Table 4 Mechanism tests.
Business diversification | Operational uncertainty | High-quality workforce | Management supervision | |||||
|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
Digital1 | 0.0058*** (−3.25) | −0.0057*** (−3.27) | −0.0081*** (−4.73) | −0.0079*** (−4.61) | ||||
Digital2 | −0.0347* (−1.82) | −0.0401** (−2.50) | −0.0624*** (−4.05) | −0.0605*** (−3.90) | ||||
Digital1 × Divers | −0.0002** (−2.19) | |||||||
Digital2 × Divers | −0.0012* (−1.88) | |||||||
Digital1 × EPU | −0.0025** (−2.32) | |||||||
Digital2 × EPU | −0.0166** (−2.23) | |||||||
Digital1 × Quality | −0.0171** (−2.19) | |||||||
Digital2 × Quality | −0.2264** (−2.32) | |||||||
Digital1 × IC | 0.0009* (1.88) | |||||||
Digital2 × IC | 0.0117** (1.98) | |||||||
Divers / EPU / Quality / IC | 0.0009** (2.20) | 0.0005* (1.75) | 0.0076** (2.35) | 0.0042** (2.17) | −0.0361** (−2.39) | −0.0268** (−2.33) | −0.0017* (−1.82) | −0.0012* (−1.72) |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 0.3788*** (6.48) | 0.3897*** (6.66) | 0.3792*** (6.48) | 0.3893*** (6.65) | 0.3799*** (6.49) | 0.3889*** (6.64) | 0.3790*** (6.46) | 0.3875*** (6.60) |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 27,238 | 27,238 | 27,238 | 27,238 | 27,238 | 27,238 | 27,238 | 27,238 |
Adj_R2 | 0.1700 | 0.1705 | 0.1691 | 0.1699 | 0.1709 | 0.1717 | 0.1708 | 0.1713 |
