Table 3 Basic regression results.

From: When the customers comes to you: mobile apps and corporate investment efficiency

Panel A: Firm-level
Inefficient investment
PT	−0.682^***
PT	(0.204)
TT		−0.009^***
TT		(0.003)
NT			−0.002^***
NT			(0.000)
Size	0.002	0.003	0.002
Size	(0.003)	(0.003)	(0.003)
Leverage	0.015	0.015	0.012
Leverage	(0.012)	(0.012)	(0.013)
Liquidity	−0.001	−0.001	−0.001
Liquidity	(0.001)	(0.001)	(0.001)
Cash	0.006	0.010	0.011
Cash	(0.013)	(0.014)	(0.014)
Admin	−0.003	−0.003	−0.003
Admin	(0.003)	(0.003)	(0.003)
TobinQ	0.001	0.000	0.000
TobinQ	(0.000)	(0.000)	(0.000)
Duality	−0.001	−0.000	−0.000
Duality	(0.003)	(0.003)	(0.003)
Time FE	YES	YES	YES
Industry FE	YES	YES	YES
Observations	545	545	545
Adj-R²	0.287	0.283	0.285

	Overinvestment			Underinvestment
PT	−1.270^***			−0.539^***
PT	(0.307)			(0.155)
TT		−0.018^***			−0.004^***
TT		(0.006)			(0.001)
NT			−0.002^**			−0.001^**
NT			(0.001)			(0.000)
Size	0.000	0.001	0.000	0.007^***	0.008^***	0.008^***
Size	(0.003)	(0.003)	(0.003)	(0.002)	(0.002)	(0.002)
Leverage	0.024	0.023	0.016	0.001	0.001	0.000
Leverage	(0.019)	(0.022)	(0.022)	(0.008)	(0.008)	(0.008)
Liquidity	−0.005^**	−0.005^**	−0.005^*	0.001	0.001	0.001
Liquidity	(0.002)	(0.002)	(0.002)	(0.001)	(0.001)	(0.001)
Cash	0.048	0.058	0.057	−0.005	−0.003	−0.003
Cash	(0.036)	(0.038)	(0.040)	(0.009)	(0.009)	(0.009)
Admin	−0.006^*	−0.006^*	−0.005	−0.004^*	−0.004^*	−0.004^*
Admin	(0.003)	(0.003)	(0.004)	(0.002)	(0.002)	(0.002)
TobinQ	0.002^***	0.001	0.001	0.000	0.000	0.000
TobinQ	(0.001)	(0.001)	(0.001)	(0.000)	(0.000)	(0.000)
Duality	0.005	0.005	0.005	−0.004	−0.005	−0.005
Duality	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)
Time FE	YES	YES	YES	YES	YES	YES
Industry FE	YES	YES	YES	YES	YES	YES
Observations	238	238	238	307	307	307
Adj-R²	0.317	0.299	0.297	0.388	0.377	0.375

Panel B: Apps-level
Inefficient investment
PI	−0.505^**
PI	(0.185)
TI		−0.025^***
TI		(0.006)
NI			−0.004^**
NI			(0.002)
Size	0.005	0.005^*	0.005
Size	(0.003)	(0.003)	(0.003)
Leverage	0.016	0.016	0.015
Leverage	(0.010)	(0.010)	(0.010)
Liquidity	−0.000	−0.000	−0.000
Liquidity	(0.001)	(0.001)	(0.001)
Cash	0.002	0.005	0.005
Cash	(0.012)	(0.013)	(0.013)
Admin	−0.005^**	−0.006^**	−0.005^*
Admin	(0.003)	(0.003)	(0.003)
TobinQ	0.000	0.000	0.000
TobinQ	(0.000)	(0.000)	(0.000)
Duality	−0.003	−0.003	−0.003
Duality	(0.004)	(0.004)	(0.004)
Time FE	YES	YES	YES
Industry FE	YES	YES	YES
Observations	811	811	811
Adj-R²	0.306	0.307	0.306

	Overinvestment			Underinvestment
PI	−1.045^***			−0.451^***
PI	(0.330)			(0.114)
TI		−0.044^***			−0.015^***
TI		(0.016)			(0.003)
NI			−0.004			−0.003^***
NI			(0.003)			(0.001)
Size	0.001	0.001	0.001	0.009^***	0.010^***	0.010^***
Size	(0.003)	(0.003)	(0.004)	(0.002)	(0.002)	(0.002)
Leverage	0.031	0.030	0.027	0.002	0.001	0.001
Leverage	(0.019)	(0.021)	(0.022)	(0.008)	(0.008)	(0.008)
Liquidity	−0.004^*	−0.004	−0.004	0.001^**	0.001^**	0.001^**
Liquidity	(0.002)	(0.002)	(0.002)	(0.001)	(0.001)	(0.001)
Cash	0.028	0.037	0.034	−0.003	−0.002	−0.002
Cash	(0.031)	(0.034)	(0.036)	(0.009)	(0.009)	(0.009)
Admin	−0.008^**	−0.008^**	−0.007^*	−0.006^**	−0.006^**	−0.006^**
Admin	(0.004)	(0.003)	(0.004)	(0.002)	(0.002)	(0.002)
TobinQ	0.002^**	0.001	0.001	0.000	0.000	0.000
TobinQ	(0.001)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Duality	0.001	0.001	0.001	−0.006	−0.007	−0.007
Duality	(0.005)	(0.005)	(0.005)	(0.005)	(0.004)	(0.004)
Time FE	YES	YES	YES	YES	YES	YES
Industry FE	YES	YES	YES	YES	YES	YES
Observations	323	323	323	488	488	488
Adj-R²	0.326	0.315	0.305	0.443	0.439	0.438

The dataset includes 545 observations in Panel A and 811 observations in Panel B. Panels A and B, respectively, report the results of using cumulative app data and the extended sample of differentiated App data, which are identical in the following tables. Cluster robust standard deviations are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01.

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