Table 4 Long-term effects results.

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

 

Inefficient investment

Overinvestment

Underinvestment

 

PT

TT

NT

PT

TT

NT

PT

TT

NT

Panel A: Firm-level

(1) DV. t + 1

−0.717***

−0.008***

−0.002***

−1.196**

−0.013**

−0.002**

−0.242**

−0.002

−0.001**

(0.205)

(0.003)

(0.000)

(0.542)

(0.006)

(0.001)

(0.101)

(0.001)

(0.000)

Observations

567

567

567

248

248

248

319

319

319

Adj-R2

0.278

0.264

0.274

0.298

0.281

0.296

0.416

0.411

0.412

(2) DV. t + 2

−0.493*

−0.005

−0.002**

−0.941*

−0.025*

−0.003**

0.071

0.002

0.000

(0.244)

(0.003)

(0.001)

(0.502)

(0.013)

(0.001)

(0.128)

(0.001)

(0.000)

Observations

565

565

565

249

249

249

316

316

316

Adj-R2

0.271

0.261

0.279

0.282

0.273

0.299

0.453

0.454

0.452

Panel B: Apps-level

(1) DV. t + 1

−0.580***

−0.023***

−0.004***

−1.024**

−0.035**

−0.004*

−0.267***

−0.009**

−0.002***

(0.160)

(0.007)

(0.001)

(0.477)

(0.013)

(0.002)

(0.081)

(0.004)

(0.001)

Observations

839

839

839

329

329

329

510

510

510

Adj-R2

0.302

0.296

0.299

0.318

0.308

0.308

0.459

0.456

0.456

(2) DV. t + 2

−0.367**

−0.012

−0.004**

−0.704*

−0.057**

−0.006*

−0.023

0.004

0.000

(0.172)

(0.008)

(0.001)

(0.391)

(0.025)

(0.003)

(0.124)

(0.004)

(0.001)

Observations

837

837

837

314

314

314

523

523

523

Adj-R2

0.296

0.291

0.299

0.289

0.287

0.292

0.479

0.480

0.479

  1. Panels A and B, respectively, present the results of using cumulative app data and the extended sample of differentiated App data. Rows (1) DV. t + 1 in Panel A and B report the long-term effects results by treating the enterprise inefficient investment variables with one year (four periods) of backward projection. Rows (2) DV. t + 2 in Panel A and B report the long-term effects results by treating the enterprise inefficient investment variables with two years (eight periods) of backward projection. Cluster robust standard deviations are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01.
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