of sales)
0.0550**
(0.0078)
(0.0086)
Firm Age
-0.0024
Firm Age
-0.0035
(0.0023)
(0.0025)
Current Ratio
0.0019
Current Ratio
0.0003
(0.0012)
(0.0013)
Debt/Equity Ratio
-0.0134**
Debt/Equity Ratio
-0.0140**
(0.0039)
(0.0043)
Industry Growth
-0.0253
Industry Growth
0.0076
(0.0160)
(0.0177)
Industry Concentration
0.1227
Industry Concentration
0.5404
(0.3352)
(0.3690)
N
526
N
526
R
2
(Within)
0.2338
R
2
(Within)
0.1542
R
2
(Overall)
0.0014
R
2
(Overall)
0.0824
Note: +
p
< .10. *
p
< .05. **
p
< .01.