| Variables | P value | Variables | P value | Variables | P value |
| TSPs | 0.2222 | Branch | 0.3965 | ES (Early-stage) | 0.5464 |
| WSPs | 0.5251 | Ownership | 0.5000 | MS (Medium-stage) | 0.2887 |
| FFCs | 0.6447 | Location | 0.2126 | Size | 0.0000 |