Table 12 Heterogeneity tests.

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

Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

High-tech firms

Non-high-tech firms

Eastern firms

Middle firms

Western firms

Large-scale firms

Non-large-scale firms

Digital

−0.0105***

−0.0086***

−0.0111***

−0.0124***

−0.0042

−0.0078***

−0.0061

(0.0021)

(0.0022)

(0.0018)

(0.0038)

(0.0045)

(0.0015)

(0.0065)

Constant

0.1455***

0.1019***

0.1175***

0.1402***

0.1235***

0.1166***

0.0412

(0.0115)

(0.0107)

(0.0093)

(0.0200)

(0.0234)

(0.0080)

(0.0345)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Ind FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

15,247

16,737

21,695

5263

5023

29,423

2556

Adj_R2

0.0905

0.0858

0.0928

0.0935

0.0914

0.0836

0.1927

Chow test

Chi2 = 3.03***

Chi2 = 2.19***

Chi2 = 9.86***

P = 0.0000

P = 0.0000

P = 0.0000

  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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