Table 5 Robustness checks using alternative measures.
Panel A: Alternative measures of corporate digital development | ||||
Dependent variable = Ablabor | ||||
(1) | (2) | (3) | (4) | |
Digital_Money1 | −0.0007*** (−3.60) | |||
Digital_Money2 | −0.2738*** (−2.89) | |||
Digital_Patents1 | −0.0090*** (−4.20) | |||
Digital_Patents2 | −0.0678*** (−3.17) | |||
Controls | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
N | 27,211 | 27,211 | 27,238 | 27,238 |
Adj_R2 | 0.1728 | 0.1711 | 0.1687 | 0.1696 |
Panel B: Alternative measures of labor investment efficiency | ||||
Dependent variable = Ablabor2 | Dependent variable = Ablabor3 | |||
(1) | (2) | (3) | (4) | |
Digital1 | −0.0063** (−2.44) | −0.0056*** (−5.07) | ||
Digital2 | −0.0486** (−2.04) | −0.0366*** (−3.63) | ||
Controls | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
N | 27,238 | 27,238 | 27,235 | 27,235 |
Adj_R2 | 0.0764 | 0.0769 | 0.2957 | 0.2950 |
