Table 8 Heterogeneity analysis.

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

Panel A: Firm-level

Equity incentives

No equity incentives

Conducting equity incentives

PT

−2.704*

  

−0.672**

  

(1.353)

  

(0.248)

  

TT

 

−0.070**

  

−0.009***

 
 

(0.026)

  

(0.002)

 

NT

  

−0.015**

  

−0.002***

  

(0.006)

  

(0.001)

Control variables

YES

YES

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

YES

YES

Observations

168

168

168

377

377

377

Adj-R2

0.228

0.238

0.236

0.393

0.386

0.415

P-value

0.008

0.000

0.000

0.008

0.000

0.000

Financing structure

High-debt financing

Low-debt financing

PT

−2.121***

  

−0.419*

  

(0.552)

  

(0.241)

  

TT

 

−0.056***

  

−0.007***

 
 

(0.012)

  

(0.002)

 

NT

  

−0.002

  

−0.001*

  

(0.002)

  

(0.001)

Control variables

YES

YES

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

YES

YES

Observations

252

252

252

293

293

293

Adj-R2

0.389

0.382

0.361

0.275

0.279

0.283

P-value

0.001

0.000

0.284

0.001

0.000

0.284

Panel B: Apps-level

Equity incentives

No equity incentives

Conducting equity incentives

PI

−2.790**

  

−0.483**

  

(0.978)

  

(0.207)

  

TI

 

−0.203***

  

−0.024***

 
 

(0.061)

  

(0.006)

 

NI

  

−0.042***

  

−0.004***

  

(0.013)

  

(0.002)

Control variables

YES

YES

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

YES

YES

Observations

250

250

250

561

561

561

Adj-R2

0.256

0.260

0.259

0.421

0.423

0.430

P-value

0.000

0.000

0.000

0.000

0.000

0.000

Financing structure

High-debt financing

Low-debt financing

PI

−1.510***

  

−0.259

  

(0.454)

  

(0.194)

  

TI

 

−0.152***

  

−0.016**

 
 

(0.039)

  

(0.006)

 

NI

  

−0.004

  

−0.003

  

(0.004)

  

(0.002)

Control variables

YES

YES

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

YES

YES

Observations

383

383

383

428

428

428

Adj-R2

0.381

0.381

0.364

0.372

0.376

0.377

P-value

0.000

0.000

0.214

0.000

0.000

0.214

  1. Panels A and B, respectively, present the results of using cumulative app data and the extended sample of differentiated App data. The upper half of Panels A and B are the test results of equity incentive heterogeneity. The lower half of Panels A and B are the test results of the enterprise financing structure. Cluster robust standard deviations are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01.
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