Data Asset Disclosure and Nonprofessional Investor Judgment: Evidence from Questionnaire Experiments

Table 3

Mediating effect of product R&D ability on investment decisions of nonprofessional investors.

			_cons	IV	MV	Adj-R2 (F-stat)
Model (1)	DV		2.7560	0.7274	—	0.1672 (90.95)
Model (2)	MV	Market expansion ability	3.4115	0.1177	—	0.0020 (1.91)
		Product development ability	3.1675	0.3700	—	0.0390 (19.16)
		User stickiness	3.2201	0.3799	—	0.0403 (19.83)
Model (3)	DV	Market expansion ability	1.5831	0.6869	0.3438	0.2884 (91.80)
		Product development ability	1.6002	0.5923	0.3649	0.3018 (97.84)
		User stickiness	1.5988	0.5908	0.3594	0.3002 (97.10)