Table 7 Explanatory Table of Variables.
Variable type | Variable code | Variable name |
|---|---|---|
Explained variables | \({\text{ln}}\_digi2\) | The extent of enterprises' digital transformation |
Explanatory variables | \(lev\) | Capital structure |
\(size\) | Asset size | |
\(REC\) | Receivable structure | |
\(ROA\) | Profitability | |
\(Mfee\) | Management costs | |
\(Top1\) | Shareholding structure | |
\(SOE\) | Corporate properties | |
\(overseainc\) | Degree of openness | |
\(ecycle\) | Business life cycle | |
\(Firmage\) | Business operation | |
\({hhi\_d}\) | Industry competition |
