Table 13 Industrial robot adoption, market competition, and firm’s trade credit.
From: The impact of industrial robot adoption on firm’s trade credit
(1) | (2) | |
|---|---|---|
Lower market competition | Higher market competition | |
VARIABLES | Credit | Credit |
lnexposure | 0.001 | 0.007** |
(0.35) | (2.23) | |
Size | 0.006 | 0.015*** |
(1.39) | (2.65) | |
Age | 0.030*** | 0.033*** |
(4.47) | (3.97) | |
ROA | −0.111*** | −0.101*** |
(−4.94) | (−4.13) | |
LEV | −0.085*** | −0.146*** |
(−3.81) | (−6.58) | |
Growth | 0.004** | 0.003 |
(2.10) | (1.52) | |
CashFlow | 0.099*** | 0.090*** |
(6.13) | (4.64) | |
PPE | 0.002 | 0.022 |
(0.14) | (1.07) | |
SOE | 0.012 | 0.030** |
(1.61) | (2.36) | |
Top1 | 0.000 | 0.000* |
(1.32) | (1.93) | |
Inst | −0.000 | −0.000** |
(−0.17) | (−1.99) | |
Dual | −0.002 | −0.003 |
(−0.56) | (−0.73) | |
Indep | 0.000 | 0.000 |
(1.10) | (0.19) | |
Board | 0.017 | 0.004 |
(1.43) | (0.27) | |
StaffIntensity | −0.006*** | −0.012*** |
(−2.82) | (−4.42) | |
MarketShare | 0.261*** | 0.282 |
(3.46) | (1.62) | |
Constant | −0.120 | −0.265** |
(−1.18) | (−2.03) | |
N | 5518 | 5495 |
Firm fixed effect | YES | YES |
Year fixed effect | YES | YES |
Adj-R2 | 0.814 | 0.799 |
