Better understanding of executive managers' features effect on small- and medium-sized service firms' risk-taking using multiple factors as control variables: fresh insights from emerging markets

Figures & data

Figure 1. Conceptual framework of the study. (Source: Author's own work).

Table 1. Illustrates the survey's information that includes all variables/dimensions, reliability values, #. of questions, sources, and abbreviations. (Source: Authors' own work).

Variables/dimensions	Abbreviation	Cronbach's α	#. of questions	Source
Dependent variable: Small and medium-sized service industries' risk-taking
Leverage ratio for firm	LEV	0.871	3	Developed by authors
Ratio of current assets to current liabilities	LIQ	0.862	5
Grow	GROW	0.910	4
Research and development	R&D	0.789	3
Independent variable: EMs features
Gender	GDR	0.823	4	Developed by authors
Age	AGE	0.857	5
Qualification	QUAL	0.811	3
Expertise	EXP	0.842	4
Ownership	OWN	0.793	4
Duality	DUAL	0.873	4
Tenure	TENR	0.915	5
Control variables
Return-on-assets	ROA	0.779	3	Developed by authors
book-to-market value ratio	BMV	0.822	4
Size	SIZE	0.879	4

Table 2. Illustrates the method used to select the targeted sample and the type of small and medium-sized service industries. (Source: Authors' own work).

Industry type/sector	Percentage %	Method used
Industrials (i.e. construction, real estate, etc.)	16.7	Random sample method
Basic materials (i.e. mining, metal refining, chemical, etc.)	12.4	screening method
Health care (i.e. hospitals, pharmacies, cosmetics, etc.)	9.7	Screening method
Consumer goods (i.e. food, beverages, clothing, shoes, and gasoline, etc.)	17.8	Screening method
Electrical and technology (i.e. electrical firms, mobile accessories shops, etc.)	9.7	Random sample method
Media and entertainment (i.e. sport centers, radio, TV, etc.)	10.9	Random sample method
Tourism/hotels (i.e. all-star hotels, tourist agencies, etc.)	22.8	Random sample method
Total	100%

Table 3. Descriptive statistics of quantitative variables. (Source: Authors' own work).

Variable	Mean	Std. Dev	Min	Max	Skewness	Kurtosis
Small and Medium-sized service industries' risk-taking	0.073892	0.972509	0.001286	0.826530	1.234	7.6531
LEV	16.4178	18.2747	0.002830	1.796214	5.752	156.76
LIQ	1.24378	1.76399	0.027627	14.83935	8.786	191.87
GROW	10.763 7	32.8736	0.000100	165.8632	16.863	204.57
R&D	0.00310	0.02658	0.000021	0.436531	13.87448	222.62
EMs features
GDR	0.963456	0.110092	0.000000	1.000000	9.751	143.87
AGE	53.65288	0.08620	31.00000	83.00000	7.651	206.75
QUAL	1.038049	0.640864	0.000000	3.000000	3.763	167.73
EXP	11.98761	11.03866	1.000000	56.00000	11.76	243.81
OWN	0.019975	0.070183	0.000000	0.576853	13.62	197.66
DUAL	0.149875	0.341853	0.000000	1.000000	8.771	67.763
TENR	8.767535	9.847230	1.000000	51.51060	17.87	88.762
Control variables
ROA	0.035285	0.171765	−1.981033	0.892838	1.863	23.763
BMV	1.678428	1.065643	−0.049436	7.518797	0.087	28.885
SIZE	8.786275	0.487076	5.596372	9.108294	1.054	7.8729

Table 4. Pearson correlation matrix. (Source: Authors' own work).

RISK	GDR	AGE	QUAL	EXP	OWN	DUAL	TENR	ROA	BMV	SIZE	LEV	GROW	R&D
RISK	1
GDR	−0.0634	1
AGE	−0.0475	−0.0680	1
QUAL	−0.0623	0.0887	−0.0585	1
EXP	0.0266	−0.0276	0.1767	0.0841	1
OWN	−0.0743	−0.0376	0.0587	−0.4871	−0.2861	1
DUAL	−0.0597	−0.0387	0.4872	−0.3543	0.0712	0.4871	1
TENR	0.0054	0.0030	0.4872	0.2763	0.7875	−0.3874	0.3763	1
ROA	−0.6862	0.0072	0.0021	−0.0204	−0.0504	−0.0486	0.3853	0.0265	1
BMV	0.0686	0.2873	−0.087	−0.0775	0.3986	−0.0686	0.3711	0.3653	0.0687	1
SIZE	−0.4665	0.0754	0.2153	0.0786	0.4763	−0.3874	−0.5663	0.2543	0.3354	0.487	1
LEV	0.0907	0.0287	0.0476	−0.0287	0.0034	0.3987	−0.0776	0.0687	−0.0233	−0.4873	−0.0081	1
GROW	0.0872	0.0652	0.0321	0.0182	0.0631	0.3245	0.7621	0.0341	0.0676	0.0671	0.0243	0.0671	1
R&D	0.0345	−0.0432	0.0564	−0.0652	0.5476	−0.762	−0.0635	0.7862	0.0536	−0.7628	0.0761	0.4526	0.0726 1

Table 5. Results of the ordinary least square regression. (Source: Authors' own work).

Variables	Coefficient	t-stat	p value	Tolerance	VIF
GDR	−0.0476	−1.106	.287	0.967	1.237
AGE	−0.00005	−0.275	.830	0.835	1.275
QUAL	−0.0215	−4.675***	.003	0.821	1.307
EXP	−0.0027	−1.886*	.065	0.254	4.361
OWN	−0.4062	−9.698***	.001	0.687	1.298
DUAL	0.0059	0.634	.704	0.853	1.294
TENR	0.0030	1.573*	.086	0.261	4.785
ROA	−0.3873	−3.183**	.034	0.779	1.348
BMV	0.0204	5.763***	.002	0.911	1.387
SIZE	−0.0584	−5.722***	.001	0.918	1.368
LEV	0.0561	1.287	.285	0.861	1.144
GROW	0.0423	1.763	.0241	0.775	1.752
R&D	0.0234	0.892	.3762	0.671	2.736

F: 11.351.

Sig. = 000.

R2 = 0.563.

VAdjusted R2 = 0.456.

*** The result is significant at 0.01 level (p ≤ .01).

** The result is significant at 0.05 level (p ≤ .05).

* The result is significant at 0.10 level (p ≤ .10).

Table 6. The regression analysis on the dependent variables*. (Source: Authors' own work).

Model	Variable/ constant	β	t	Sig	Result
1	(Constant)	4.562	41.638	<0.002	Yes
	Control variables	−0.001	0.0672	0.043	No
	GDR	−0.024	1.7630	0.746	No
	AGE	0.886	0.9861	0.031	Yes
	QUAL	0.672	0.6519	0.014	Yes
	EXP	0.723	2.7614	0.026	Yes
	OWN	−0.045	7.8672	0.524	No
	DUAL	0.669	0.9861	0.043	Yes
	TENR	0.561	5.8616	0.036	Yes
	(Constant)	0.032	0.679	0.042	Yes
2	Control variables	.080	1.717	0.087	No
	ROA.	0.624	0.741	0.030	Yes
	BMV	0.744	3.159	0.006	Yes
	LEV	0.857	6.816	0.022	Yes
	Firm's size	−0.024	0.081	0.648	No

* Independent variable: EMs' features.

Dependent variable: SM-sized service industries' risk-taking.

Data availability statement

All data are available and upon request from the authors.