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經理人外部連結對新興產業內公司之表現影響
150
Table 3 Correlations Matrix
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(1)
Intra-industry performance
of firm
i
at
t
1.00
(2) Firm size at
t
-1
0.60 1.00
(3)
Growth of industry
subscribers (
t
)
-0.28 -0.42 1.00
(4) CR4
-0.25 -0.36 0.49 1.00
(5) N of acquisitions (
t
)
0.02 -0.04 -0.03 0.06 1.00
(6) Size of TMT
0.23 0.32 -0.12 -0.07 -0.01 1.00
(7) # Execs w/ missing info
0.03 0.03 -0.02 -0.04 -0.02 0.24 1.00
(8)
Below industry median
firm size
-0.36 -0.47 0.07 0.06 0.01 -0.26 0.03 1.00
(9)
Focal year is before digital
technology regime
-0.22 -0.30 0.79 0.13 -0.05 -0.13 0.00 0.06 1.00
(10) Industry age
0.31 0.45 -0.94 -0.63 0.02 0.13 0.02 -0.08 -0.82 1.00
(11)
Intra-industry experience
addition of TMT at
t
0.11 -0.04 0.03 0.07 0.01 -0.04 -0.02 0.04 0.04 -0.06 1.00
(12)
Intra-industry ties to CTIA
of TMT at
t
-1
0.22 0.36 -0.09 0.05 0.07 0.47 -0.06 -0.28 -0.13 0.08 -0.02 1.00
(13)
Intra-industry ties to other
cell-phone operators of
TMT at
t
-1
0.31 0.55 -0.24 -0.23 -0.04 0.48 -0.05 -0.21 -0.18 0.27 0.04 0.53 1.00
(14)
Extra-industry ties to other
firms of TMT at
t
-1
0.17 0.19 -0.25 -0.17 -0.07 0.44 -0.16 -0.06 -0.22 0.26 0.05 0.38 0.53 1.00