(1)

Con_Final

(2)

LnFocus

(3)

Con_Final

(4)

Con_Final

(5)

LnFocus

(6)

Con_Final

(7)

Con_Final

(8)

LnFocus

(9)

Con_Final

Hmpag_if_i

2.129***

(9.93)

0.754***

(10.10)

1.123***

(5.62)

Upadates_dum_i

1.229***

(4.85)

0.798***

(9.31)

0.0537

(0.23)

SocialMedia_if_i

1.122***

(4.71)

0.452***

(5.47)

0.468**

(2.24)

LnFocus_i

1.334***

(16.15)

1.473***

(17.67)

1.447***

(17.90)

LnTotal_Days_i

1.322**

(4.03)

0.973***

(8.53)

0.024

(0.08)

1.239** (3.60)

0.861***

(7.39)

−0.029

(−0.09)

1.456***

(4.28)

1.018***

(8.62)

−0.016

(−0.05)

Video_i

0.360*

(1.69)

0.368***

(4.98)

−0.132

(−0.69)

0.289

(1.30)

0.308***

(4.11)

−0.165

(−0.85)

0.214

(0.95)

0.307***

(3.94)

−0.231

(−1.18)

Brand_i

−0.600

(−1.59)

0.029

(0.22)

−0.639*

(−1.90)

−0.632

(−1.60)

−0.028

(−0.21)

−0.592*

(−1.73)

−0.668

(−1.69)

0.004

(−0.03)

−0.662*

(−1.94)

Patent_i

−0.068

(−0.31)

0.107

(1.41)

−0.211

(−1.09)

−0.021

(−0.09)

0.112

(1.47)

−0.186

(−0.95)

0.016

(0.07)

0.137*

(1.74)

−0.182

(−0.93)

Startups_i

−0.388*

(−1.87)

−0.095

(−1.31)

−0.262

(−1.43)

−0.387*

(−1.80)

−0.093

(−1.28)

−0.250

(−1.34)

−0.386*

(−1.83)

−0.094

(−1.25)

−0.250

(−1.35)

N

R²

457

0.1149

457

0.2660

457

0.3061

457

0.0545

457

0.2653

457

0.2798

457

0.0990

457

0.2098

457

0.2909

Sobel test (Z)

The mediation effect

8.5631 > 1.96

1.0054

8.239 > 1.96

1.1754

5.227 > 1.96

0.6536