Financial and marketing approach to export performance: the mediation role of promotion and research and development

Figures & data

Table 1. Descriptive statistics and correlations.

	Descriptive statistics					Correlations
	Variables	Mean	Std. deviation	Minimum	Maximum	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
1	CS1	3.317	1.0864	1	5
2	CS2	3.584	1.2921	1	5	.923**	1
3	CA1	2.292	1.3069	1	5	−.721**	−.775**	1
4	CA2	2.323	1.3857	1	5	−.733**	−.776**	.897**	1
5	CI	3.087	1.0747	1	4	.645**	.715**	−.810**	−.825**	1
6	PI	3.168	0.9889	1	4	.741**	.784**	−.826**	−.824**	.886**	1
7	PR1	1.932	1.1518	1	5	−.677**	−.733**	.757**	.781**	−.788**	−.818**	1
8	PR2	2.006	1.0868	1	5	−.700**	−.710**	.707**	.729**	−.712**	−.769**	.779**	1
9	PR3	2.043	1.1421	1	5	−.721**	−.737**	.766**	.749**	−.797**	−.814**	.886**	.795**	1
10	PR4	1.969	1.1642	1	5	−.738**	−.777**	.737**	.773**	−.742**	−.761**	.828**	.860**	.838**	1
11	PR5	2.068	1.1891	1	5	−.728**	−.766**	.783**	.798**	−.802**	−.818**	.866**	.841**	.927**	.877**	1
12	RD1	2.062	1.1385	1	5	−.663**	−.671**	.719**	.760**	−.750**	−.798**	.809**	.752**	.777**	.747**	.768**	1
13	RD2	2.068	1.0904	1	5	−.667**	−.672**	.736**	.779**	−.768**	−.828**	.805**	.759**	.791**	.725**	.782**	.847**	1
14	RD3	2.124	1.0883	1	5	−.636**	−.652**	.669**	.723**	−.725**	−.769**	.770**	.713**	.745**	.728**	.732**	.892**	.856**	1
15	EXP1	230924.1	503342.6	3.8	3150016.8	−.618**	−.610**	.605**	.638**	−.615**	−.650**	.688**	.608**	.646**	.615**	.591**	.643**	.648**	.608**	1
16	EXP2	1008960	2235289	3143.4	17701210	−.689**	−.681**	.693**	.708**	−.734**	−.776**	.754**	.679**	.749**	.679**	.732**	.787**	.792**	.735**	.782**	1

**Correlation is significant at the 0.01 level (2-tailed).

Table 2. Measurement model.

Construct	Item	Weights	Cronbach’s alpha	Composite reliability	AVE
CS	CS1 CS2	0.973 0.975	0.960	0.980	0.961
CA	CA1 CA2	0.980 0.981	0.946	0.973	0.948
IC	Single Item Construct	n.a	n.a	n.a	n.a
PI	Single Item Construct	n.a	n.a	n.a	n.a
PR	PR1	0.931	0.966	0.973	0.880
	PR2	0.909
	PR3	0.949
	PR4	0.938
	PR5	0.962
RD	RD1	0.957	0.951	0.968	0.910
	RD2	0.946
	RD3	0.958
EXP	EXP1 EXP2	0.934 0.953	0.878	0.942	0.891

Note: CS = capital structure, CA = availability of cash, IC = competition from the informal sectors in home countries, PI = political instability in home countries, PR = promotion, RD = research and development, EXP = firm export performance, n.a = Not applicable.

Table 3. Discriminant validity – cross loading.

	CA	CS	EXP	IC	PI	PR	RD
CA1	0.973	−0.763	0.691	−0.810	−0.826	0.800	0.743
CA2	0.975	−0.770	0.716	−0.825	−0.824	0.817	0.791
CS1	−0.747	0.980	−0.695	0.645	0.741	−0.760	−0.688
CS2	−0.797	0.981	−0.687	0.715	0.784	−0.794	−0.697
EXP1	0.638	−0.626	0.934	−0.615	−0.650	0.672	0.664
EXP2	0.720	−0.699	0.953	−0.734	−0.776	0.767	0.809
IC	−0.840	0.694	−0.719	1.000	0.886	−0.820	−0.785
PI	−0.847	0.778	−0.761	0.886	1.000	−0.849	−0.837
PR1	0.790	−0.719	0.766	−0.788	−0.818	0.931	0.833
PR2	0.738	−0.719	0.685	−0.712	−0.769	0.909	0.778
PR3	0.778	−0.744	0.743	−0.797	−0.814	0.949	0.809
PR4	0.776	−0.773	0.688	−0.742	−0.761	0.938	0.769
PR5	0.812	−0.762	0.707	−0.802	−0.818	0.962	0.798
RD1	0.759	−0.680	0.763	−0.750	−0.798	0.822	0.957
RD2	0.778	−0.683	0.768	−0.768	−0.828	0.824	0.946
RD3	0.715	−0.657	0.717	−0.725	−0.769	0.786	0.958

Note: CS = capital structure, CA = availability of cash, IC = competition from the informal sectors in home countries, PI = political instability in home countries, PR = promotion, RD = research & development, EXP = firm export performance.

Table 4. Discriminant validity – Fornell and Larcker Criteria, and Heterotrait-Monotrait (HT-MT).

	CA	CS	EXP	IC	PI	PR	RD
CA	0.974	0.826	0.789	0.863	0.872	0.869	0.830
CS	−0.787	0.980	0.764	0.708	0.794	0.823	0.739
EXP	0.723	−0.705	0.944	0.762	0.806	0.827	0.853
IC	−0.840	0.694	−0.719	n.a	0.886	0.833	0.804
PI	−0.847	0.778	−0.761	0.886	n.a	0.863	0.858
PR	0.830	−0.793	0.766	−0.820	−0.849	0.938	0.886
RD	0.788	−0.706	0.786	−0.785	−0.837	0.850	0.954

Note: Diagonal and italicized are the square roots of AVE. Below the diagonal elements are the correlations between the construct’s values. Above the diagonal elements are the HTMT values. CS = capital structure, CA = availability of cash, IC = competition from the informal sectors in home countries, PI = political instability in home countries, PR = promotion, RD = research & development, EXP = firm export performance, n.a = not applicable.

Table 5. Model explanatory power.

Predictors	Outcome variable	VIF	R square	f Square	Q square
CS	EXP	3.391	0.678	0.032	0.553
CA		5.138		0.000
CI		5.702		0.004
PI		7.372		0.004
PR		5.871		0.007
RD		4.429		0.110
CS	PR	2.630	0.740	0.195	0.732
CA		2.630		0.432
CS	RD	2.630	0.641	0.054	0.635
CA		2.630		0.395

Note: CS = capital structure, CA = availability of cash, CI = competition from the informal sectors in home countries, PI = political instability in home countries, PR = promotion, RD = research & development, EXP = firm export performance.

Table 6. Direct relationships (with control variables).

Hypothesis	Beta coefficient	Standard deviation	T statistics	p Values
H1: CS -> EXP	−0.175	0.051	3.416	0.000
H2: CS -> PR	−0.373	0.084	4.441	0.000
H3: CS -> RD	−0.231	0.076	3.038	0.001
H4: CA -> EXP	−0.026	0.067	0.380	0.352
H5: CA -> PR	0.415	0.089	4.642	0.000
H6: CA -> RD	0.476	0.075	6.332	0.000
H7: IC -> EXP	−0.105	0.082	1.277	0.101
H8: PI -> EXP	−0.127	0.053	2.408	0.008
H9: PR -> EXP	0.086	0.085	1.015	0.155
H10: RD -> EXP	0.444	0.072	6.174	0.000
SizeL <- PR	0.233	0.128	1.820	0.034
SizeL <- RD	0.233	0.121	1.929	0.027
CategoryFB <- PR	−0.230	0.089	2.589	0.005
CategoryFB <- RD	−0.265	0.09	2.733	0.003

Note: CS = capital structure, CA = availability of cash, CI = competition from the informal sectors in home countries, PI = political instability in home countries, PR = promotion, RD = research & development, EXP = firm export performance, SizeL = firm size large, CategoryFB = industry category food & beverage.

Table 7. Mediation analysis results.

Total effect (CS -> EXP)			Direct effect (CS -> EXP)				Indirect effect of CS on EXP
Coefficient	T value	P-value	Coefficient	T value	p Value	Hypothesis	Coefficient	SE	T value	p Value	Percentile bootstrap 95% confidence interval
											Lower	Upper
−0.309	6.553	0.000	−0.175	3.416	0.000	H11: CS -> PR -> EXP	−0.032	0.036	0.889	0.187	−0.098	0.019
						H12: CS -> RD -> EXP	−0.102	0.039	2.633	0.004	−0.174	−0.047
Total effect (CA -> EXP)			Direct effect (CA -> EXP)				Indirect effect of CA on EXP
Coefficient	T value	p Value	Coefficient	T value	p Value	Hypothesis	Coefficient	SE	T value	p Value	Percentile bootstrap 95% confidence interval
											Lower	Upper
0.222	3.214	0.001	−0.026	0.380	0.352	H13: CA -> PR -> EXP	0.036	0.035	1.017	0.155	−0.023	0.092
						H14: CA -> RD -> EXP	0.211	0.052	4.062	0.000	0.138	0.306

Data availability statement

The datasets used and/or analyzed during the current study are available from the corresponding author upon reasonable request.