Table 5 Robustness test results.
From: Digital transformation as an ESG performance catalyst with insights from China’s external governance
Variables | Replace explained variable | Replace explanatory variable | Hysteresis the observation window | Exclusion of companies that exaggerate strategic information |
|---|---|---|---|---|
DT | (1) | (2) | (3) | (4) |
0.190* | 0.025* | |||
(1.95) | (1.80) | |||
DT2 | 0.066*** | |||
(4.30) | ||||
L.DT | 0.019** | |||
(2.03) | ||||
Size | 0.645*** | 0.225*** | 0.223*** | 0.243*** |
(4.01) | (10.48) | (9.51) | (9.21) | |
Lev | 1.406** | -0.700*** | -0.695*** | -0.687*** |
(2.39) | (-12.08) | (-10.58) | (-10.33) | |
Roa | 0.806 | 0.155 | 0.119 | 0.066 |
(0.57) | (1.31) | (0.97) | (0.46) | |
Tobinq | -0.012 | -0.000 | 0.000 | 0.003 |
(-0.24) | (-0.02) | (0.06) | (0.57) | |
Listage | -0.233 | -0.150*** | -0.129** | -0.205*** |
(-1.00) | (-5.54) | (-2.55) | (-7.43) | |
Mfee | 3.043* | -0.911*** | -0.965*** | -1.066*** |
(1.74) | (-5.62) | (-5.57) | (-6.71) | |
Indep | -0.623 | 0.907*** | 0.866*** | 0.851*** |
(-0.44) | (7.09) | (5.90) | (6.26) | |
Top1 | 1.483 | 0.211** | 0.182 | 0.212** |
(1.60) | (2.05) | (1.47) | (2.14) | |
Bm | -0.311 | 0.013 | 0.001 | -0.019 |
(-0.82) | (0.32) | (0.03) | (-0.39) | |
Growth Constant | 0.102 | -0.067*** | -0.055*** | -0.076*** |
(0.99) | (-4.11) | (-3.21) | (-4.57) | |
11.480*** | 0.225*** | 0.223*** | 0.243*** | |
(3.09) | (10.48) | (9.51) | (9.21) | |
Firm FE | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes |
City FE | Yes | Yes | Yes | Yes |
Observations | 33187 | 32015 | 29489 | 25584 |
R-squared | 0.697 | 0.598 | 0.611 | 0.613 |
