Table 5 Robustness checks.

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) Altering DV.

−0.672***

−0.009***

−0.002***

−1.205***

−0.014***

−0.002***

−0.389*

−0.005**

−0.001***

(0.210)

(0.003)

(0.000)

(0.294)

(0.004)

(0.001)

(0.227)

(0.002)

(0.000)

Observations

545

545

545

252

252

252

293

293

293

Adj-R2

0.247

0.241

0.243

0.271

0.247

0.252

0.382

0.380

0.382

(2) Top 5 apps

−0.684***

−0.009***

−0.002***

−1.274***

−0.018***

−0.002**

−0.540***

−0.004***

−0.001**

(0.205)

(0.003)

(0.000)

(0.308)

(0.006)

(0.001)

(0.155)

(0.001)

(0.000)

Observations

545

545

545

238

238

238

307

307

307

Adj-R2

0.288

0.283

0.285

0.317

0.299

0.297

0.388

0.377

0.375

(3) H-share

−1.030***

−0.006***

−0.000

−1.701***

−0.010***

−0.001

−0.694***

−0.003***

−0.001*

(0.364)

(0.002)

(0.001)

(0.500)

(0.003)

(0.001)

(0.224)

(0.001)

(0.000)

Observations

281

281

281

151

151

151

130

130

130

Adj-R2

0.282

0.275

0.258

0.306

0.289

0.275

0.387

0.372

0.366

Panel B: Apps-level

(1) Altering DV.

−0.455**

−0.021***

−0.003*

−0.973***

−0.031**

−0.004

−0.329

−0.025***

−0.004**

(0.189)

(0.007)

(0.002)

(0.313)

(0.011)

(0.003)

(0.212)

(0.005)

(0.002)

Observations

806

806

806

362

362

362

444

444

444

Adj-R2

0.297

0.297

0.294

0.298

0.284

0.280

0.416

0.420

0.418

(2) Top 5 apps

−0.491**

−0.025***

−0.003**

−0.987***

−0.043**

−0.004

−0.460***

−0.015***

−0.003***

(0.189)

(0.006)

(0.002)

(0.347)

(0.016)

(0.003)

(0.120)

(0.003)

(0.001)

Observations

899

899

899

358

358

358

541

541

541

Adj-R2

0.294

0.294

0.292

0.326

0.317

0.306

0.437

0.433

0.432

(3) H-share

−0.890***

−0.018***

−0.001

−1.335***

−0.023***

−0.002

−0.519*

−0.012***

−0.002*

(0.292)

(0.005)

(0.002)

(0.401)

(0.008)

(0.002)

(0.261)

(0.003)

(0.001)

Observations

460

460

460

237

237

237

223

223

223

Adj-R2

0.337

0.333

0.321

0.396

0.384

0.372

0.479

0.479

0.475

  1. Panels A and B, respectively, present the results of using cumulative app data and the extended sample of differentiated App data. Rows (1) Altering DV in Panels A and B report the quantitative results after replacing the Tobin’s Q value with the enterprise growth opportunity indicator to calculate the enterprise inefficiency investment. Rows (2) Top 5 apps in Panels A and B report the regression results by selecting the top five apps data to replace the top three apps data. Rows (3) H-share in Panels A and B report the test results of expanding the scope of the sample. Cluster robust standard deviations are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01.
Back to article page