Variables

Model 1

Model 2 (DP)

Model 3(OI)

Model 4 (OI)

Model 5 (OI)

Control variable

Ownership

−0.02**

−0.45***

−0.15*

0.02

0.04

Industry

−0.02

−0.02

−0.02

−0.01

−0.01

Firm age

0.14

0.14*

0.15*

0.08

0.09

Firm size

0.16*

0.17**

0.16*

0.08

0.09

Main variable

TMCD

0.19**

0.29***

0.22***

Mediator

DP

0.47***

0.42***

R²

0.33

0.60

0.44

0.51

0.55

ΔR²

0.27

0.11

0.18

0.22

F

5.73***

20.78***

8.81***

13.20***

13.483***