Objective of data analytics	Model 3-1	Model 3-2	Model 3-3	Model 3-4	Model 3-5	Model 3-6
Net sales	0.000***	0.000***	0.000**	0.000***	0.000***	0.000***
Net sales	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
R&D expenses	0.000**	0.000***	0.000***	0.000***	0.000***	0.000***
R&D expenses	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Listed dummy	−0.132	−0.001	−0.021	0.043	0.012	0.055
Listed dummy	(0.126)	(0.119)	(0.118)	(0.119)	(0.113)	(0.113)
Manufacturing industry dummy	−0.038	0.033	0.168	0.125	0.255*	0.235*
Manufacturing industry dummy	(0.147)	(0.137)	(0.138)	(0.137)	(0.132)	(0.133)
Number of patents held	0.068	0.029	0.025	−0.008	−0.012	−0.020
Number of patents held	(0.064)	(0.060)	(0.060)	(0.060)	(0.057)	(0.057)
Person in charge dummy	0.597***	0.180	0.250*	0.215*	0.211*	0.110
Person in charge dummy	(0.118)	(0.121)	(0.117)	(0.118)	(0.110)	(0.116)
Formulation of a strategy for data analytics		0.563***				0.142*
Formulation of a strategy for data analytics		(0.067)				(0.088)
System deployment			0.643***			0.001
System deployment			(0.075)			(0.119)
Acquisition of skills and knowledge				0.568***		0.155*
Acquisition of skills and knowledge				(0.066)		(0.095)
Qualitative improvement of data					0.764***	0.551***
Qualitative improvement of data					(0.068)	(0.109)
Observations	459
Adjusted R²	0.066	0.191	0.195	0.197	0.267	0.274
p < 0.1, p < 0.05, **p < 0.01
Values in parentheses: SE
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