Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition

Table 3

Results of the dynamic panel data regression.

Variable	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)	Model (7)
NPM	0.556
	125.03
OCR		−0.430
		−35.17
SGFR			−0.315		—
			−33.42
CHR				−0.053
				−6.62
IT					0.148
					13.26
LT						0.472
						40.05
FT							0.257
							21.95
Size	−0.267	−0.188	−0.270	−0.243	−0.215	−0.051	−0.202
	−19.52	−10.03	−14.32	−12.18	−10.96	−2.67	−10.47
Lag ROA	0.241	0.289	0.299	0.350	0.339	0.274	0.309
	43.33	36.69	37.84	42.89	41.74	35.61	38.01
Constant	−0.054	−0.058	−0.061	−0.065	−0.059	−0.036	−0.053
	−17.64	−13.68	−14.33	−14.63	−13.36	−8.62	−12.2
Wald test	20352.60	4450.81	4293.790	2959.05	3124.92	4778.61	3543.21
Sargan test	745.993	807.533	807.046	866.568	867.464	809.926	809.281

Note. denotes 1% significance levels.