Table 4 Result of mediating mechanism estimation.
Independent variable IT | (1) Product market | (2) Institutional environment | (3) Capital market | |||
|---|---|---|---|---|---|---|
Supplychain | IT | Policy | IT | SA | IT | |
L. IT | 0.194*** | 0.195*** | 0.226*** | |||
Mediating | 2.396*** | 1.014** | -7.483*** | |||
EP | 0.001** | -0.038 | 0.001* | -0.0987** | -0.001*** | -0.050*** |
Size | -0.048*** | 4.833** | 1.110*** | 6.003*** | 0.025*** | 2.247*** |
Lnage | 0.109*** | -0.038 | -0.235*** | 1.393*** | -0.123*** | -0.883*** |
Leverage | 0.383*** | -51.18*** | 0.180** | -81.61*** | 0.026*** | -22.42*** |
Top | 0.266*** | -0.460 | -0.383*** | -0.452 | 0.032*** | 0.324 |
Borad | 0.017 | 0.331 | 0.091 | 0.663 | 0.034*** | 0.568* |
ROA | 1.976*** | -73.28** | 0.606*** | -81.82** | -0.120*** | -26.30*** |
Growth | -0.258*** | 0.935*** | 0.059 | 0.837*** | 0.001 | 0.135 |
Duality | -0.031* | 0.148 | 0.002 | 0.271 | 0.015*** | 0.087 |
Soe | 0.027 | 0.346 | -0.009 | 1.159*** | -0.009*** | 0.454** |
TobinQ | -0.080*** | 0.254* | -0.003 | -0.373* | 0.031*** | 0.055 |
HHI | 0.154 | 2.333** | -0.602 | 4.658*** | 0.092** | 1.544* |
_cons | 1.799*** | -37.74** | 2.611*** | -54.84*** | -4.002*** | -40.50*** |
Observation | 28,832 | 22,636 | 28,832 | 22,636 | 28,832 | 22,636 |
AR(1) | 0.001 | 0.001 | 0.001 | |||
AR(2) | 0.768 | 0.131 | 0.113 | |||
Hansen test | 0.534 | 0.428 | 0.164 | |||
