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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
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Table 5 shows the estimates from the fixed-effects panel regression analysis with the
firm’s performance as the dependent variable. Model 5 presents the results with the control
variables added and thus serves as the base model. In Models 6, 7, and 8, we added the
exploration and exploitation variables. The sign and significance of the exploitation
coefficients is in line with expectation (
p
< .01). Thus, Hypothesis 3 that exploitation
positively impacts firm performance is confirmed.
TABLE 5 Multi-Variable Linear Regression with Fixed-Effect Dependent Variable:
Firm Performance (ROA)
Variables
Model 6 Model 7 Model 8 Model 9 Model 10
Prior Exploration
0.1573+
0.0922
-0.0006
(0.0824)
(0.0795)
(0.0790)
Exploitation
0.3791**
0.3708**
0.4058**
(0.0565)
(0.0569)
(0.0556)
Current Exploration
-0.3298**
(0.0614)
Uncertainty
0.1011**
0.1039**
0.0891**
0.0910**
0.1131**
(0.0377)
(0.0376)
(0.0360)
(0.0361)
(0.0353)
Firm Size (log of sales)
0.0596**
0.0610**
0.0414**
0.0427**
0.0269**
(0.0106)
(0.0106)
(0.0105)
(0.0105)
(0.0106)
Firm Age
0.0038
0.0047
0.0056+ 0.0061*
0.0053+
(0.0032)
(0.0032)
(0.0030)
(0.0031)
(0.0030)
Current Ratio
0.0015
0.0012
0.0012
0.0010
0.0017
(0.0017)
(0.0017)
(0.0016)
(0.0016)
(0.0016)
Debt/Equity Ratio
-0.0049
-0.0083
-0.0003
-0.0024
-0.0068
(0.0051)
(0.0054)
(0.0049)
(0.0052)
(0.0052)
Industry Growth
0.0724**
0.0750**
0.0718**
0.0733**
0.0650**
(0.0225)
(0.0225)
(0.0215)
(0.0215)
(0.0210)
Industry Concentration
1.6876**
1.7469**
1.4989**
1.5378**
1.5782**
(0.4708)
(0.4705)
(0.4505)
(0.4516)
(0.4384)
N
526
526
526
526
526
R
2
(Within)
0.1222
0.1292
0.2013
0.2037
0.2514
R
2
(Overall)
0.2138
0.1836
0.2262
0.2065
0.2788
Note: +
p
< .10. *
p
< .05. **
p
< .01.