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

Table 5

Regression results of the effect of operational capacity on performance improvement.

	ΔROA
	Model (11)	Model (12)	Model (13)
	10.100
	13.95
		−78.837
		−19.87
		78.912
		19.77
			4.437
			0.68
Constant	−1.078	19.091	0.381
	−9.02	19.60	0.17
-test	194.69	197.43	0.39

Note. and denote 5% and 1% significance levels, respectively.