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家族企業之興業行為：探究忠僕型經理人、開創性導向以及新產品開發之關係
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4. Results
This study has attempted to understand the relationships among stewardship orientation,
the exploration orientation, family social capital, and NPD. Table 3 displays the means,
standard deviations and correlations of all variables. We used the variance inflation factors
(VIFs) to examine the effect of multicollinearity. The highest observed VIF equaled 1.807,
which fall within acceptable limits, whereas the critical value indicating collinearity is 10
(Hair, Anderson, Tatham, and Black, 1998). This suggests that the multicollinearity problem
was not present here.
In order to test for mediating relationships, we adopted the procedure suggested by
Baron and Kenny (1986). Table 4 and 5 present the results of regression analysis regarding
the prediction of exploration orientation and NPD. We use both Poisson and negative
binomial regression to test our hypotheses. Model 1a and 2a are the baseline models which
include only control variables for company size, firm age, family involvement, CEO duality,
environmental dynamism, and family generations. Model 3b addressed the influences of
decision comprehensiveness, participative governance and long-term orientation on
explorative orientation. It captured the direct effect of decision comprehensiveness,
participative governance and long-term orientation on exploration orientation. All of them
reach the level of significance (
p
<0.05). The results therefore support Hypothesis 1a, 1b and
1c, that stewardship orientation was positively related to exploration. In Model 1c and 2c, we
tested the influence of explorative orientation on NPD. The result supports our Hypothesis 2
that exploration orientation of the firm exhibits a positive relationship to the NPD
performance (
p
<0.001).