| Hypothesis | Path | Sig. | Decision |
| H1 | Environmental factors—Market development | 0.000 | Accepted |
| H2 | Environmental factors—Low cost leadership | 0.007 | Accepted |
| H3 | Environmental factors—Market segmentation | 0.353 | Rejected |
| H4 | Environmental factors—Human capital development | 0.251 | Rejected |
| H5 | Environmental factors—Innovation | 0.002 | Accepted |
| H6 | Environmental factors—Product development | 0.002 | Accepted |
| H7 | Environmental factors— Product diversification | 0.016 | Accepted |
| H8 | Environmental factors—Forward and Backward Integration | 0.000 | Accepted |
| H9 | Environmental factors—Retaliation to competition and defensive moves | 0.113 | Rejected |
| H10 | Environmental factors—Research and development | 0.005 | Accepted |