Table 6 Mediator effect test.
Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
Management fee | SCE | Transaction cost | SCE | |
Digital | −0.002*** | −0.042*** | 0.006*** | −0.041*** |
(−6.06) | (−6.80) | (13.28) | (−6.56) | |
Management Fee | 2.180*** | |||
(9.59) | ||||
Transaction Cost | −0.868*** | |||
(−5.59) | ||||
Size | −0.007*** | 0.019** | −0.002*** | 0.001 |
(−17.05) | (2.51) | (−3.42) | (0.20) | |
Lev | −0.032*** | 0.01 | 0.031*** | −0.032 |
(−8.86) | (0.21) | (7.21) | (−0.57) | |
ROA | −0.381*** | −1.372*** | −0.317*** | −2.478*** |
(−32.54) | (−8.28) | (−23.91) | (−15.01) | |
Capex | 0.01 | −1.759*** | −0.126*** | −1.853*** |
(0.81) | (−11.08) | (−10.45) | (−11.47) | |
Equity Top1 | −0.021*** | −0.257*** | 0.015*** | −0.289*** |
(−8.25) | (−5.18) | (4.14) | (−5.80) | |
Cash | −0.029*** | −0.459*** | −0.080*** | −0.591*** |
(−5.88) | (−6.87) | (−15.00) | (−8.43) | |
Growth | 0.002** | 0.112*** | −0.004*** | 0.112*** |
(2.22) | (8.76) | (−5.32) | (8.74) | |
SOE | 0.007*** | −0.059*** | −0.004*** | −0.049*** |
(6.89) | (−3.19) | (−3.61) | (−2.61) | |
Margin | 0.137*** | 1.557*** | 0.355*** | 2.163*** |
(31.35) | (21.23) | (51.14) | (22.53) | |
Supplier Top5 | −0.013*** | −0.098** | −0.011*** | −0.135*** |
(−5.17) | (−2.18) | (−3.59) | (−3.01) | |
Constant | 0.247*** | 4.139*** | 0.030** | 4.704*** |
(21.46) | (22.26) | (2.43) | (26.06) | |
Industry/Year fixed effect | Control | Control | Control | Control |
Observations | 14,556 | 14,556 | 14,556 | 14,556 |
r2_a | 0.48 | 0.51 | 0.672 | 0.501 |
F | 85.20 | 381.60 | 161.00 | 304.60 |
