Table 10 Industrial robot adoption, financing constraints, and firm’s trade credit.
From: The impact of industrial robot adoption on firm’s trade credit
(1) | (2) | (3) | |
|---|---|---|---|
VARIABLES | WW | Credit | Credit |
lnexposure | −0.005* | 0.005** | |
(−1.76) | (2.31) | ||
WW | −0.017** | −0.015* | |
(−2.13) | (−1.90) | ||
Size | −0.070*** | 0.009** | 0.009** |
(−10.75) | (2.08) | (2.10) | |
Age | 0.006 | 0.034*** | 0.033*** |
(0.61) | (5.82) | (5.65) | |
ROA | −0.254*** | −0.123*** | −0.121*** |
(−8.76) | (−6.57) | (−6.48) | |
LEV | 0.012 | −0.120*** | −0.121*** |
(0.85) | (−7.22) | (−7.34) | |
Growth | −0.020*** | 0.004** | 0.004** |
(−3.58) | (2.49) | (2.51) | |
CashFlow | −0.154*** | 0.086*** | 0.086*** |
(−6.97) | (6.53) | (6.59) | |
PPE | −0.026 | 0.004 | 0.006 |
(−1.45) | (0.24) | (0.40) | |
SOE | 0.011 | 0.020** | 0.021** |
(1.22) | (2.02) | (2.21) | |
Top1 | −0.000 | 0.000 | 0.000 |
(−1.14) | (1.41) | (1.54) | |
Inst | −0.000** | −0.000 | −0.000 |
(−2.06) | (−1.52) | (−1.61) | |
Dual | −0.001 | −0.000 | −0.000 |
(−0.32) | (−0.17) | (−0.17) | |
Indep | −0.000 | 0.000 | 0.000 |
(−0.62) | (0.77) | (0.91) | |
Board | −0.014 | 0.015 | 0.016 |
(−1.01) | (1.41) | (1.53) | |
StaffIntensity | 0.004 | −0.010*** | −0.010*** |
(1.02) | (−5.48) | (−5.30) | |
MarketShare | −0.401 | 0.209*** | 0.235*** |
(−0.82) | (2.93) | (3.31) | |
Constant | 0.613*** | −0.163* | −0.176* |
(3.49) | (−1.76) | (−1.90) | |
N | 10,185 | 10,185 | 10,185 |
Firm fixed effect | YES | YES | YES |
Year fixed effect | YES | YES | YES |
Adj-R2 | 0.434 | 0.805 | 0.806 |
