Table 10 Additional robustness tests.

From: Enterprise digital transformation and inefficient investment: from the perspective of diversified operations and environmental uncertainty

Variables

(1)

(2)

(3)

(4)

(5)

Inefficient

Inefficient

Inefficient

Inefficient

Inefficient

Digital

−0.0118***

−0.0102***

−0.0102***

−0.0098***

−0.0123***

(0.0017)

(0.0017)

(0.0015)

(0.0019)

(0.0015)

Constant

0.1244***

0.1184***

0.1197***

0.1232***

0.1337***

(0.0086)

(0.0085)

(0.0078)

(0.0088)

(0.0077)

Controls

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Ind FE

Yes

Yes

Yes

Yes

Yes

Year × Ind FE

No

No

No

No

Yes

N

23,801

25,807

29,861

31,984

31,922

Adj_R2

0.0913

0.0887

0.0854

0.0867

0.1253

  1. The numbers in parentheses represent the robust standard errors of the regression coefficients, and cluster robust standard deviations are in parentheses of (4). *, **, *** Indicate significance at the statistical level of 10%, 5% and 1%, respectively.
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