Table 14 Overinvestment and underinvestment in labor resources.

From: Does corporate digitalization promote labor investment efficiency? Evidence from Chinese listed companies

Panel A: Overinvestment

 

Total

Over-hiring

Under-firing

(1)

(2)

(3)

(4)

(5)

(6)

Digital1

−0.0145*** (−4.37)

 

−0.0230*** (−4.37)

 

−0.0034 (−0.85)

 

Digital2

 

−0.1134*** (−4.25)

 

−0.1530*** (−3.42)

 

−0.0286 (−0.88)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.7321*** (5.94)

0.7457*** (6.06)

1.4402*** (7.65)

1.4720*** (7.84)

0.2919** (2.25)

0.2918** (2.25)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

N

9152

9152

6059

6059

3093

3093

Adj_R2

0.0947

0.0941

0.1262

0.1255

0.1157

0.1158

Panel B: Underinvestment

 

Total

Under-hiring

Over-firing

(1)

(2)

(3)

(4)

(5)

(6)

Digital1

−0.0053*** (−3.87)

 

−0.0057*** (−3.71)

 

0.0008 (0.27)

 

Digital2

 

−0.0318** (−2.39)

 

−0.0350** (−2.24)

 

0.0239 (0.84)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.1876*** (3.65)

0.1915*** (3.71)

0.2711*** (4.21)

0.2756*** (4.27)

0.1426 (1.33)

0.1414 (1.31)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

N

18,086

18,086

15,410

15,410

2676

2676

Adj_R2

0.1739

0.1724

0.2136

0.2140

0.1286

0.1291

  1. *, ** and *** denote significance at the 10%, 5% and 1% level, respectively. T-statistics (in parentheses) are based on standard errors clustered by firm.
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