*4.2. Robustness and Endogeneity Check of the Base SEM Results*

This study revised the base SEM model by including organisation size (in terms of the number of full-time employees) in the model as a control variable to check the robustness of the results of the base SEM model, as reported in Table 3 (Model B). The results of the new model (see Table 4 and Figure 3) indicate that the organisation size does not exhibit a significant association with any of the performance indicators: financial and non-financial performance. The new SEM model also provided results similar to what we found from the base SEM model reported in Table 3 (Model B), thus indicating the robustness of the findings of the base SEM model. Accordingly, we can conclude that endogeneity is less likely to occur in our study (Table 3, Model B).

**Figure 3.** Results of the structural equation model among the study variables with the control variable (organisation size). Note: \*\*\* and \*\* indicate statistical significance at 0.01 and 0.05 levels, respectively (2-tailed).
