Variable

Sub-sample 1 (duality organization)

Sub-sample 2 (specialization organization)

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Control variable

GC

0.906***

0.486**

0.454**

0.400***

0.275***

0.302***

AGE

−0.034**

−0.013

−0.010

0.003

0.002

0.001

R & D

0.597**

0.124*

0.965*

0.638***

0.333***

0.580***

UIC

0.360

0.452*

0.464*

0.685***

0.445***

0.351***

Independent variable

TL

0.147***

0.276***

0.269***

0.286***

SL

0.416***

0.616***

0.250***

0.348***

IE

0.123**

−1.100*

Result of regression

R2

0.472

0.714

0.732

0.784

0.848

0.859

Adjusted R2

0.440

0.688

0.704

0.766

0.827

0.836

F-statistic

15.17***

27.437***

25.411***

41.831***

40.854***

37.494***