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經理人外部連結對新興產業內公司之表現影響
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Table 4 The Relationships among Intra-Industry Experience, External Tie Type,
Industry Age, and Intra-Industry Performance
Dependent variable
Intra-industry performance of firm
i
at
t
H.
(1)
(2)
(3)
(4)
Independent variables
Firm size at
t
-1
0.13***
0.12***
0.16***
0.16***
(0.04)
(0.04)
(0.04)
(0.04)
Growth of industry subscribers (
t
)
0.47
-1.05
1.28
1.84
(5.99)
(5.68)
(5.51)
(5.45)
CR4
-9.53 -12.53
-8.56
-7.54
(10.14)
(9.71)
(9.36)
(9.26)
N of acquisitions (
t
)
0.70
0.39
0.19
0.25
(0.83)
(0.79)
(0.76)
(0.75)
Size of the TMT
-0.09
-0.09
-0.04
-0.04
(0.08)
(0.08)
(0.07)
(0.07)
# Execs w/ missing info
0.68
0.31
0.35
0.36
(0.60)
(0.57)
(0.55)
(0.54)
Below industry median firm size
0.43
0.83
0.31
0.35
(0.75)
(0.71)
(0.69)
(0.68)
Focal year is before digital technology regime
-1.32
-1.78
-1.12
-1.18
(1.65)
(1.59)
(1.52)
(1.51)
Industry age
-0.00
-0.10
-0.19
-0.20
(0.44)
(0.42)
(0.42)
(0.41)
Intra-industry experience addition of TMT (
t
)
0.63***
1.66*** -4.99*** -5.16***
(0.20)
(0.34)
(1.50)
(1.43)
Intra-industry ties to CTIA of TMT (
t
-1)
0.63
0.84**
-1.84
-1.45
(0.42)
(0.41)
(1.25)
(1.20)
Intra-industry ties to other cell-phone operators
of TMT (
t
-1)
0.02
-0.03
0.66
-0.20
(0.21)
(0.20)
(0.79)
(0.19)
Extra-industry ties to other firms of TMT (
t
-1)
0.10
0.05
0.27
0.03
(0.13)
(0.12)
(0.46)
(0.12)
Intra-industry experience addition of TMT (
t
)*
Intra-industry ties to CTIA of TMT (
t
-1)
H1
-1.36***
4.49***
4.52***
(0.28)
(1.38)
(1.24)
Intra-industry ties to other cell-phone operators
of TMT (
t
-1)
H1
0.31***
0.21
0.36***
(0.08)
(0.65)
(0.09)
Extra-industry ties to other firms of TMT (
t
-1)
H1
0.01
-0.03
-0.01
(0.06)
(0.44)
(0.06)