Table 11 Mechanism examination.

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

Variables

(1)

(2)

(3)

(4)

(5)

(6)

IC

Inefficient

KV

Inefficient

WW

Inefficient

Digital

0.4785***

−0.0089***

−0.0975***

−0.0079***

−0.0531***

−0.0077***

(0.0358)

(0.0015)

(0.0040)

(0.0015)

(0.0017)

(0.0018)

IC

 

−0.0010***

    
 

(0.0003)

    

KV

   

0.0208***

  
   

(0.0021)

  

WW

     

0.0366***

     

(0.0091)

Constant

3.8736***

0.1255***

0.6877***

0.1091***

−0.5914***

0.1498***

(0.1991)

(0.0079)

(0.0216)

(0.0079)

(0.0097)

(0.0102)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Ind FE

Yes

Yes

Yes

Yes

Yes

Yes

N

30,993

30,993

31,950

31,950

26,267

26,267

Adj_R2

0.1669

0.0869

0.1698

0.0890

0.4700

0.0915

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