Table 6 Robustness test—Leading and lagging explanatory variables and substituting variables.

From: Study based on managerial compensation incentives and analyst attention perspectives of corporate digital transformation and sustainability performance

 

Model 1

Model 1

Model 1

Variables

Dtp

Dtp

Dtp

L.Dig

0.0005***

  
 

(5.50)

  

F.Dig

 

0.0006***

 
  

(6.14)

 

Dig

  

0.0005***

   

(3.96)

Size

0.0197***

0.0192***

0.0239***

 

(22.63)

(21.15)

(21.19)

Lev

0.0079*

0.0156***

−0.0259***

 

(1.72)

(3.27)

(−3.80)

Cashflow

0.0432***

0.0393***

0.0540***

 

(3.54)

(3.17)

(3.21)

Growth

−0.0096***

−0.0120***

−0.0027

 

(−3.88)

(−4.83)

(−0.77)

Indep

−0.0002

−0.0004***

−0.0000

 

(−1.31)

(−2.84)

(−0.23)

Dual

−0.0081***

−0.0078***

−0.0029

 

(−5.10)

(−4.80)

(−1.18)

TobinQ

−0.0046***

−0.0058***

−0.0006

 

(−5.70)

(−6.84)

(−0.58)

ListAge

−0.0070***

−0.0031***

−0.0072***

 

(−5.89)

(−2.95)

(−4.40)

Big4

0.0040

0.0000

0.0452***

 

(1.22)

(0.00)

(14.41)

Opinion

0.0055

0.0004

0.0072

 

(1.16)

(0.08)

(1.01)

Constant

0.0890***

0.0978***

−0.4963***

 

(4.43)

(4.68)

(−18.54)

N

20,165

20,165

9,467

R−squared

0.140

0.153

0.349

Year

YES

YES

YES

Industry

YES

YES

YES

  1. ***, **, and * respectively indicate that the parameter Estimation is significant at 0.01, 0.05, and 0.1. The “t” value is in parentheses.
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