Variables	Corporate Performance
Variables	Model 1	Model 2	Model 3	Model 4
Constants	−0.166	−0.268	−0.284	−0.981
A	−0.042	−0.051	−0.047	−0.027
D	0.195^*	0.185^*	0.128⁺	0.096
S	−0.003	−0.049	−0.031	0.008
IND	YES	YES	YES	YES
Ha		0.059	0.113	0.174^*
Ht		0.134⁺	−0.031	−0.069
H1		−0.131⁺	−0.240^**	−0.200^*
Ha²			0.142⁺	0.511^***
Ht²			−0.252^*	−0.163⁺
H1²			−0.190^*	−0.130⁺
L				−0.285^*
Ha × L				0.287^***
Ht × L				0.198
H1 × L				−0.088
Ha² × L				0.705^***
Ht² × L				−0.301⁺
H1² × L				−0.028
Adjusted R²	0.320	0.343	0.417	0.563
△R²	−−	0.036	0.077	0.142
△F	−−	2.315⁺	5.632^**	6.934^***
F	4.760^***	4.515^***	5.165^***	6.678^***