Table 9 Further analysis.

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

Panel A: Firm-level

App pricing models

PT

0.014

  

−0.822***

  

(0.369)

  

(0.241)

  

TT

 

−0.009

  

−0.009***

 
 

(0.018)

  

(0.002)

 

NT

  

−0.000

  

−0.002***

  

(0.005)

  

(0.000)

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

218

218

218

327

327

327

Adj-R2

0.263

0.264

0.263

0.357

0.352

0.366

Corporate brand reputation

High reputation

Low reputation

PT

0.169

  

−0.895***

  

(0.318)

  

(0.193)

  

TT

 

−0.001

  

−0.010***

 
 

(0.017)

  

(0.002)

 

NT

  

−0.001

  

−0.002**

  

(0.001)

  

(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

106

106

106

439

439

439

Adj-R2

0.689

0.687

0.688

0.282

0.272

0.267

Panel B: Apps-level

App pricing models

Paid

Free

PI

0.115

  

−0.692***

  

(0.224)

  

(0.214)

  

TI

 

−0.013

  

−0.022***

 
 

(0.039)

  

(0.006)

 

NI

  

−0.001

  

−0.004**

  

(0.005)

  

(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

334

334

334

477

477

477

Adj-R2

0.306

0.306

0.305

0.364

0.362

0.364

Corporate brand reputation

High reputation

Low reputation

PI

0.174

  

−0.738***

  

(0.321)

  

(0.201)

  

TI

 

0.001

  

−0.028***

 
 

(0.043)

  

(0.006)

 

NI

  

−0.000

  

−0.004*

  

(0.000)

  

(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

222

222

222

589

589

589

Adj-R2

0.769

0.769

0.769

0.273

0.271

0.264

  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 further analyzing the pricing model of App data. The lower half of Panels A and B are the test results of further analysis of the brand reputation of App data. Cluster robust standard deviations are in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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