1 Introduction
2 Conceptual framework
2.1 Corporate venturing and employees’ generational cohorts
2.2 Hypotheses
2.2.1 Employee-related determinants of corporate venturing and the influence of generational cohorts
-
Hypothesis 1: Employees with diversified human capital are more prone to participate in corporate venturing activities than employees without diversified human capital.
-
Hypothesis 1a: Youngest generational cohorts positively moderate the effect of employees’ diversified human capital on corporate venturing activities.
-
Hypothesis 2a: Youngest generational cohorts positively moderate the effect of employees’ positive attitudes toward entrepreneurship on corporate venturing activities.
2.2.2 Organizational determinants of corporate venturing and the influence of generational cohorts
-
Hypothesis 3: Employees with favorable perceptions of their organizational climate are more prone to participate in corporate venturing activities than employees without these perceptions.
-
Hypothesis 3a: Youngest generational cohorts positively moderate the effect of employees’ favorable perceptions of their organizational climate on corporate venturing activities.
2.2.3 Environmental determinants of corporate venturing and the influence of generational cohorts
-
Hypothesis 4: Employees who live in countries with unfavorable environmental conditions are less prone to participate in corporate venturing activities than employees who live in countries with favorable environmental conditions.
-
Hypothesis 4a: Youngest generational cohorts positively moderate the effect of unfavorable environmental conditions on corporate venturing activities.
2.3 Proposed conceptual model
Dimensions | Baby Boomers | Gen Xers | Gen Yers | Theoretical approaches | |
---|---|---|---|---|---|
Employees’ determinants | Human capital | * Secondary school or technical * Technical training * Excellent mentors * Leadership experience | * Secondary school or undergraduate studies * Life-long learning * Crave mentors * Technical competence | * Undergraduate studies * Digital learning and mentors * Value skill development * Technology | * Human capital: accumulation, productivity and performance |
Attitudes toward entrepreneurship | * Competitive * Embrace change * Embrace growth | * Entrepreneurial effort * Creativity * Self-sufficient | * Serial entrepreneur * Curious/ambitious * Seek challenges, innovations, and opportunities *Economic results oriented | * Career choices approach | |
Organizational determinants | Work values | * Workaholic * Company loyalty * Individual freedom * Security oriented * Rule challenging * Material satisfaction | * Work/life balance * Lack of loyalty * Independent * Move for career options | * Multi-tasker * Contract mentality * Crave feedback * Change jobs frequently * Diminished by dissatisfaction | * Sociological approach * Organizational behaviors |
Environmental determinants | Conditions experienced | * Much social change * Much economic change * Much political change * Worldwide openness | * Economic uncertainty * Insecurity * Rapid change * Worldwide competition | * Rapid technological changes * Social sensitivity * Uncertainty and insecurity * Digital worldwide | * Institutional theory * Social identities |
3 Methodology
3.1 Data collection
3.2 Description of variables
3.3 Statistical model
No. | Variables | VIF test | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Corporate venturing | 1 | ||||||||||||||
2 | Higher education | 1.14 | 0.0228* | 1 | ||||||||||||
3 | Managerial experience | 1.10 | 0.4267* | 0.0165* | 1 | |||||||||||
4 | Entrepreneurial experience | 1.03 | 0.0819* | − 0.0141* | 0.0506* | 1 | ||||||||||
5 | Investor experience | 1.06 | 0.1013* | 0.0341* | 0.0834* | 0.0666* | 1 | |||||||||
6 | Entrepreneurial intentions | 1.25 | 0.2409* | − 0.0064 | 0.0853* | 0.1373* | 0.1388* | 1 | ||||||||
7 | Role models | 1.13 | 0.1694* | 0.0583* | 0.1356* | 0.0790* | 0.1327* | 0.1783* | 1 | |||||||
8 | Opportunity perceptions | 1.15 | 0.1683* | 0.0105* | 0.0945* | 0.0528* | 0.0923* | 0.2226* | 0.2155* | 1 | ||||||
9 | Entrepreneurial skills | 1.23 | 0.2157* | 0.0444* | 0.1889* | 0.0929* | 0.1024* | 0.2702* | 0.2180* | 0.2145* | 1 | |||||
10 | Fear of failure | 1.04 | − 0.0739* | 0.0295* | − 0.0534* | − 0.0145* | − 0.0468* | − 0.0853* | − 0.0213* | − 0.0984* | − 0.1275* | 1 | ||||
11 | Autonomy | 1.46 | 0.0797* | − 0.0041 | 0.0900* | 0.0262* | 0.0335* | 0.0949* | 0.0614* | 0.0783* | 0.0689* | − 0.0601* | 1 | |||
12 | Meaningful job | 2.14 | 0.0788* | − 0.0097 | 0.0737* | 0.0257* | 0.0382* | 0.0876* | 0.0698* | 0.0885* | 0.0693* | − 0.0675* | 0.5309* | 1 | ||
13 | Rewards | 2.09 | 0.0549* | − 0.0036 | 0.0653* | 0.0098 | 0.0377* | 0.0373* | 0.0471* | 0.0602* | 0.0480* | − 0.0536* | 0.4697* | 0.7163* | 1 | |
14 | Labor market conditions | 2.16 | 0.0145* | 0.0841* | − 0.0072 | 0.0175* | 0.0032 | 0.0139* | − 0.0412* | − 0.0205* | 0.0428* | 0.0501* | − 0.0904* | − 0.0811* | − 0.0602* | 1 |
15 | Technological intensity | 2.17 | − 0.0504* | 0.0610* | 0.0197* | − 0.0877* | − 0.0910* | − 0.1703* | − 0.0823* | − 0.1389* | − 0.1688* | 0.0908* | − 0.0679* | − 0.1435* | − 0.1010* | − 0.1146* |
16 | Innovation intensity | 1.39 | − 0.0972* | 0.1566* | − 0.0489* | − 0.0830* | − 0.0859* | − 0.1974* | − 0.0962* | − 0.1335* | − 0.1862* | 0.0867* | − 0.1861* | − 0.2410* | − 0.1966* | 0.3215* |
17 | Competitive intensity | 2.00 | 0.0392* | 0.0483* | 0.0025 | 0.0199* | 0.0212* | 0.0842* | 0.0387* | 0.0213* | 0.0019 | − 0.0063 | 0.1800* | 0.2474* | 0.2068* | 0.2982* |
18 | Role1_idea development | 1.16 | 0.0031 | 0.0024 | 0.0061 | 0.0008 | 0.0005 | − 0.0056 | − 0.0009 | 0.0026 | − 0.0038 | 0.0006 | 0.0002 | − 0.0013 | 0.0007 | 0.0048 |
19 | Role2_idea implementation | 1.16 | − 0.0055 | 0.0018 | − 0.0027 | 0.0010 | − 0.0050 | − 0.0033 | − 0.0027 | − 0.0059 | − 0.0046 | − 0.0054 | − 0.0057 | − 0.0034 | 0.0044 | 0.0031 |
20 | Age | 7.16 | − 0.0730* | − 0.0076 | 0.0385* | − 0.0233* | − 0.0093* | − 0.1570* | − 0.1014* | − 0.0945* | − 0.0356* | 0.0379* | − 0.0328* | − 0.0221* | 0.0162* | 0.0076 |
21 | Age2 | 7.16 | − 0.0722* | − 0.0172* | 0.0411* | − 0.0249* | − 0.0101* | − 0.1523* | − 0.1055* | − 0.0890* | − 0.0389* | 0.0295* | − 0.0281* | − 0.0200* | 0.0180* | 0.0033 |
22 | Income_higher | 1.10 | 0.0438* | 0.2499* | 0.0342* | − 0.0089* | 0.0653* | 0.0195* | 0.0782* | 0.0547* | 0.0793* | − 0.0185* | − 0.0254* | − 0.0635* | − 0.0304* | 0.0154* |
23 | Gender_male | 1.06 | 0.0621* | − 0.0771* | 0.0379* | 0.0186* | 0.0447* | 0.0984* | 0.0643* | 0.0596* | 0.1360* | − 0.0771* | 0.0279* | 0.0277* | 0.0138* | − 0.0147* |
24 | Orgatype_private | 1.11 | 0.0628* | − 0.1816* | 0.0759* | 0.0163* | 0.0050 | 0.0770* | 0.0379* | 0.0356* | 0.0824* | − 0.0141* | 0.0435* | 0.0294* | 0.0042 | − 0.0391* |
25 | lnSize | 1.01 | 0.0069 | 0.0097* | 0.0060 | 0.0028 | 0.0019 | − 0.0063 | − 0.0011 | − 0.0060 | 0.0053 | 0.0120* | − 0.0116* | − 0.0194* | − 0.0084 | 0.0006 |
26 | Country | 1.38 | 0.0224* | − 0.0186* | − 0.0311* | 0.0221* | 0.0254* | 0.0568* | 0.0118* | 0.0124* | 0.0517* | − 0.0111* | 0.0786* | 0.0708* | 0.0904* | 0.0833* |
27 | Generations | 7.12 | − 0.0721* | − 0.0211* | 0.0309* | − 0.0234* | − 0.0082* | − 0.1496* | − 0.0995* | − 0.0909* | − 0.0369* | 0.0353* | − 0.0323* | − 0.0221* | 0.0157* | 0.0095* |
No. | Variables | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
15 | Technological intensity | 1 | ||||||||||||
16 | Innovation intensity | 0.5905* | 1 | |||||||||||
17 | Competitive intensity | − 0.1032* | 0.3516* | 1 | ||||||||||
18 | Role1_idea development | 0.0030 | 0.0045 | − 0.0019 | 1 | |||||||||
19 | Role2_idea implementation | − 0.0008 | − 0.0004 | − 0.0051 | 0.3670* | 1 | ||||||||
20 | Age | 0.0487* | 0.0884* | − 0.0615* | 0.0046 | 0.0352* | 1 | |||||||
21 | Age2 | 0.0504* | 0.0820* | − 0.0725* | 0.0033 | 0.0328* | 0.9880* | 1 | ||||||
22 | Income_higher | 0.0343* | 0.0037 | 0.0205* | 0.0024 | − 0.0053 | − 0.0052 | − 0.0127* | 1 | |||||
23 | Gender_male | − 0.0631* | − 0.0580* | 0.0419* | 0.0046 | 0.0003 | − 0.0341* | − 0.0309* | 0.0252* | 1 | ||||
24 | Orgatype_private | 0.0778* | − 0.0184* | 0.0372* | − 0.0071 | − 0.0077 | − 0.1598* | − 0.1519* | − 0.0440* | 0.1388* | 1 | |||
25 | lnSize | 0.0026 | 0.0111* | − 0.0034 | 0.0007 | 0.0023 | 0.0647* | 0.0607* | − 0.0001 | − 0.0016 | − 0.0115* | 1 | ||
26 | Country | − 0.2544* | − 0.1230* | 0.0748* | − 0.0084* | 0.0007 | 0.0020 | 0.0010 | − 0.0278* | − 0.0095* | − 0.0292* | 0.0070 | 1 | |
27 | Generations | 0.0453* | 0.0850* | − 0.0582* | 0.0048 | 0.0370* | 0.9273* | 0.9114* | − 0.0035 | − 0.0354* | − 0.1543* | 0.0611* | 0.0079* | 1 |
4 Findings and discussion
4.1 Descriptive statistics
Variable | All Generations [20,256 employees] | Gen Yers [6821 employees] | |||||||
---|---|---|---|---|---|---|---|---|---|
Mean | Std. Dev. | Min | Max | Mean | Std. Dev. | Min | Max | ||
Corporate venturing | 0.11 | 0.02 | 0.00 | 1.00 | 0.12 | 0.32 | 0.00 | 1.00 | |
Higher education | 0.29 | 0.01 | 0.00 | 1.00 | 0.31 | 0.46 | 0.00 | 1.00 | |
Managerial experience | 0.12 | 0.00 | 0.00 | 1.00 | 0.10 | 0.30 | 0.00 | 1.00 | |
Entrepreneurial experience | 0.03 | 0.00 | 0.00 | 1.00 | 0.03 | 0.18 | 0.00 | 1.00 | |
Investor experience | 0.06 | 0.00 | 0.00 | 1.00 | 0.06 | 0.24 | 0.00 | 1.00 | |
Entrepreneurial intentions | 0.25 | 0.05 | 0.00 | 1.00 | 0.32 | 0.47 | 0.00 | 1.00 | |
Role models | 0.39 | 0.03 | 0.00 | 1.00 | 0.44 | 0.50 | 0.00 | 1.00 | |
Opportunity perceptions | 0.35 | 0.03 | 0.00 | 1.00 | 0.43 | 0.50 | 0.00 | 1.00 | |
Entrepreneurial skills | 0.49 | 0.01 | 0.00 | 1.00 | 0.51 | 0.50 | 0.00 | 1.00 | |
Fear of failure | 0.44 | 0.02 | 0.00 | 1.00 | 0.39 | 0.49 | 0.00 | 1.00 | |
Autonomy | 3.29 | 0.04 | 1.00 | 5.00 | 3.32 | 1.38 | 1.00 | 5.00 | |
Meaningful job | 3.31 | 0.02 | 1.00 | 5.00 | 3.32 | 1.50 | 1.00 | 5.00 | |
Rewards | 3.23 | 0.01 | 1.00 | 5.00 | 3.18 | 1.35 | 1.00 | 5.00 | |
Labor market conditions | 2.17 | 0.01 | 1.13 | 4.19 | 2.23 | 0.73 | 1.13 | 4.19 | |
Technological intensity | 2.25 | 0.02 | 2.30 | 4.19 | 2.10 | 1.36 | 2.30 | 4.19 | |
Innovation intensity | 0.19 | 0.09 | 2.30 | 4.19 | 0.10 | 1.34 | 2.30 | 4.19 | |
Competitive intensity | 3.27 | 0.42 | 11.92 | 95.49 | 3.40 | 1.16 | 11.92 | 95.49 | |
Role1_idea development | 0.11 | 0.00 | 0.00 | 1.00 | 0.10 | 0.30 | 0.00 | 1.00 | |
Role2_idea implementation | 0.07 | 0.01 | 0.00 | 1.00 | 0.06 | 0.23 | 0.00 | 1.00 | |
Age | 39.00 | 7.07 | 18.00 | 86.00 | 26.10 | 3.88 | 18.00 | 32.00 | |
Age2 | 1521.00 | 49.98 | 324.00 | 7396.00 | 681.21 | 15.05 | 324.00 | 7396.00 | |
Income_higher | 0.42 | 0.01 | 0.00 | 1.00 | 0.40 | 0.49 | 0.00 | 1.00 | |
Gender_male | 0.55 | 0.01 | 0.00 | 1.00 | 0.58 | 0.49 | 0.00 | 1.00 | |
Orgatype_private | 0.65 | 0.05 | 0.00 | 1.00 | 0.73 | 0.44 | 0.00 | 1.00 | |
lnSize | 4.11 | 2.11 | 1.60 | 6.90 | 3.91 | 2.08 | 1.60 | 6.90 |
Variable | Gen Xers [8547 employees] | Baby Boomers [4888 employees] | |||||||
---|---|---|---|---|---|---|---|---|---|
Mean | Std. Dev. | Min | Max | Mean | Std. Dev. | Min | Max | ||
Corporate venturing | 0.09 | 0.29 | 0.00 | 1.00 | 0.06 | 0.24 | 0.00 | 1.00 | |
Higher education | 0.32 | 0.47 | 0.00 | 1.00 | 0.28 | 0.45 | 0.00 | 1.00 | |
Managerial experience | 0.11 | 0.31 | 0.00 | 1.00 | 0.12 | 0.33 | 0.00 | 1.00 | |
Entrepreneurial experience | 0.03 | 0.17 | 0.00 | 1.00 | 0.02 | 0.14 | 0.00 | 1.00 | |
Investor experience | 0.06 | 0.24 | 0.00 | 1.00 | 0.06 | 0.23 | 0.00 | 1.00 | |
Entrepreneurial intentions | 0.23 | 0.42 | 0.00 | 1.00 | 0.15 | 0.36 | 0.00 | 1.00 | |
Role models | 0.40 | 0.49 | 0.00 | 1.00 | 0.31 | 0.46 | 0.00 | 1.00 | |
Opportunity perceptions | 0.37 | 0.48 | 0.00 | 1.00 | 0.32 | 0.47 | 0.00 | 1.00 | |
Entrepreneurial skills | 0.50 | 0.50 | 0.00 | 1.00 | 0.45 | 0.50 | 0.00 | 1.00 | |
Fear of failure | 0.44 | 0.50 | 0.00 | 1.00 | 0.43 | 0.49 | 0.00 | 1.00 | |
Autonomy | 3.23 | 1.41 | 1.00 | 5.00 | 3.20 | 1.46 | 1.00 | 5.00 | |
Meaningful job | 3.26 | 1.56 | 1.00 | 5.00 | 3.23 | 1.62 | 1.00 | 5.00 | |
Rewards | 3.19 | 1.34 | 1.00 | 5.00 | 3.24 | 1.39 | 1.00 | 5.00 | |
Labor market conditions | 2.25 | 0.71 | 1.13 | 4.19 | 2.25 | 0.62 | 1.13 | 4.19 | |
Technological intensity | 2.16 | 1.36 | 2.30 | 4.19 | 2.26 | 1.19 | 2.30 | 4.19 | |
Innovation intensity | 0.10 | 1.35 | 2.30 | 4.19 | 0.19 | 1.19 | 2.30 | 4.19 | |
Competitive intensity | 3.42 | 1.21 | 11.92 | 95.49 | 3.19 | 1.18 | 11.92 | 95.49 | |
Role1_idea development | 0.11 | 0.32 | 0.00 | 1.00 | 0.11 | 0.31 | 0.00 | 1.00 | |
Role2_idea implementation | 0.08 | 0.26 | 0.00 | 1.00 | 0.08 | 0.27 | 0.00 | 1.00 | |
Age | 40.08 | 4.52 | 33.00 | 48.00 | 55.03 | 4.82 | 49.00 | 86.00 | |
Age2 | 1606.40 | 20.43 | 324.00 | 7396.00 | 3028.30 | 23.23 | 324.00 | 7396.00 | |
Income_higher | 0.42 | 0.49 | 0.00 | 1.00 | 0.39 | 0.49 | 0.00 | 1.00 | |
Gender_male | 0.56 | 0.50 | 0.00 | 1.00 | 0.54 | 0.50 | 0.00 | 1.00 | |
Orgatype_private | 0.62 | 0.49 | 0.00 | 1.00 | 0.53 | 0.50 | 0.00 | 1.00 | |
lnSize | 4.20 | 2.11 | 1.60 | 6.90 | 4.28 | 2.14 | 1.60 | 6.90 |
4.2 Determinants of corporate venturing activities
Dimensions | Corporate venturing | Model 1 | Model 1a | Model 1b | Model 1c | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
All generations | Gen Yers | Gen Xers | Baby Boomers | ||||||||||
Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | ||
Generational cohorts (GC) | Gen_Baby boomers (reference) | ||||||||||||
Gen_Xers | 1.282 | 0.159 | ** | ||||||||||
Gen_Yers | 1.380 | 0.273 | * | ||||||||||
Employees’ human capital (HC) | Higher education | 1.197 | 0.078 | *** | 1.270 | 0.130 | ** | 1.105 | 0.114 | 1.171 | 0.187 | ||
Managerial experience | 1.535 | 0.614 | *** | 1.672 | 0.172 | *** | 1.460 | 0.147 | *** | 1.674 | 0.269 | *** | |
Entrepreneurial experience | 1.351 | 0.166 | * | 1.536 | 0.290 | ** | 1.236 | 0.243 | * | 1.267 | 0.397 | ||
Investor experience | 1.325 | 0.117 | *** | 1.302 | 0.181 | * | 1.547 | 0.212 | *** | 1.045 | 0.239 | ||
Employees’ attitudes toward entrepreneurship (AE) | Entrepreneurial intentions | 2.813 | 0.173 | *** | 2.241 | 0.208 | *** | 3.249 | 0.314 | *** | 4.062 | 0.651 | *** |
Role models | 1.625 | 0.096 | *** | 1.702 | 0.159 | *** | 1.436 | 0.132 | *** | 1.716 | 0.246 | *** | |
Opportunity perceptions | 1.540 | 0.092 | *** | 1.515 | 0.140 | *** | 1.546 | 0.145 | *** | 1.716 | 0.256 | *** | |
Entrepreneurial skills | 2.160 | 0.149 | *** | 2.437 | 0.254 | *** | 1.841 | 0.200 | *** | 2.368 | 0.426 | *** | |
Fear of failure | 0.809 | 0.048 | *** | 0.786 | 0.075 | ** | 0.800 | 0.074 | ** | 0.827 | 0.124 | ||
Organizational determinants (OD) | Autonomy | 1.004 | 0.024 | 0.976 | 0.036 | 1.027 | 0.040 | 1.042 | 0.060 | * | |||
Meaningful job | 1.034 | 0.030 | ** | 1.113 | 0.047 | ** | 1.004 | 0.047 | 1.040 | 0.076 | |||
Rewards | 1.009 | 0.027 | * | 1.000 | 0.043 | 1.087 | 0.040 | ** | 0.935 | 0.071 | |||
Environmental determinants (ED) | Labor market conditions | 0.681 | 0.019 | *** | 0.716 | 0.085 | * | 0.704 | 0.014 | * | 0.594 | 0.146 | *** |
Technological intensity | 0.724 | 0.022 | *** | 0.715 | 0.070 | *** | 0.706 | 0.091 | ** | 0.800 | 0.123 | ** | |
Innovation intensity | 0.859 | 0.027 | *** | 0.832 | 0.009 | ** | 0.862 | 0.077 | * | 0.937 | 0.098 | ||
Competitive intensity | 0.990 | 0.050 | * | 0.984 | 0.005 | * | 0.991 | 0.010 | * | 1.001 | 0.012 | ||
Control variables | Role1_idea development | 1.182 | 0.113 | ** | 1.102 | 0.168 | 1.165 | 0.174 | 1.506 | 0.341 | ** | ||
Role2_idea implementation | 0.797 | 0.098 | * | 0.901 | 0.186 | 0.712 | 0.133 | * | 0.794 | 0.221 | |||
Age | 1.003 | 0.063 | ** | 0.999 | 0.011 | 0.976 | 0.009 | ** | 0.985 | 0.013 | |||
Income_higher | 1.098 | 0.065 | * | 1.106 | 0.101 | 1.131 | 0.104 | 1.010 | 0.152 | ||||
Gender_male | 1.312 | 0.078 | *** | 1.341 | 0.125 | *** | 1.283 | 0.118 | ** | 1.319 | 0.197 | ** | |
Orgatype_private | 1.216 | 0.013 | ** | 1.440 | 0.160 | *** | 1.257 | 0.129 | * | 0.829 | 0.128 | ||
lnSize | 1.028 | 0.013 | * | 1.021 | 0.020 | 1.035 | 0.021 | 1.015 | 0.319 | ||||
Constant | 2.697 | 0.885 | *** | 3.027 | 0.909 | *** | 1.802 | 1.025 | * | 2.574 | 1.410 | * | |
Random effects | Country | 0.127 | 0.045 | 0.099 | 0.045 | 0.132 | 1.056 | 0.109 | 0.064 | ||||
chibar2 | 91.100 | 23.690 | 30.66 | 7.97 | |||||||||
Prob>chibar2 | 0.000 | 0.000 | 0.000 | 0.002 | |||||||||
Model specifications | N | 20,256.00 | 6821.00 | 8547.00 | 4888.00 | ||||||||
Groups | 28.00 | 28.00 | 28.00 | 28.00 | |||||||||
Min. | 149.00 | 68.00 | 56.00 | 22.00 | |||||||||
Avg. | 723.4 | 243.60 | 305.30 | 174.6 | |||||||||
Max. | 1398.00 | 431.00 | 665.00 | 440.00 | |||||||||
Wald chi2 | 2668.14 | 1088.09 | 1096.10 | 509.98 | |||||||||
Log pseudo likelihood | − 4513.93 | − 1831.67 | − 1886.52 | − 777.61 | |||||||||
Prob > chi2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | |||||||||
Pseudo R2 | 0.3368 | 0.3396 | 0.3243 | 0.3549 |
4.3 Moderation effect of a generational cohort
Dimensions | Corporate venturing | Model 2 | Model 2a | Model 2b | Model 2c | Model 2d | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | Odds ratio | Robust S.E. | p > |z| | ||
Interactions | HC * GC Baby boomers (reference) | |||||||||||||||
Gen_Xers | 1.340 | 0.419 | * | |||||||||||||
Gen_Yers | 1.404 | 0.419 | * | |||||||||||||
AE * GC Baby boomers (reference) | ||||||||||||||||
Gen_Xers | 1.158 | 0.437 | * | |||||||||||||
Gen_Yers | 1.027 | 0.240 | * | |||||||||||||
OD* GC Baby boomers (reference) | ||||||||||||||||
Gen_Xers | 0.999 | 0.001 | ||||||||||||||
Gen_Yers | 0.999 | 0.001 | * | |||||||||||||
ED * GC Baby boomers (reference) | ||||||||||||||||
Gen_Xers | 1.000 | 0.004 | * | |||||||||||||
Gen_Yers | 1.000 | 0.003 | ** | |||||||||||||
Generational cohorts (GC) | Gen_Baby boomers (reference) | |||||||||||||||
Gen_Yers | 1.420 | 0.247 | ** | 1.409 | 0.245 | ** | 1.428 | 0.249 | ** | 1.327 | 0.257 | * | 1.363 | 0.235 | * | |
Gen_Xers | 1.277 | 0.139 | ** | 1.274 | 0.139 | ** | 1.288 | 0.141 | ** | 1.303 | 0.181 | ** | 1.240 | 0.135 | ** | |
Employees’ human capital (HC) | Higher education x Managerial experience x Entrepreneurial experience x Investor experience | 2.255 | 0.937 | ** | 3.528 | 1.049 | ** | 2.261 | 0.939 | ** | 2.219 | 0.924 | ** | 3.072 | 1.246 | ** |
Employees’ attitudes toward entrepreneurship (EA) | Entrepreneurial intentions x Role models x Opportunity perceptions x Entrepreneurial skills x Fear of failure | 2.551 | 0.311 | *** | 2.553 | 0.311 | *** | 2.585 | 0.472 | *** | 2.554 | 0.311 | *** | 2.979 | 0.354 | *** |
Organizational determinants (OD) | Autonomy x Meaningful job x Rewards | 1.004 | 0.006 | *** | 1.005 | 0.006 | *** | 1.004 | 0.006 | *** | 1.005 | 0.009 | *** | 1.005 | 0.005 | *** |
Environmental determinants (ED) | Labor market conditions x Technological intensity x Innovation intensity x Competitive intensity | 0.998 | 0.008 | ** | 0.998 | 0.008 | ** | 0.998 | 0.008 | ** | 0.998 | 0.008 | ** | 0.997 | 0.002 | *** |
Control variables | Role1_idea development | 1.187 | 0.096 | ** | 1.187 | 0.096 | ** | 1.188 | 0.096 | ** | 1.188 | 0.096 | ** | 1.196 | 0.096 | ** |
Role2_idea implementation | 0.805 | 0.085 | ** | 0.805 | 0.085 | ** | 0.804 | 0.085 | ** | 0.804 | 0.085 | ** | 0.797 | 0.085 | ** | |
Age | 1..001 | 0.005 | ** | 1..001 | 0.005 | ** | 1..001 | 0.005 | ** | 1..001 | 0.005 | ** | 1..001 | 0.005 | ** | |
Income_higher | 1.452 | 0.070 | *** | 1.453 | 0.070 | *** | 1.452 | 0.070 | *** | 1.453 | 0.070 | *** | 1.429 | 0.070 | *** | |
Gender_male | 1.502 | 0.076 | *** | 1.503 | 0.076 | *** | 1.502 | 0.076 | *** | 1.503 | 0.076 | *** | 1.533 | 0.076 | *** | |
Orgatype_private | 1.583 | 0.089 | *** | 1.584 | 0.089 | *** | 1.582 | 0.089 | *** | 1.585 | 0.089 | *** | 1.589 | 0.089 | *** | |
lnSize | 1.023 | 0.011 | ** | 1.022 | 0.011 | ** | 1.023 | 0.011 | ** | 1.023 | 0.011 | ** | 1.022 | 0.011 | * | |
Constant | 3.314 | 0.347 | *** | 3.304 | 0.348 | *** | 3.320 | 0.348 | *** | 3.297 | 0.352 | *** | 3.318 | 0.348 | *** | |
Random effects | Country | 0.511 | 0.162 | 0.510 | 0.162 | 0.511 | 0.162 | 0.512 | 0.162 | 0.510 | 0.162 | |||||
chibar2 | 471.86 | 471.46 | 471.89 | 473.11 | 471.45 | |||||||||||
Prob>chibar2 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||
Model specifications | N | 20,256.00 | 20,256.00 | 20,256.00 | 20,256.00 | 20,256.00 | ||||||||||
Groups | 28.00 | 28.00 | 28.00 | 28.00 | 28.00 | |||||||||||
Min. | 149.00 | 149.00 | 149.00 | 149.00 | 149.00 | |||||||||||
Avg. | 724.1 | 724.1 | 724.1 | 724.1 | 724.1 | |||||||||||
Max. | 1398.00 | 1398.00 | 1398.00 | 1398.00 | 1398.00 | |||||||||||
Wald chi2 | 430.65 | 431.60 | 430.63 | 433.34 | 430.78 | |||||||||||
Log pseudo likelihood | − 6157.14 | − 6156.49 | − 6156.96 | − 6156.21 | − 6157.02 | |||||||||||
Prob > chi2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | |||||||||||
Pseudo R2 | 0.1766 | 0.1767 | 0.1767 | 0.1767 | 0.1767 |