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臺大管理論叢
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Table 5 Results of OLS Regressions Predicting Relative Exploration
N = 186 firms
Dependent variable = Explorative orientation
Model 3a
Model 3b
Model 3c
Intercept
4.138 ***
1.365 **
0.865
Control variables
Firm age
-0.166 +
-0.089
-0.133 +
Firm size
0.064
0.075
0.095 *
CEO duality
0.021
0.038
0.015
Family involvement
0.075
0.125
0.133
Family generations
0.421
0.133
0.176
Environmental dynamism
0.040
0.001
-0.007
Main variables
Comprehensive decision making
0.194 **
0.146
Participative governance
0.137 *
0.110
Long-term orientation
0.317 ***
0.281
Moderating effect
Family social capital
0.204 *
Stewardship orientation
1
× Family social capital
0.212 *
F for model
1.051
12.696 ***
11.560 ***
adj R²
0.002
0.363
0.386
+
p
<0.1; *
p
<0.05; **
p
<0.01; ***
p
<0.001
1
Stewardship orientation is a composite variable derived from the three main variables.
Next, we examined how stewardship orientation (decision comprehensiveness,
participative governance and long-term orientation) affects NPD through the pursuit of
explorative orientation. First, as prior studies suggest, we found that decision
comprehensiveness, participative governance and long-term orientation had positive and
significant effect on NPD in Model 1b and 2b. These findings initially supported our
argument regarding the influence of stewardship orientation on NPD. Therefore, we followed
Baron and Kenny (1986) procedure to examine the mediating effect of exploration
orientation between stewardship orientation and NPD. The first step was to examine the
relationship between stewardship orientation and NPD. As mentioned above, decision
comprehensiveness, participative governance and long-term orientation were significantly
related to NPD, i.e., the relationship between independent and dependent variables. The next
step was to examine the effects of decision comprehensiveness, participative governance and
long-term orientation on exploration orientation, i.e., the relationship between independent
and mediator variables. The results in Model 3b indicated that stewardship orientation had