The Effect of Corporate Resource Abundance on the Transformation and Upgrading of Manufacturing Enterprises from the Perspective of Whole Process Innovation
Abstract
:1. Introduction
- ➢
- First, the promotion effect of enterprise resource abundance on the transformation and upgrading of manufacturing enterprises has not been examined from a micro perspective.
- ➢
- Second, the analysis of the heterogeneous effect of different types of enterprise resource abundance on transformation and upgrading in the manufacturing industry needs to be further deepened.
- ➢
- Third, most studies only stay at the basic level, and there are few attempts to explore transformation and upgrading from the perspective of mechanism research. In addition, while the significance of technological innovation for transformation and upgrading has been highlighted by a large body of literature [11,12], there has been a lack of exploration into the “bridge role” of technological innovation in the process of linking resource abundance with the transformation and upgrading of the manufacturing industry.
- ➢
- Does resource abundance stimulate the transformation and upgrading of manufacturing enterprises, and why?
- ➢
- Going further, how does the resource abundance in various types of enterprises differ in its contribution to their transformation and upgrading?
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- What are the underlying mechanisms within the process? To what extent does technological innovation exert a mediating effect at different stages?
- Innovation investment intensity (innovation input).
- Innovation direction (innovation process).
- Innovation quantity (innovation output).
- ➢
- First, differently from previous works [13,14], this paper pioneers the development of four enterprise type models to investigate the impact of corporate resource abundance on transformation and upgrading, based on the resource-based view. By adopting a unique perspective, this research sheds light on the transformation and upgrading of microenterprises, thus expanding the existing literature on the factors influencing corporate transformation and upgrading.
- ➢
- Second, prior studies mainly identify the driving factors of enterprise transformation and upgrading [15,16]. Nevertheless, in-depth analysis of the mechanisms by which organizational resource factors affect transformation and upgrading is scarce. This paper addresses this research gap by employing a mediation model to investigate the relationship among corporate resources, innovation, and transformation and upgrading. It not only highlights the significance of corporate resources as catalysts for transformation and upgrading, but also introduces a new paradigm for understanding the intricate mechanisms by which strategic corporate resources impact corporate transformation and upgrading.
- ➢
- Third, while previous literature has extensively examined the impact of strategic resource attributes on innovation models within enterprises [17], a comprehensive understanding of the entire innovation process remains unexplored. By integrating the literature on technological innovation with a resource-based view, this paper innovatively introduces the whole innovation process into the model to investigate the mechanisms and boundary conditions related to resource abundance that impact the transformation of manufacturing enterprises. Our findings enrich the theoretical research on enterprise transformation and upgrading and provide further enlightenment for managers to help them make reasonable but innovative strategic and high-quality transformation and upgrading decisions.
2. Literature Review
2.1. The Determinants of Corporate Transformation and Upgrading
2.2. The Impact of Corporate Resource Abundance
3. Research Hypothesis
3.1. Four Strategic Resource Enterprise Types
3.2. Resource-Based Innovation Model
3.3. Analysis of the Impact of Resource Abundance on Enterprise Transformation and Upgrading
3.4. Analysis of the Channels of Resource Abundance for Enterprise Transformation and Upgrading
3.4.1. Mediating Role of Innovation Investment Intensity
3.4.2. The Mediating Role of Innovation Direction
3.4.3. The Mediating Role of Innovation Output
4. Methodology
4.1. Sample and Data Collection
4.2. Measures
4.2.1. Dependent Variable
4.2.2. Independent Variable
4.2.3. Mediating Variables
4.2.4. Control Variables
4.3. Methods of Analysis
- (1)
- After the regression between resource abundance (X) and enterprise transformation and upgrading (Y), we can check to see if c is significant. If it is significant, we proceed to the second-step regression. Otherwise, the analysis is not further conducted.
- (2)
- After the regression between resource abundance (X) and technological innovation (M), we can check to see if a is significant.
- (3)
- Resource abundance (X) and technological innovation (M) are regressed with enterprise transformation and upgrading (Y). If both a and b are significant, and c′ is not significant, it means that there is a full mediating effect. If c′ is still significant but decreases, it implies that there is a partial mediating effect. If at least one of a and b is not significant, then a Sobel test is needed. If it is significant, it implies that there is a mediation effect. Otherwise, there is no mediation effect.
5. Empirical Results
6. Robustness Tests
7. Conclusions and Discussion
7.1. Conclusions
- (1)
- Resource abundance has a significant positive impact on enterprise transformation and upgrading. H1 was verified. The result agreed with [81].
- (2)
- Regarding innovation input, innovation investment intensity serves as a crucial pathway for manufacturing companies to achieve transformation and upgrading. H2 was verified. The result was aligned with Peng et al. [82].
- (3)
- Regarding the innovation process, four types of enterprises with different resource statuses are key factors influencing the innovation model and the success of transformation and upgrading. More specifically, leading enterprises with adequate resources can undertake product and process innovation simultaneously to transform and upgrade. In contrast, catching-up enterprises drive transformation and upgrading through product innovation, while potential enterprises do so through process innovation. Meanwhile, exiting enterprises are unable to transform and upgrade through product or process innovation. H3a, H3b, H3c, and H3d were verified. The outcomes coincided with those of Ettlie [50] and Gagnon [90].
- (4)
- Regarding innovation output, with the exception of exiting enterprises, all remaining manufacturing enterprises can achieve transformation and upgrading by increasing their innovation output. H4 was verified. The result agreed with that of Chemmanur et al. [88].
7.2. Discussion
7.2.1. Theoretical Implications
7.2.2. Practical Implications
7.2.3. Limitations and Prospects
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Dimension 1. Product Innovation |
Typical Context Matching from the Original Analysis of the Text Keywords |
product, new product, product quality, product structure, product design, product development, product formalization, product service, product distribution, product maintenance, product function, product appearance, product type, product performance, product commissioning, product added value, new services, product portfolio, new functions, product market, product development and design, product function upgrade, product life, product differentiation, product design, product aesthetics, product practicality, product stability, product comfort, economic efficiency |
Dimension 2. Process Innovation |
Typical Context Matching from the Original Analysis of the Text Keywords |
process, manufacturing technique, production process, cost advantage, production performance, production cost, production efficiency, process technology, process innovation, technique innovation, production method, process flow, management process, labor productivity, management method, processing method, testing method, process technology innovation, process equipment innovation, process technology upgrade, intelligent transformation, cost reduction, cost savings, energy saving and emission reduction, product processing sequence, processing technology, processing procedures, production side, process upgrading and optimization, equipment upgrading and optimization, production equipment, process transformation and upgrading, resource utilization, cost cutting, processing methods, process equipment flow, production processing, equipment renewal, process flow optimization, assembly processes, processing efficiency, industrialized production, production lines, product conversion rate, new equipment, control devices, processing equipment, industrial preparation methods, mass production, yield, production processes, process times, manufacturing costs, process simplicity, failure rates, improved yields, scrap rates, yield rates, processing accuracy |
Variable Type | Variable Name | Variable Symbol | Variable Definition |
---|---|---|---|
Dependent variable | Transformation and upgrading | Tfp | Calculated by the GMM method |
Mediating variables | Innovation investment intensity | Inv | Ratio of corporate innovation investment to the level of the same industry |
Product innovation | Product | The number of product patents | |
Process innovation | Process | The number of process patents | |
Innovation quantity | Count | Sum of product innovation and process innovation patents | |
Independent variable | Resource abundance | Fyd | Calculated by using entropy weight method |
Control variables | Firm size | Size | Ln (total assets) |
Leverage | Lev | The ratio of total debts to total assets | |
Operating profit margins | Pro | The ratio of operating profit to operating income | |
Remuneration of the top three directors | Inc | The natural logarithm of remuneration of the top three directors | |
Net profit growth rate | Growth | (Net profit for the period − net profit for the previous period)/net profit for the previous period | |
Ownership concentration | Shrcr | The sum of the shareholding ratio of the top 3 largest shareholders of the company | |
Capital intensity | Zbmw | Fixed assets/number of employees/10,000 | |
CEO duality | Dual | Take 1 if the Chairman and CEO are the same people, otherwise, take 0 | |
Funding liquidity | Ldx | Monetary funds/total assets | |
Management concentration | Mna | Number of senior managers/number of employees | |
Total operating cost rate | Cbl | Operating profit/operating costs | |
Fixed asset growth | Fgr | (Closing fixed assets − beginning fixed assets)/beginning fixed assets | |
Sustainable growth rate | Sus | Roe × earnings retention ratio/(1 − Roe × earnings retention ratio) | |
Establishment of committees | Com | The number of the committees of the company | |
Return on net assets | Roe | Net profit/net assets | |
Percentage of independent directors | Dratio | Number of independent directors/number of directors | |
Year | Year | Year dummy variables | |
Industry | Ind | Industry dummy variables |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Fyd | 11.9558 *** | 24.1892 *** | 11.4484 *** | 1.8848 ** | 4.3417 ** | 11.8897 *** | 11.8826 *** | 6.2265 ** | 11.8768 *** |
(18.7693) | (6.3651) | (19.9744) | (1.9735) | (2.0110) | (18.6998) | (18.6825) | (2.1368) | (18.6885) | |
Inv | 0.0210 *** | ||||||||
(3.5942) | |||||||||
Product | 0.0351 *** | ||||||||
(3.6134) | |||||||||
Process | 0.0169 ** | ||||||||
(2.1022) | |||||||||
Count | 0.0127 *** | ||||||||
(2.6142) | |||||||||
Size | 2.8305 *** | 5.9512 *** | 2.7056 *** | −0.4647 *** | −0.6903 ** | 2.8468 *** | 2.8421 *** | −1.1550 *** | 2.8451 *** |
(38.0252) | (12.5587) | (31.1863) | (−2.8687) | (−2.4407) | (38.3910) | (38.2470) | (−2.7054) | (38.3321) | |
Lev | −0.2055 | −2.4394 *** | −0.1543 | 0.2958 | 0.0391 | −0.2158 | −0.2061 | 0.3349 | −0.2097 |
(−1.1498) | (−3.7361) | (−0.8655) | (1.4742) | (0.1066) | (−1.2099) | (−1.1572) | (0.6292) | (−1.1774) | |
Pro | −4.2276 *** | −7.9065 *** | −4.0617 *** | 0.0325 | −0.3946 | −4.2287 *** | −4.2209 *** | −0.3621 | −4.2230 *** |
(−6.4721) | (−4.0108) | (−6.2826) | (0.0844) | (−0.5984) | (−6.4703) | (−6.4783) | (−0.3751) | (−6.4768) | |
Growth | −0.0081 | −0.0044 | −0.0080 | 0.0026 | 0.0010 | −0.0082 | −0.0081 | 0.0036 | −0.0082 |
(−1.4912) | (−0.3045) | (−1.5053) | (0.6363) | (0.1441) | (−1.5111) | (−1.5003) | (0.3394) | (−1.5053) | |
Inc | 0.0205 | 0.2798 *** | 0.0146 | −0.0606 | −0.0959 | 0.0226 | 0.0221 | −0.1565 | 0.0225 |
(1.2323) | (2.8290) | (0.8785) | (−1.5358) | (−1.0831) | (1.3570) | (1.3257) | (−1.2950) | (1.3479) | |
Dual | −0.0674 ** | 0.2670 | −0.0730 *** | 0.0312 | 0.0464 | −0.0685 ** | −0.0682 ** | 0.0776 | −0.0684 ** |
(−2.4715) | (1.4303) | (−2.6556) | (0.5362) | (0.4655) | (−2.5195) | (−2.5096) | (0.5108) | (−2.5175) | |
Shrcr | 0.0040 *** | −0.0028 | 0.0041 *** | −0.0005 | −0.0023 | 0.0040 *** | 0.0040 *** | −0.0028 | 0.0040 *** |
(3.5990) | (−0.4648) | (3.6770) | (−0.2663) | (−0.6898) | (3.6161) | (3.6339) | (−0.5686) | (3.6317) | |
Zbmw | 0.0062 *** | −0.0093 *** | 0.0064 *** | 0.0017 ** | 0.0043 ** | 0.0061 *** | 0.0061 *** | 0.0060 ** | 0.0061 *** |
(12.8292) | (−3.1898) | (13.2579) | (1.9854) | (2.3799) | (12.7649) | (12.6704) | (2.3871) | (12.6927) | |
Ldx | −0.4612 *** | −1.4796 * | −0.4302 *** | 0.6186 | 1.1834 | −0.4829 *** | −0.4812 *** | 1.8020 | −0.4841 *** |
(−3.6858) | (−1.8170) | (−3.4875) | (1.5138) | (1.5594) | (−3.8601) | (−3.8363) | (1.5800) | (−3.8616) | |
Mna | −152.1335 *** | 798.4957 *** | −168.8834 *** | 34.7795 | 78.6731 | −153.3527 *** | −153.4608 *** | 113.4526 | −153.5722 *** |
(−4.2021) | (4.9873) | (−4.7641) | (0.3928) | (0.5770) | (−4.2596) | (−4.2685) | (0.5353) | (−4.2738) | |
Dratio | 0.1016 | 3.7660 *** | 0.0226 | −0.0601 | −0.2760 | 0.1037 | 0.1063 | −0.3361 | 0.1059 |
(0.4743) | (2.8867) | (0.1077) | (−0.1460) | (−0.2851) | (0.4854) | (0.4963) | (−0.2549) | (0.4949) | |
Cbl | −1.4108 *** | −2.6506 * | −1.3552 *** | 0.0374 | −0.5276 | −1.4121 *** | −1.4019 *** | −0.4903 | −1.4045 *** |
(−3.7369) | (−1.7983) | (−3.6424) | (0.1057) | (−0.6837) | (−3.7491) | (−3.7512) | (−0.4622) | (−3.7522) | |
Fgr | 0.0395 | −0.2088 | 0.0439 | −0.0254 | 0.1011 | 0.0404 | 0.0378 | 0.0756 | 0.0385 |
(0.5900) | (−0.6910) | (0.6624) | (−0.2733) | (0.4283) | (0.6036) | (0.5638) | (0.2385) | (0.5753) | |
Com | −0.0322 | −0.5205 *** | −0.0212 | 0.0235 | 0.0617 | −0.0330 | −0.0332 | 0.0852 | −0.0332 |
(−1.3103) | (−2.9440) | (−0.8772) | (0.4889) | (0.4607) | (−1.3350) | (−1.3391) | (0.4850) | (−1.3407) | |
Sus | −0.3366 | 3.4378 ** | −0.4088 | 0.7104 | 0.8051 | −0.3615 | −0.3502 | 1.5155 | −0.3559 |
(−1.2458) | (1.9819) | (−1.5218) | (1.4114) | (0.8224) | (−1.3349) | (−1.2889) | (1.0990) | (−1.3103) | |
Roe | 3.8724 *** | 3.3480 | 3.8021 *** | −0.3116 | −0.8421 | 3.8833 *** | 3.8866 *** | −1.1537 | 3.8870 *** |
(7.9712) | (1.6236) | (7.9036) | (−0.5668) | (−0.7343) | (8.0172) | (8.0503) | (−0.7215) | (8.0476) | |
Constant | 12.0549 *** | −61.1922 *** | 13.3385 *** | 5.3034 *** | 8.5810 *** | 11.8690 *** | 11.9101 *** | 13.8844 *** | 11.8788 *** |
(16.5270) | (−13.3153) | (16.9716) | (3.6983) | (3.5101) | (16.3202) | (16.3457) | (3.7781) | (16.3232) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 |
R−squared | 0.9568 | 0.6964 | 0.9573 | 0.0785 | 0.0558 | 0.9570 | 0.9570 | 0.0616 | 0.9570 |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Fyd | 111.2636 *** | 9.7127 *** | 110.0454 *** | 21.7236 ** | 16.3754 | 111.0839 *** | 111.1208 *** | 38.0990 | 111.0620 *** |
(30.2816) | (2.9333) | (30.5544) | (1.9845) | (0.9813) | (30.2254) | (30.2222) | (1.5088) | (30.2110) | |
Inv | 0.1254 *** | ||||||||
(4.8329) | |||||||||
Product | 0.0083 | ||||||||
(1.5770) | |||||||||
Process | 0.0087 *** | ||||||||
(2.6481) | |||||||||
Count | 0.0053 ** | ||||||||
(2.4033) | |||||||||
Size | 2.3670 *** | 0.9028 *** | 2.2538 *** | −0.4045 *** | −0.2538 | 2.3703 *** | 2.3692 *** | −0.6583 ** | 2.3705 *** |
(44.2971) | (12.1851) | (36.3672) | (−3.1910) | (−1.4528) | (44.3466) | (44.3416) | (−2.3930) | (44.3684) | |
Lev | 0.1416 | −0.1393 ** | 0.1591 | −0.0390 | −0.1265 | 0.1420 | 0.1427 | −0.1655 | 0.1425 |
(1.3966) | (−2.1827) | (1.5937) | (−0.2325) | (−0.5555) | (1.3991) | (1.4067) | (−0.4530) | (1.4043) | |
Pro | −3.0033 *** | −0.8566 *** | −2.8958 *** | 0.2432 | 0.2332 | −3.0053 *** | −3.0053 *** | 0.4764 | −3.0058 *** |
(−7.9407) | (−5.7829) | (−7.6888) | (0.9264) | (0.6239) | (−7.9530) | (−7.9568) | (0.8114) | (−7.9585) | |
Growth | 0.0002 | −0.0025 * | 0.0005 | −0.0035 | −0.0067 | 0.0003 | 0.0003 | −0.0102 | 0.0003 |
(0.0933) | (−1.8659) | (0.2257) | (−1.1816) | (−1.4469) | (0.1055) | (0.1176) | (−1.4426) | (0.1159) | |
Inc | 0.0579 *** | 0.0341 ** | 0.0536 *** | −0.0014 | −0.0500 | 0.0579 *** | 0.0583 *** | −0.0514 | 0.0582 *** |
(3.6823) | (2.4557) | (3.4972) | (−0.0340) | (−0.8041) | (3.6809) | (3.7091) | (−0.5490) | (3.6980) | |
Dual | −0.0225 | 0.0222 | −0.0253 | −0.0768 | −0.0665 | −0.0219 | −0.0220 | −0.1433 | −0.0218 |
(−1.3160) | (1.5943) | (−1.4789) | (−1.5179) | (−0.8741) | (−1.2781) | (−1.2824) | (−1.2328) | (−1.2716) | |
Shrcr | −0.0008 | −0.0005 | −0.0008 | −0.0003 | −0.0020 | −0.0008 | −0.0008 | −0.0023 | −0.0008 |
(−1.2600) | (−0.8970) | (−1.1697) | (−0.1848) | (−0.7922) | (−1.2557) | (−1.2336) | (−0.5785) | (−1.2413) | |
Zbmw | 0.0083 *** | −0.0008 *** | 0.0084 *** | 0.0017 ** | 0.0012 | 0.0083 *** | 0.0083 *** | 0.0029 ** | 0.0083 *** |
(23.3860) | (−2.7585) | (23.5150) | (2.3956) | (1.3324) | (23.3706) | (23.4267) | (1.9728) | (23.4089) | |
Ldx | −0.6309 *** | 0.1238 ** | −0.6464 *** | −0.1826 | −0.2438 | −0.6293 *** | −0.6287 *** | −0.4264 | −0.6286 *** |
(−8.7296) | (2.2559) | (−9.0175) | (−0.8815) | (−0.7891) | (−8.7233) | (−8.7139) | (−0.9094) | (−8.7158) | |
Mna | −57.5735 *** | 8.1049 *** | −58.5900 *** | 4.1321 | 4.5326 | −57.6077 *** | −57.6130 *** | 8.6647 | −57.6193 *** |
(−18.2623) | (5.6793) | (−18.4703) | (0.4875) | (0.4262) | (−18.2504) | (−18.2851) | (0.4989) | (−18.2683) | |
Dratio | −0.3239 ** | 0.1527 | −0.3430 ** | −0.1434 | −0.1164 | −0.3227 ** | −0.3228 ** | −0.2598 | −0.3225 ** |
(−2.0420) | (1.3313) | (−2.1857) | (−0.3078) | (−0.1701) | (−2.0352) | (−2.0377) | (−0.2468) | (−2.0353) | |
Cbl | −1.0911 *** | −0.1371 | −1.0739 *** | −0.3983 * | −0.8329 ** | −1.0878 *** | −1.0839 *** | −1.2312 ** | −1.0846 *** |
(−4.2143) | (−1.2984) | (−4.2419) | (−1.6492) | (−2.2044) | (−4.2023) | (−4.1871) | (−2.1530) | (−4.1903) | |
Fgr | 0.0272 | −0.0020 | 0.0274 | 0.0538 | −0.0066 | 0.0267 | 0.0272 | 0.0471 | 0.0269 |
(1.3836) | (−0.1746) | (1.4042) | (0.8795) | (−0.0719) | (1.3587) | (1.3768) | (0.3332) | (1.3637) | |
Com | 0.0194 | −0.0669 *** | 0.0278 | 0.0414 | −0.0319 | 0.0190 | 0.0197 | 0.0095 | 0.0193 |
(0.6931) | (−2.7710) | (1.0114) | (0.6613) | (−0.4039) | (0.6817) | (0.7035) | (0.0720) | (0.6922) | |
Sus | −0.5901 *** | 0.4180 ** | −0.6426 *** | 0.6871 | 0.7290 | −0.5958 *** | −0.5965 *** | 1.4161 | −0.5976 *** |
(−2.8448) | (2.2529) | (−3.1209) | (1.4287) | (1.1593) | (−2.8701) | (−2.8757) | (1.4354) | (−2.8801) | |
Roe | 3.8996 *** | 0.9565 *** | 3.7796 *** | −0.6623 | −0.7711 | 3.9051 *** | 3.9063 *** | −1.4334 | 3.9072 *** |
(9.0527) | (4.1967) | (8.8594) | (−1.3468) | (−1.2641) | (9.0546) | (9.0539) | (−1.4444) | (9.0550) | |
Constant | 13.6436 *** | −8.5310 *** | 14.7136 *** | 4.1476 *** | 4.6525 *** | 13.6093 *** | 13.6031 *** | 8.8002 *** | 13.5971 *** |
(24.1382) | (−13.2162) | (24.1723) | (3.6020) | (2.8191) | (24.0371) | (24.0302) | (3.4257) | (24.0127) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 |
R−squared | 0.9310 | 0.4667 | 0.9317 | 0.0575 | 0.0516 | 0.9310 | 0.9311 | 0.0600 | 0.9311 |
Sobel Test for Product Mediator Variables | Sobel Test for Process Mediator Variables | Sobel Test for Count Mediator Variables | |||||||
z | mediating effect | z | mediating effect | z | mediating effect | ||||
1.2438 | significant | 0.9197 | insignificant | 1.2787 | significant |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Fyd | 14.3935 *** | 30.8727 *** | 13.5997 *** | 3.9560 | 3.0301 *** | 14.3589 *** | 14.2899 *** | 7.2981** | 14.2867 *** |
(11.2535) | (5.0069) | (10.6030) | (1.4591) | (2.6060) | (11.2292) | (11.1546) | (2.4785) | (11.1622) | |
Inv | 0.0257 ** | ||||||||
(2.3261) | |||||||||
Product | 0.0087 | ||||||||
(0.8171) | |||||||||
Process | 0.0342 | ||||||||
(1.2126) | |||||||||
Count | 0.0146 | ||||||||
(1.3214) | |||||||||
Size | 2.7288 *** | 3.7240 *** | 2.6331 *** | −0.6094 ** | −0.3823 *** | 2.7341 *** | 2.7419 *** | −0.8595 *** | 2.7414 *** |
(27.0765) | (7.6766) | (23.5904) | (−2.0450) | (−3.5809) | (27.1668) | (27.0692) | (−3.2655) | (27.0972) | |
Lev | −0.1527 | −0.7874 | −0.1324 | 0.6318 * | 0.2054 | −0.1582 | −0.1597 | 0.4335 | −0.1590 |
(−0.9141) | (−1.4116) | (−0.8040) | (1.6743) | (1.3900) | (−0.9474) | (−0.9582) | (1.2620) | (−0.9539) | |
Pro | −3.5026 *** | −2.2705 | −3.4442 *** | −0.3482 | −0.3017 | −3.4995 *** | −3.4923 *** | −0.8444 | −3.4902 *** |
(−4.4460) | (−1.0374) | (−4.5772) | (−0.3932) | (−0.8124) | (−4.4357) | (−4.4318) | (−0.9665) | (−4.4289) | |
Growth | −0.0093 ** | −0.0135 | −0.0089 ** | −0.0001 | 0.0030 | −0.0093 ** | −0.0094 ** | 0.0060 | −0.0094 ** |
(−2.3237) | (−0.8781) | (−2.3114) | (−0.0137) | (1.1570) | (−2.3240) | (−2.3506) | (1.0132) | (−2.3485) | |
Inc | 0.0293 | 0.4002 *** | 0.0190 | −0.1195 * | −0.0213 | 0.0303 | 0.0300 | −0.0619 | 0.0302 |
(1.1057) | (3.6533) | (0.7015) | (−1.9029) | (−0.7312) | (1.1394) | (1.1320) | (−0.8985) | (1.1384) | |
Dual | −0.0902 *** | −0.0527 | −0.0888 *** | −0.1327 | −0.0487 | −0.0890 *** | −0.0885 *** | −0.1178 | −0.0885 *** |
(−2.7200) | (−0.3978) | (−2.6746) | (−1.2392) | (−1.1323) | (−2.6818) | (−2.6679) | (−1.1373) | (−2.6667) | |
Shrcr | 0.0031 *** | −0.0040 | 0.0032 *** | −0.0042 | −0.0013 | 0.0032 *** | 0.0032 *** | −0.0026 | 0.0032 *** |
(2.7684) | (−0.7158) | (2.8571) | (−1.3004) | (−1.0050) | (2.8015) | (2.8122) | (−0.8766) | (2.8074) | |
Zbmw | 0.0055 *** | −0.0008 | 0.0055 *** | 0.0022 | 0.0012 ** | 0.0054 *** | 0.0054 *** | 0.0027 * | 0.0054 *** |
(10.6940) | (−0.2758) | (10.6370) | (1.5914) | (1.9874) | (10.6831) | (10.6137) | (1.8092) | (10.6275) | |
Ldx | −1.1292 *** | −0.4069 | −1.1188 *** | 0.5814 | 0.2588 | −1.1343 *** | −1.1381 *** | 0.5573 | −1.1374 *** |
(−5.3644) | (−0.4647) | (−5.4882) | (1.1252) | (1.1593) | (−5.3930) | (−5.4065) | (1.0644) | (−5.4065) | |
Mna | −112.0752 ** | 595.5835 *** | −127.3880 *** | 71.3323 | 61.4725 | −112.6985 ** | −114.1779 ** | 175.1449 | −114.6375 ** |
(−2.4657) | (3.5763) | (−2.8225) | (0.6867) | (1.1745) | (−2.4788) | (−2.5156) | (1.3586) | (−2.5271) | |
Dratio | −0.1975 | 0.5725 | −0.2122 | 1.7873 * | 1.0547 ** | −0.2131 | −0.2336 | 2.5492 ** | −0.2348 |
(−0.7350) | (0.4595) | (−0.7695) | (1.7511) | (2.3301) | (−0.7858) | (−0.8519) | (2.3107) | (−0.8576) | |
Cbl | −0.1052 | −0.3769 | −0.0955 | −0.8933 | −0.0915 | −0.0974 | −0.1021 | −0.3395 | −0.1002 |
(−0.1411) | (−0.1647) | (−0.1352) | (−0.7729) | (−0.2263) | (−0.1303) | (−0.1367) | (−0.3465) | (−0.1342) | |
Fgr | −0.0530 | −0.0259 | −0.0523 | −0.0223 | 0.0055 | −0.0528 | −0.0532 | 0.0199 | −0.0533 |
(−1.4545) | (−0.1422) | (−1.4186) | (−0.2720) | (0.1758) | (−1.4475) | (−1.4620) | (0.2448) | (−1.4650) | |
Com | 0.0612 | −0.2058 | 0.0665 | −0.0078 | 0.0003 | 0.0613 | 0.0612 | 0.0106 | 0.0611 |
(1.4002) | (−1.0479) | (1.5356) | (−0.1137) | (0.0081) | (1.4019) | (1.4010) | (0.1288) | (1.3976) | |
Sus | 1.1147 | 4.8776 * | 0.9893 | −0.3201 | 0.0397 | 1.1175 | 1.1133 | 0.0261 | 1.1143 |
(1.4470) | (1.9062) | (1.3149) | (−0.2301) | (0.0670) | (1.4509) | (1.4443) | (0.0176) | (1.4465) | |
Roe | 2.3282 ** | −1.7937 | 2.3743 ** | 0.3967 | 0.0851 | 2.3247 ** | 2.3252 ** | 0.3017 | 2.3237 ** |
(2.4122) | (−0.6823) | (2.5308) | (0.2918) | (0.1532) | (2.4065) | (2.4048) | (0.2285) | (2.4049) | |
Constant | 10.9422 *** | −46.4026 *** | 12.1353 *** | 6.8846 ** | 3.2431 *** | 10.8821 *** | 10.8313 *** | 7.4463 *** | 10.8333 *** |
(8.7821) | (−8.9576) | (8.8353) | (2.2552) | (2.9895) | (8.7292) | (8.6635) | (2.8555) | (8.6695) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 848 | 848 | 848 | 848 | 848 | 848 | 848 | 848 | 848 |
R−squared | 0.9400 | 0.5725 | 0.9406 | 0.1616 | 0.1970 | 0.9400 | 0.9401 | 0.1976 | 0.9401 |
Sobel Test for Product Mediator Variables | Sobel Test for Process Mediator Variables | Sobel Test for Count Mediator Variables | |||||||
z | mediating effect | z | mediating effect | z | mediating effect | ||||
0.7103 | insignificant | 1.0995 | significant | 1.1619 | insignificant |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Fyd | 106.7431 *** | 15.9935 *** | 104.7915 *** | −5.9139 | −2.2215 | 106.7345 *** | 106.7365 *** | −8.1354 | 106.7312 *** |
(32.1978) | (5.2207) | (32.5094) | (−0.7125) | (−0.2091) | (32.1870) | (32.1974) | (−0.4629) | (32.1945) | |
Inv | 0.1220 *** | ||||||||
(5.6624) | |||||||||
Product | −0.0015 | ||||||||
(−0.3252) | |||||||||
Process | −0.0030 | ||||||||
(−0.8542) | |||||||||
Count | −0.0015 | ||||||||
(−0.6897) | |||||||||
Size | 2.3403 *** | 0.8453 *** | 2.2372 *** | −0.3359 *** | −0.4261 *** | 2.3398 *** | 2.3390 *** | −0.7620 *** | 2.3392 *** |
(43.9387) | (12.6110) | (38.4008) | (−2.9770) | (−2.5840) | (43.9317) | (43.8145) | (−2.9773) | (43.8434) | |
Lev | −0.0681 | −0.2359 *** | −0.0394 | 0.1288 | 0.5907 * | −0.0680 | −0.0664 | 0.7195 | −0.0671 |
(−0.7110) | (−3.3103) | (−0.4149) | (0.6752) | (1.9096) | (−0.7090) | (−0.6916) | (1.5577) | (−0.6995) | |
Pro | −3.3157 *** | −0.6034 *** | −3.2420 *** | −0.7332 * | −0.7443 | −3.3167 *** | −3.3179 *** | −1.4775 | −3.3178 *** |
(−7.5265) | (−3.8898) | (−7.4625) | (−1.8577) | (−0.9779) | (−7.5248) | (−7.5449) | (−1.4112) | (−7.5372) | |
Growth | −0.0035 | 0.0005 | −0.0035 * | 0.0019 | 0.0049 | −0.0034 | −0.0034 | 0.0068 | −0.0034 |
(−1.6436) | (0.2861) | (−1.7046) | (0.4538) | (0.9644) | (−1.6424) | (−1.6363) | (0.7988) | (−1.6389) | |
Inc | 0.0424 *** | 0.0389 ** | 0.0377 *** | −0.0131 | −0.0315 | 0.0424 *** | 0.0423 *** | −0.0446 | 0.0424 *** |
(2.8857) | (2.0357) | (2.5905) | (−0.3149) | (−0.5266) | (2.8843) | (2.8806) | (−0.4815) | (2.8820) | |
Dual | −0.0501 *** | −0.0019 | −0.0499 *** | 0.0583 | 0.0772 | −0.0501 *** | −0.0499 *** | 0.1355 | −0.0499 *** |
(−3.1737) | (−0.1472) | (−3.1687) | (1.1496) | (1.1371) | (−3.1670) | (−3.1599) | (1.2420) | (−3.1610) | |
Shrcr | 0.0008 | 0.0001 | 0.0008 | −0.0011 | −0.0014 | 0.0008 | 0.0008 | −0.0025 | 0.0008 |
(1.2791) | (0.2292) | (1.2630) | (−0.5605) | (−0.5545) | (1.2758) | (1.2722) | (−0.6093) | (1.2727) | |
Zbmw | 0.0077 *** | −0.0010 *** | 0.0078 *** | 0.0009 | 0.0020 | 0.0077 *** | 0.0077 *** | 0.0028 | 0.0077 *** |
(21.4204) | (−2.8967) | (21.8479) | (1.1363) | (1.3307) | (21.4246) | (21.4187) | (1.3502) | (21.4237) | |
Ldx | −0.7636 *** | 0.2344 *** | −0.7922 *** | 0.2089 | 0.6305 * | −0.7633 *** | −0.7617 *** | 0.8394 | −0.7624 *** |
(−8.8965) | (2.7955) | (−9.1905) | (0.7505) | (1.6974) | (−8.8880) | (−8.8668) | (1.4110) | (−8.8742) | |
Mna | −58.7177 *** | 9.5855 *** | −59.8874 *** | 3.5100 | 9.0352 | −58.7126 *** | −58.6908 *** | 12.5452 | −58.6993 *** |
(−21.2506) | (6.7048) | (−21.5070) | (0.4464) | (0.9580) | (−21.2412) | (−21.2459) | (0.7721) | (−21.2412) | |
Dratio | −0.5301 *** | 0.2010 * | −0.5546 *** | 0.4929 | 1.3084 * | −0.5294 *** | −0.5262 *** | 1.8013 * | −0.5275 *** |
(−3.6179) | (1.7037) | (−3.7984) | (1.0454) | (1.8493) | (−3.6130) | (−3.5866) | (1.6678) | (−3.5976) | |
Cbl | −1.0628 *** | 0.3331 *** | −1.1034 *** | −0.6864 ** | −1.4680 *** | −1.0638 *** | −1.0671 *** | −2.1544 *** | −1.0659 *** |
(−2.7858) | (2.6865) | (−2.9468) | (−2.0337) | (−2.7384) | (−2.7866) | (−2.7987) | (−2.7090) | (−2.7937) | |
Fgr | −0.0067 | −0.0038 | −0.0063 | −0.0140 | 0.0010 | −0.0068 | −0.0067 | −0.0130 | −0.0068 |
(−0.4805) | (−0.3835) | (−0.4531) | (−0.3555) | (0.0135) | (−0.4820) | (−0.4805) | (−0.1297) | (−0.4820) | |
Com | 0.0198 | −0.0539 ** | 0.0264 | −0.0217 | 0.0209 | 0.0198 | 0.0199 | −0.0008 | 0.0198 |
(0.7236) | (−2.5068) | (0.9745) | (−0.3006) | (0.1656) | (0.7221) | (0.7254) | (−0.0042) | (0.7231) | |
Sus | −0.3696 | 0.5045 * | −0.4311 | 0.3594 | −0.1281 | −0.3691 | −0.3700 | 0.2313 | −0.3692 |
(−1.0026) | (1.8912) | (−1.1689) | (0.3529) | (−0.1231) | (−1.0010) | (−1.0030) | (0.1204) | (−1.0011) | |
Roe | 4.3784 *** | 0.6706 ** | 4.2966 *** | 0.4194 | −0.0298 | 4.3790 *** | 4.3783 *** | 0.3896 | 4.3790 *** |
(8.4750) | (1.9885) | (8.3821) | (0.4974) | (−0.0284) | (8.4743) | (8.4768) | (0.2216) | (8.4768) | |
Constant | 14.3816 *** | −8.5918 *** | 15.4300 *** | 4.1448 *** | 5.4524 *** | 14.3877 *** | 14.3978 *** | 9.5972 *** | 14.3957 *** |
(23.3666) | (−15.5587) | (23.6080) | (3.3205) | (3.1797) | (23.3250) | (23.3408) | (3.4701) | (23.3277) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 |
R−squared | 0.9191 | 0.4003 | 0.9200 | 0.0577 | 0.0441 | 0.9191 | 0.9191 | 0.0531 | 0.9191 |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Ffyd | 11.9392 *** | 24.1511 *** | 11.4327 *** | 1.8808 ** | 4.3332 ** | 11.8733 *** | 11.8661 *** | 6.2140 ** | 11.8604 *** |
(18.7633) | (6.3661) | (19.9661) | (1.9729) | (2.0105) | (18.6941) | (18.6767) | (2.1363) | (18.6827) | |
Inv | 0.0210 *** | ||||||||
(3.5947) | |||||||||
Product | 0.0351 *** | ||||||||
(3.6141) | |||||||||
Process | 0.0169 ** | ||||||||
(2.1027) | |||||||||
Count | 0.0127 *** | ||||||||
(2.6148) | |||||||||
Size | 2.8310 *** | 5.9526 *** | 2.7061 *** | −0.4645 *** | −0.6899 ** | 2.8473 *** | 2.8426 *** | −1.1544 *** | 2.8456 *** |
(38.0408) | (12.5653) | (31.1964) | (−2.8684) | (−2.4401) | (38.4068) | (38.2626) | (−2.7048) | (38.3478) | |
Lev | −0.2055 | −2.4396 *** | −0.1543 | 0.2957 | 0.0390 | −0.2159 | −0.2061 | 0.3347 | −0.2097 |
(−1.1501) | (−3.7366) | (−0.8658) | (1.4739) | (0.1063) | (−1.2101) | (−1.1575) | (0.6289) | (−1.1777) | |
Pro | −4.2267 *** | −7.9052 *** | −4.0609 *** | 0.0325 | −0.3946 | −4.2278 *** | −4.2200 *** | −0.3621 | −4.2221 *** |
(−6.4726) | (−4.0108) | (−6.2830) | (0.0844) | (−0.5984) | (−6.4708) | (−6.4788) | (−0.3751) | (−6.4773) | |
Growth | −0.0081 | −0.0044 | −0.0080 | 0.0026 | 0.0010 | −0.0082 | −0.0081 | 0.0036 | −0.0082 |
(−1.4920) | (−0.3050) | (−1.5061) | (0.6361) | (0.1438) | (−1.5119) | (−1.5011) | (0.3392) | (−1.5061) | |
Inc | 0.0205 | 0.2797 *** | 0.0146 | −0.0606 | −0.0959 | 0.0226 | 0.0221 | −0.1565 | 0.0225 |
(1.2312) | (2.8288) | (0.8775) | (−1.5357) | (−1.0831) | (1.3560) | (1.3247) | (−1.2950) | (1.3469) | |
Dual | −0.0674 ** | 0.2672 | −0.0730 *** | 0.0312 | 0.0465 | −0.0685 ** | −0.0681 ** | 0.0777 | −0.0683 ** |
(−2.4695) | (1.4310) | (−2.6537) | (0.5364) | (0.4658) | (−2.5176) | (−2.5076) | (0.5110) | (−2.5156) | |
Shrcr | 0.0040 *** | −0.0028 | 0.0041 *** | −0.0005 | −0.0023 | 0.0040 *** | 0.0040 *** | −0.0028 | 0.0040 *** |
(3.5989) | (−0.4651) | (3.6769) | (−0.2664) | (−0.6899) | (3.6160) | (3.6338) | (−0.5688) | (3.6316) | |
Zbmw | 0.0062 *** | −0.0093 *** | 0.0064 *** | 0.0017 ** | 0.0043 ** | 0.0061 *** | 0.0061 *** | 0.0060 ** | 0.0061 *** |
(12.8358) | (−3.1893) | (13.2640) | (1.9851) | (2.3798) | (12.7717) | (12.6771) | (2.3870) | (12.6994) | |
Ldx | −0.4601 *** | −1.4774 * | −0.4291 *** | 0.6187 | 1.1838 | −0.4818 *** | −0.4801 *** | 1.8025 | −0.4829 *** |
(−3.6768) | (−1.8143) | (−3.4786) | (1.5139) | (1.5597) | (−3.8513) | (−3.8275) | (1.5802) | (−3.8528) | |
Mna | −152.1573 *** | 798.3378 *** | −168.9017 *** | 34.7417 | 78.6043 | −153.3754 *** | −153.4836 *** | 113.3460 | −153.5949 *** |
(−4.2025) | (4.9864) | (−4.7644) | (0.3923) | (0.5765) | (−4.2600) | (−4.2689) | (0.5348) | (−4.2742) | |
Dratio | 0.1017 | 3.7664 *** | 0.0227 | −0.0601 | −0.2759 | 0.1038 | 0.1064 | −0.3359 | 0.1060 |
(0.4748) | (2.8868) | (0.1082) | (−0.1458) | (−0.2850) | (0.4859) | (0.4968) | (−0.2548) | (0.4954) | |
Cbl | −1.4110 *** | −2.6511 * | −1.3554 *** | 0.0373 | −0.5277 | −1.4123 *** | −1.4021 *** | −0.4904 | −1.4048 *** |
(−3.7382) | (−1.7988) | (−3.6436) | (0.1055) | (−0.6838) | (−3.7504) | (−3.7525) | (−0.4623) | (−3.7535) | |
Fgr | 0.0393 | −0.2090 | 0.0437 | −0.0255 | 0.1010 | 0.0402 | 0.0376 | 0.0756 | 0.0384 |
(0.5880) | (−0.6917) | (0.6605) | (−0.2735) | (0.4282) | (0.6017) | (0.5619) | (0.2383) | (0.5734) | |
Com | −0.0321 | −0.5205 *** | −0.0212 | 0.0235 | 0.0617 | −0.0330 | −0.0332 | 0.0852 | −0.0332 |
(−1.3099) | (−2.9440) | (−0.8768) | (0.4888) | (0.4607) | (−1.3346) | (−1.3387) | (0.4850) | (−1.3403) | |
Sus | −0.3365 | 3.4378 ** | −0.4086 | 0.7103 | 0.8051 | −0.3614 | −0.3501 | 1.5154 | −0.3558 |
(−1.2454) | (1.9819) | (−1.5214) | (1.4113) | (0.8224) | (−1.3345) | (−1.2886) | (1.0990) | (−1.3100) | |
Roe | 3.8723 *** | 3.3482 | 3.8020 *** | −0.3115 | −0.8419 | 3.8832 *** | 3.8865 *** | −1.1534 | 3.8869 *** |
(7.9713) | (1.6238) | (7.9037) | (−0.5666) | (−0.7342) | (8.0174) | (8.0504) | (−0.7213) | (8.0477) | |
Constant | 12.0559 *** | −61.1938 *** | 13.3394 *** | 5.3024 *** | 8.5793 *** | 11.8700 *** | 11.9112 *** | 13.8818 *** | 11.8799 *** |
(16.5303) | (−13.3171) | (16.9721) | (3.6980) | (3.5099) | (16.3236) | (16.3490) | (3.7779) | (16.3266) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 | 1356 |
R−squared | 0.9568 | 0.6964 | 0.9574 | 0.0785 | 0.0558 | 0.9570 | 0.9570 | 0.0616 | 0.9570 |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Ffyd | 111.1115 *** | 9.6652 *** | 109.8977 *** | 21.7277 ** | 16.3970 | 110.9321 *** | 110.9687 *** | 38.1247 | 110.9100 *** |
(30.2767) | (2.9197) | (30.5504) | (1.9876) | (0.9840) | (30.2204) | (30.2172) | (1.5120) | (30.2059) | |
Inv | 0.1256 *** | ||||||||
(4.8362) | |||||||||
Product | 0.0083 | ||||||||
(1.5751) | |||||||||
Process | 0.0087 *** | ||||||||
(2.6459) | |||||||||
Count | 0.0053 ** | ||||||||
(2.4010) | |||||||||
Size | 2.3680 *** | 0.9031 *** | 2.2545 *** | −0.4046 *** | −0.2539 | 2.3713 *** | 2.3702 *** | −0.6585 ** | 2.3714 *** |
(44.3241) | (12.1864) | (36.3830) | (−3.1929) | (−1.4545) | (44.3733) | (44.3685) | (−2.3951) | (44.3952) | |
Lev | 0.1416 | −0.1393 ** | 0.1591 | −0.0390 | −0.1266 | 0.1419 | 0.1427 | −0.1656 | 0.1425 |
(1.3962) | (−2.1824) | (1.5936) | (−0.2326) | (−0.5555) | (1.3986) | (1.4062) | (−0.4531) | (1.4039) | |
Pro | −3.0033 *** | −0.8568 *** | −2.8957 *** | 0.2434 | 0.2334 | −3.0053 *** | −3.0053 *** | 0.4768 | −3.0058 *** |
(−7.9412) | (−5.7830) | (−7.6891) | (0.9269) | (0.6244) | (−7.9535) | (−7.9572) | (0.8120) | (−7.9590) | |
Growth | 0.0002 | −0.0025 * | 0.0005 | −0.0035 | −0.0067 | 0.0002 | 0.0003 | −0.0102 | 0.0003 |
(0.0905) | (−1.8662) | (0.2231) | (−1.1820) | (−1.4471) | (0.1027) | (0.1148) | (−1.4430) | (0.1131) | |
Inc | 0.0579 *** | 0.0341 ** | 0.0536 *** | −0.0014 | −0.0500 | 0.0579 *** | 0.0583 *** | −0.0514 | 0.0581 *** |
(3.6810) | (2.4560) | (3.4959) | (−0.0342) | (−0.8042) | (3.6796) | (3.7079) | (−0.5492) | (3.6967) | |
Dual | −0.0226 | 0.0222 | −0.0253 | −0.0768 | −0.0665 | −0.0219 | −0.0220 | −0.1433 | −0.0218 |
(−1.3172) | (1.5942) | (−1.4802) | (−1.5179) | (−0.8741) | (−1.2793) | (−1.2835) | (−1.2328) | (−1.2727) | |
Shrcr | −0.0008 | −0.0005 | −0.0008 | −0.0003 | −0.0020 | −0.0008 | −0.0008 | −0.0023 | −0.0008 |
(−1.2569) | (−0.8961) | (−1.1666) | (−0.1847) | (−0.7923) | (−1.2526) | (−1.2305) | (−0.5785) | (−1.2382) | |
Zbmw | 0.0083 *** | −0.0008 *** | 0.0084 *** | 0.0017 ** | 0.0012 | 0.0083 *** | 0.0083 *** | 0.0029 ** | 0.0083 *** |
(23.3862) | (−2.7602) | (23.5166) | (2.3968) | (1.3337) | (23.3707) | (23.4268) | (1.9742) | (23.4090) | |
Ldx | −0.6300 *** | 0.1238 ** | −0.6456 *** | −0.1824 | −0.2435 | −0.6285 *** | −0.6279 *** | −0.4259 | −0.6278 *** |
(−8.7180) | (2.2562) | (−9.0063) | (−0.8803) | (−0.7883) | (−8.7117) | (−8.7024) | (−0.9083) | (−8.7042) | |
Mna | −57.5729 *** | 8.0953 *** | −58.5896 *** | 4.1416 | 4.5450 | −57.6072 *** | −57.6125 *** | 8.6865 | −57.6189 *** |
(−18.2614) | (5.6733) | (−18.4701) | (0.4887) | (0.4273) | (−18.2495) | (−18.2842) | (0.5001) | (−18.2673) | |
Dratio | −0.3235 ** | 0.1527 | −0.3427 ** | −0.1433 | −0.1163 | −0.3223 ** | −0.3225 ** | −0.2596 | −0.3221 ** |
(−2.0398) | (1.3311) | (−2.1836) | (−0.3076) | (−0.1699) | (−2.0330) | (−2.0355) | (−0.2466) | (−2.0331) | |
Cbl | −1.0909 *** | −0.1371 | −1.0737 *** | −0.3982 * | −0.8328 ** | −1.0876 *** | −1.0836 *** | −1.2310 ** | −1.0844 *** |
(−4.2135) | (−1.2984) | (−4.2412) | (−1.6489) | (−2.2041) | (−4.2016) | (−4.1863) | (−2.1527) | (−4.1895) | |
Fgr | 0.0271 | −0.0020 | 0.0274 | 0.0538 | −0.0067 | 0.0267 | 0.0272 | 0.0471 | 0.0269 |
(1.3807) | (−0.1746) | (1.4013) | (0.8793) | (−0.0721) | (1.3558) | (1.3739) | (0.3330) | (1.3608) | |
Com | 0.0194 | −0.0669 *** | 0.0278 | 0.0414 | −0.0319 | 0.0190 | 0.0197 | 0.0095 | 0.0193 |
(0.6927) | (−2.7712) | (1.0114) | (0.6613) | (−0.4039) | (0.6814) | (0.7031) | (0.0720) | (0.6918) | |
Sus | −0.5899 *** | 0.4180 ** | −0.6424 *** | 0.6872 | 0.7292 | −0.5956 *** | −0.5962 *** | 1.4163 | −0.5974 *** |
(−2.8433) | (2.2528) | (−3.1198) | (1.4289) | (1.1595) | (−2.8686) | (−2.8742) | (1.4356) | (−2.8786) | |
Roe | 3.9005 *** | 0.9567 *** | 3.7803 *** | −0.6623 | −0.7712 | 3.9060 *** | 3.9072 *** | −1.4334 | 3.9081 *** |
(9.0519) | (4.1975) | (8.8585) | (−1.3468) | (−1.2642) | (9.0537) | (9.0530) | (−1.4445) | (9.0541) | |
Constant | 13.6886 *** | −8.5290 *** | 14.7597 *** | 4.1582 *** | 4.6615 *** | 13.6542 *** | 13.6479 *** | 8.8197 *** | 13.6419 *** |
(24.1860) | (−13.1914) | (24.2182) | (3.6060) | (2.8199) | (24.0847) | (24.0778) | (3.4278) | (24.0603) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 | 3406 |
R−squared | 0.9310 | 0.4667 | 0.9317 | 0.0575 | 0.0516 | 0.9310 | 0.9311 | 0.0600 | 0.9311 |
Sobel Test for Product Mediator Variables | Sobel Test for Process Mediator Variables | Sobel Test for Count Mediator Variables | |||||||
z | mediating effect | z | mediating effect | z | mediating effect | ||||
1.2445 | significant | 0.9219 | insignificant | 1.2806 | significant |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Ffyd | 14.3678 *** | 30.8332 *** | 13.5745 *** | 3.9548 | 3.0252 *** | 14.3332 *** | 14.2642 *** | 7.2871 ** | 14.2611 *** |
(11.2528) | (5.0055) | (10.6020) | (1.4597) | (2.6042) | (11.2286) | (11.1540) | (2.4771) | (11.1617) | |
Inv | 0.0257 ** | ||||||||
(2.3277) | |||||||||
Product | 0.0087 | ||||||||
(0.8167) | |||||||||
Process | 0.0342 | ||||||||
(1.2137) | |||||||||
Count | 0.0146 | ||||||||
(1.3224) | |||||||||
Size | 2.7285 *** | 3.7226 *** | 2.6327 *** | −0.6098 ** | −0.3824 *** | 2.7338 *** | 2.7416 *** | −0.8597 *** | 2.7411 *** |
(27.0616) | (7.6716) | (23.5815) | (−2.0455) | (−3.5811) | (27.1517) | (27.0547) | (−3.2659) | (27.0826) | |
Lev | −0.1528 | −0.7875 | −0.1326 | 0.6318 * | 0.2054 | −0.1584 | −0.1599 | 0.4335 | −0.1592 |
(−0.9148) | (−1.4118) | (−0.8047) | (1.6743) | (1.3898) | (−0.9481) | (−0.9589) | (1.2619) | (−0.9547) | |
Pro | −3.5030 *** | −2.2705 | −3.4445 *** | −0.3480 | −0.3017 | −3.4999 *** | −3.4926 *** | −0.8445 | −3.4906 *** |
(−4.4458) | (−1.0372) | (−4.5771) | (−0.3930) | (−0.8126) | (−4.4356) | (−4.4316) | (−0.9667) | (−4.4287) | |
Growth | −0.0093 ** | −0.0135 | −0.0089 ** | −0.0001 | 0.0030 | −0.0093 ** | −0.0094 ** | 0.0060 | −0.0094 ** |
(−2.3229) | (−0.8777) | (−2.3106) | (−0.0134) | (1.1571) | (−2.3232) | (−2.3499) | (1.0133) | (−2.3477) | |
Inc | 0.0293 | 0.4003 *** | 0.0190 | −0.1195 * | −0.0213 | 0.0303 | 0.0300 | −0.0619 | 0.0302 |
(1.1062) | (3.6536) | (0.7017) | (−1.9028) | (−0.7311) | (1.1398) | (1.1325) | (−0.8983) | (1.1389) | |
Dual | −0.0903 *** | −0.0530 | −0.0889 *** | −0.1327 | −0.0487 | −0.0891 *** | −0.0886 *** | −0.1179 | −0.0886 *** |
(−2.7224) | (−0.3999) | (−2.6769) | (−1.2395) | (−1.1328) | (−2.6842) | (−2.6703) | (−1.1379) | (−2.6692) | |
Shrcr | 0.0031 *** | −0.0040 | 0.0032 *** | −0.0042 | −0.0013 | 0.0032 *** | 0.0032 *** | −0.0026 | 0.0032 *** |
(2.7642) | (−0.7174) | (2.8531) | (−1.3007) | (−1.0055) | (2.7973) | (2.8080) | (−0.8772) | (2.8032) | |
Zbmw | 0.0055 *** | −0.0008 | 0.0055 *** | 0.0022 | 0.0012 ** | 0.0054 *** | 0.0054 *** | 0.0027 * | 0.0054 *** |
(10.6901) | (−0.2776) | (10.6330) | (1.5917) | (1.9870) | (10.6793) | (10.6099) | (1.8089) | (10.6237) | |
Ldx | −1.1292 *** | −0.4067 | −1.1187 *** | 0.5815 | 0.2589 | −1.1343 *** | −1.1381 *** | 0.5573 | −1.1374 *** |
(−5.3635) | (−0.4644) | (−5.4874) | (1.1253) | (1.1593) | (−5.3921) | (−5.4056) | (1.0644) | (−5.4056) | |
Mna | −112.1046 ** | 595.7847 *** | −127.4327 *** | 71.4228 | 61.4751 | −112.7285 ** | −114.2093 ** | 175.1650 | −114.6691 ** |
(−2.4660) | (3.5770) | (−2.8231) | (0.6873) | (1.1743) | (−2.4791) | (−2.5160) | (1.3584) | (−2.5275) | |
Dratio | −0.1973 | 0.5730 | −0.2120 | 1.7874 * | 1.0548 ** | −0.2129 | −0.2334 | 2.5493 ** | −0.2346 |
(−0.7341) | (0.4599) | (−0.7687) | (1.7511) | (2.3302) | (−0.7850) | (−0.8512) | (2.3108) | (−0.8568) | |
Cbl | −0.1054 | −0.3771 | −0.0957 | −0.8933 | −0.0915 | −0.0976 | −0.1023 | −0.3396 | −0.1005 |
(−0.1414) | (−0.1648) | (−0.1356) | (−0.7729) | (−0.2264) | (−0.1306) | (−0.1370) | (−0.3466) | (−0.1345) | |
Fgr | −0.0533 | −0.0266 | −0.0526 | −0.0224 | 0.0054 | −0.0531 | −0.0535 | 0.0198 | −0.0536 |
(−1.4632) | (−0.1459) | (−1.4267) | (−0.2731) | (0.1737) | (−1.4562) | (−1.4706) | (0.2428) | (−1.4736) | |
Com | 0.0611 | −0.2061 | 0.0664 | −0.0078 | 0.0003 | 0.0612 | 0.0611 | 0.0105 | 0.0609 |
(1.3971) | (−1.0495) | (1.5327) | (−0.1143) | (0.0072) | (1.3987) | (1.3979) | (0.1279) | (1.3945) | |
Sus | 1.1156 | 4.8794 * | 0.9900 | −0.3199 | 0.0399 | 1.1184 | 1.1142 | 0.0265 | 1.1152 |
(1.4481) | (1.9070) | (1.3159) | (−0.2299) | (0.0673) | (1.4521) | (1.4455) | (0.0179) | (1.4476) | |
Roe | 2.3277 ** | −1.7953 | 2.3738 ** | 0.3963 | 0.0850 | 2.3242 ** | 2.3247 ** | 0.3014 | 2.3232 ** |
(2.4121) | (−0.6829) | (2.5308) | (0.2915) | (0.1530) | (2.4064) | (2.4047) | (0.2283) | (2.4048) | |
Constant | 10.9542 *** | −46.3714 *** | 12.1472 *** | 6.8899 ** | 3.2458 *** | 10.8940 *** | 10.8431 *** | 7.4531 *** | 10.8451 *** |
(8.7884) | (−8.9492) | (8.8427) | (2.2554) | (2.9904) | (8.7354) | (8.6696) | (2.8564) | (8.6756) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 848 | 848 | 848 | 848 | 848 | 848 | 848 | 848 | 848 |
R−squared | 0.9399 | 0.5725 | 0.9406 | 0.1616 | 0.1970 | 0.9400 | 0.9401 | 0.1976 | 0.9401 |
Sobel Test for Product Mediator Variables | Sobel Test for Process Mediator Variables | Sobel Test for Count Mediator Variables | |||||||
z | mediating effect | z | mediating effect | z | mediating effect | ||||
0.7103 | insignificant | 1.0994 | significant | 1.1617 | significant |
Variables | (1) Tfp | (2) Inv | (3) Tfp | (4) Product | (5) Process | (6) Tfp | (7) Tfp | (8) Count | (9) Tfp |
---|---|---|---|---|---|---|---|---|---|
Ffyd | 106.5453 *** | 15.9880 *** | 104.5945 *** | −5.8923 | −2.2310 | 106.5367 *** | 106.5453 *** | −8.1233 | 106.5334 *** |
(32.1752) | (5.2225) | (32.4849) | (−0.7107) | (−0.2102) | (32.1644) | (32.1752) | (−0.4627) | (32.1719) | |
Inv | 0.1220 *** | ||||||||
(5.6575) | |||||||||
Product | −0.0015 | ||||||||
(−0.3266) | |||||||||
Process | −0.0030 | ||||||||
(−0.8535) | |||||||||
Count | −0.0015 | ||||||||
(−0.6899) | |||||||||
Size | 2.3391 *** | 0.8450 *** | 2.2360 *** | −0.3359 *** | −0.4260 *** | 2.3387 *** | 2.3391 *** | −0.7619 *** | 2.3380 *** |
(43.8754) | (12.6075) | (38.3456) | (−2.9755) | (−2.5815) | (43.8684) | (43.8754) | (−2.9750) | (43.7804) | |
Lev | −0.0682 | −0.2359 *** | −0.0394 | 0.1288 | 0.5907 * | −0.0680 | −0.0682 | 0.7195 | −0.0671 |
(−0.7107) | (−3.3106) | (−0.4148) | (0.6752) | (1.9096) | (−0.7087) | (−0.7107) | (1.5577) | (−0.6993) | |
Pro | −3.3173 *** | −0.6035 *** | −3.2437 *** | −0.7330 * | −0.7443 | −3.3184 *** | −3.3173 *** | −1.4774 | −3.3195 *** |
(−7.5259) | (−3.8908) | (−7.4619) | (−1.8574) | (−0.9780) | (−7.5242) | (−7.5259) | (−1.4111) | (−7.5367) | |
Growth | −0.0035 | 0.0005 | −0.0035 * | 0.0019 | 0.0049 | −0.0034 | −0.0035 | 0.0068 | −0.0034 |
(−1.6437) | (0.2859) | (−1.7047) | (0.4538) | (0.9645) | (−1.6425) | (−1.6437) | (0.7988) | (−1.6390) | |
Inc | 0.0424 *** | 0.0389 ** | 0.0376 *** | −0.0131 | −0.0315 | 0.0424 *** | 0.0424 *** | −0.0446 | 0.0423 *** |
(2.8821) | (2.0354) | (2.5869) | (−0.3149) | (−0.5266) | (2.8807) | (2.8821) | (−0.4815) | (2.8784) | |
Dual | −0.0502 *** | −0.0019 | −0.0499 *** | 0.0583 | 0.0772 | −0.0501 *** | −0.0502 *** | 0.1355 | −0.0500 *** |
(−3.1751) | (−0.1480) | (−3.1700) | (1.1496) | (1.1372) | (−3.1683) | (−3.1751) | (1.2420) | (−3.1624) | |
Shrcr | 0.0008 | 0.0001 | 0.0008 | −0.0011 | −0.0014 | 0.0008 | 0.0008 | −0.0025 | 0.0008 |
(1.2733) | (0.2279) | (1.2573) | (−0.5605) | (−0.5545) | (1.2700) | (1.2733) | (−0.6092) | (1.2669) | |
Zbmw | 0.0077 *** | −0.0010 *** | 0.0078 *** | 0.0009 | 0.0020 | 0.0077 *** | 0.0077 *** | 0.0028 | 0.0077 *** |
(21.4121) | (−2.8952) | (21.8390) | (1.1367) | (1.3305) | (21.4163) | (21.4121) | (1.3503) | (21.4153) | |
Ldx | −0.7636 *** | 0.2344 *** | −0.7922 *** | 0.2090 | 0.6304 * | −0.7633 *** | −0.7636 *** | 0.8394 | −0.7624 *** |
(−8.8930) | (2.7961) | (−9.1864) | (0.7506) | (1.6973) | (−8.8845) | (−8.8930) | (1.4110) | (−8.8706) | |
Mna | −58.7568 *** | 9.5860 *** | −59.9265 *** | 3.5150 | 9.0324 | −58.7517 *** | −58.7568 *** | 12.5474 | −58.7384 *** |
(−21.2607) | (6.7023) | (−21.5166) | (0.4470) | (0.9578) | (−21.2512) | (−21.2607) | (0.7723) | (−21.2513) | |
Dratio | −0.5308 *** | 0.2009 * | −0.5553 *** | 0.4929 | 1.3084 * | −0.5301 *** | −0.5308 *** | 1.8013 * | −0.5282 *** |
(−3.6216) | (1.7032) | (−3.8020) | (1.0456) | (1.8493) | (−3.6168) | (−3.6216) | (1.6679) | (−3.6014) | |
Cbl | −1.0632 *** | 0.3330 *** | −1.1039 *** | −0.6863 ** | −1.4680 *** | −1.0642 *** | −1.0632 *** | −2.1543 *** | −1.0664 *** |
(−2.7853) | (2.6862) | (−2.9462) | (−2.0336) | (−2.7384) | (−2.7860) | (−2.7853) | (−2.7089) | (−2.7932) | |
Fgr | −0.0068 | −0.0038 | −0.0064 | −0.0140 | 0.0010 | −0.0069 | −0.0068 | −0.0130 | −0.0068 |
(−0.4863) | (−0.3848) | (−0.4588) | (−0.3554) | (0.0135) | (−0.4877) | (−0.4863) | (−0.1296) | (−0.4878) | |
Com | 0.0199 | −0.0539 ** | 0.0265 | −0.0217 | 0.0209 | 0.0199 | 0.0199 | −0.0008 | 0.0199 |
(0.7260) | (−2.5067) | (0.9769) | (−0.3007) | (0.1656) | (0.7245) | (0.7260) | (−0.0042) | (0.7255) | |
Sus | −0.3718 | 0.5044 * | −0.4334 | 0.3596 | −0.1282 | −0.3713 | −0.3718 | 0.2314 | −0.3715 |
(−1.0081) | (1.8905) | (−1.1742) | (0.3531) | (−0.1232) | (−1.0064) | (−1.0081) | (0.1205) | (−1.0066) | |
Roe | 4.3819 *** | 0.6709 ** | 4.3000 *** | 0.4191 | −0.0298 | 4.3825 *** | 4.3819 *** | 0.3894 | 4.3825 *** |
(8.4766) | (1.9894) | (8.3835) | (0.4971) | (−0.0284) | (8.4759) | (8.4766) | (0.2215) | (8.4784) | |
Constant | 14.4461 *** | −8.5808 *** | 15.4931 *** | 4.1419 *** | 5.4503 *** | 14.4521 *** | 14.4461 *** | 9.5922 *** | 14.4602 *** |
(23.4248) | (−15.5302) | (23.6601) | (3.3126) | (3.1720) | (23.3833) | (23.4248) | (3.4617) | (23.3859) | |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Ind dummy | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 | 4099 |
R−squared | 0.9190 | 0.4004 | 0.9199 | 0.0577 | 0.0441 | 0.9190 | 0.9190 | 0.0531 | 0.9190 |
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Tang, T.; Ma, C.-A.; Lv, H.-Y.; Hao, F.-Y. The Effect of Corporate Resource Abundance on the Transformation and Upgrading of Manufacturing Enterprises from the Perspective of Whole Process Innovation. Sustainability 2023, 15, 11003. https://doi.org/10.3390/su151411003
Tang T, Ma C-A, Lv H-Y, Hao F-Y. The Effect of Corporate Resource Abundance on the Transformation and Upgrading of Manufacturing Enterprises from the Perspective of Whole Process Innovation. Sustainability. 2023; 15(14):11003. https://doi.org/10.3390/su151411003
Chicago/Turabian StyleTang, Tong, Chun-Ai Ma, Heng-Yu Lv, and Fu-Ying Hao. 2023. "The Effect of Corporate Resource Abundance on the Transformation and Upgrading of Manufacturing Enterprises from the Perspective of Whole Process Innovation" Sustainability 15, no. 14: 11003. https://doi.org/10.3390/su151411003