(1)

Con_Final

(2)

LnTopics

(3)

Con_Final

(4)

Con_Final

(5)

LnTopics

(6)

Con_Final

(7)

Con_Final

(8)

LnTopics

(9)

Con_Final

Homepage_if_i

2.129***

(9.93)

0.785***

(10.52)

1.196***

(5.80)

Upadates_dum_i

1.229***

(4.85)

0.976***

(11.61)

−0.0985

(−0.41)

SocialMedia_if_i

1.122***

(4.71)

0.405*** (4.87)

0.590***

(2.76)

LnFocus_i

1.189***

(13.99)

1.361***

(15.56)

1.313***

(15.91)

LnTargeti

−0.387**

(−3.09)

0.364***

(8.35)

0.820***

(−6.94)

−0.266*

(−2.06)

0.409***

(9.54)

0.822***

(−6.80)

−0.316**

(−2.43)

0.390***

(8.60)

−0.829***

(−6.91)

LnTotal_Daysi

1.322**

(4.03)

0.792***

(6.95)

0.380

(1.24)

1.239**

(3.60)

0.642***

(5.62)

0.366

(1.17)

1.456***

(4.28)

0.842***

(7.08)

0.351

(1.13)

Videoi

0.360*

(1.69)

0.199***

(2.69)

0.123

(0.63)

0.289

(1.30)

0.122*

(1.66)

0.123

(0.62)

0.214

(0.95)

0.147*

(1.87)

0.021

(0.11)

Brand_i

−0.600

(−1.59)

−0.026

(−0.20)

−0.569*

(−1.65)

−0.632

(−1.60)

−0.103

(−0.79)

−0.492

(−1.40)

−0.668

(−1.69)

−0.050

(−0.36)

−0.603*

(−1.72)

Patent_i

−0.068

(−0.31)

0.139*

(1.84)

−0.234

(−1.18)

−0.021

(−0.09)

0.140*

(1.87)

−0.212

(−1.05)

0.016

(0.07)

0.170**

(2.16)

−0.208

(−1.03)

Startups_i

−0.388*

(−1.20)

−0.120

(−1.66)*

−0.245

(−1.87)

−0.387*

(−1.30)

−0.117*

(−1.80)

−0.227

(−1.65)

−0.386*

(−1.18)

−0.119

(−1.83)

−0.230

(−1.58)

N

R²

457

0.1150

457

0.2309

457

0.2657

457

0.0536

457

0.2479

457

0.2398

457

0.0893

457

0.1682

457

0.2858

Sobel test (Z)

The mediation effect

8.409 > 1.96

0.9326

9.304 > 1.96

1.3276

4.655 > 1.96

0.5317