Table 3 The robustness checks: changing variable measures.
From: The impact of industrial robot adoption on firm’s trade credit
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Changing the dependent variable measures | Changing the independent variable measures | |||
VARIABLES | Credit2 | Credit3 | Credit | Credit |
lnexposure | 0.004*** | 0.011* | ||
(3.32) | (1.89) | |||
density | 0.000** | |||
(2.29) | ||||
exposure | 0.000*** | |||
(2.67) | ||||
Size | 0.004 | −0.044*** | 0.011*** | 0.011*** |
(1.57) | (−5.13) | (2.74) | (2.73) | |
Age | 0.017*** | −0.094*** | 0.032*** | 0.032*** |
(4.62) | (−3.32) | (5.84) | (5.89) | |
ROA | −0.069*** | 0.172*** | −0.102*** | −0.102*** |
(−5.58) | (3.57) | (−5.91) | (−5.94) | |
LEV | −0.050*** | −0.714*** | −0.119*** | −0.119*** |
(−4.74) | (−16.61) | (−7.18) | (−7.20) | |
Growth | 0.004*** | 0.004 | 0.004*** | 0.004*** |
(3.53) | (1.25) | (2.71) | (2.71) | |
CashFlow | 0.013* | 0.102 | 0.090*** | 0.090*** |
(1.75) | (0.85) | (7.17) | (7.19) | |
PPE | 0.026*** | −0.081** | 0.006 | 0.006 |
(2.92) | (−2.20) | (0.42) | (0.43) | |
SOE | 0.011** | 0.039** | 0.021** | 0.021** |
(2.04) | (2.26) | (2.33) | (2.32) | |
Top1 | 0.000** | 0.000 | 0.000** | 0.000** |
(2.52) | (0.85) | (2.18) | (2.23) | |
Inst | 0.000 | 0.000 | −0.000* | −0.000* |
(0.13) | (1.63) | (−1.80) | (−1.81) | |
Dual | −0.002 | −0.015* | −0.002 | −0.002 |
(−1.08) | (−1.83) | (−0.68) | (−0.65) | |
Indep | 0.000 | 0.000 | 0.000 | 0.000 |
(0.08) | (0.06) | (0.90) | (0.94) | |
Board | 0.006 | 0.024 | 0.013 | 0.013 |
(0.97) | (1.06) | (1.31) | (1.29) | |
StaffIntensity | −0.006*** | −0.013*** | −0.010*** | −0.010*** |
(−4.50) | (−2.77) | (−5.72) | (−5.66) | |
MarketShare | 0.214*** | 0.552*** | 0.218*** | 0.222*** |
(3.75) | (3.16) | (3.13) | (3.19) | |
Constant | −0.058 | 1.537*** | −0.191** | −0.191** |
(−1.11) | (8.68) | (−2.20) | (−2.21) | |
N | 11,139 | 11,139 | 11,139 | 11,139 |
Firm fixed effect | YES | YES | YES | YES |
Year fixed effect | YES | YES | YES | YES |
Adj-R2 | 0.775 | 0.505 | 0.802 | 0.802 |
