Table 4 The robustness checks: Changing model and sample.
From: The impact of industrial robot adoption on firm’s trade credit
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
Lagged effect | Model change | Sub−sample | |||
VARIABLES | Credit | Credit | Credit | Credit | Credit |
lnexposure | 0.005** | 0.004** | |||
(2.44) | (2.11) | ||||
lnexposuret-1 | 0.006*** | 0.006*** | 0.006*** | ||
(3.16) | (3.15) | (3.18) | |||
Size | 0.009** | 0.011*** | 0.009** | 0.009** | 0.012*** |
(2.20) | (2.81) | (2.18) | (2.06) | (3.13) | |
Age | 0.032*** | 0.031*** | 0.032*** | 0.032*** | 0.030*** |
(4.21) | (5.47) | (4.17) | (4.21) | (5.28) | |
ROA | −0.098*** | −0.106*** | −0.102*** | −0.104*** | −0.105*** |
(−5.41) | (−5.95) | (−5.39) | (−5.48) | (−5.97) | |
LEV | −0.100*** | −0.123*** | −0.102*** | −0.106*** | −0.127*** |
(−5.95) | (−7.23) | (−5.92) | (−5.92) | (−7.58) | |
Growth | 0.004** | 0.004*** | 0.004** | 0.005*** | 0.004** |
(2.35) | (2.71) | (2.39) | (2.66) | (2.28) | |
CashFlow | 0.097*** | 0.092*** | 0.099*** | 0.099*** | 0.091*** |
(6.92) | (7.16) | (6.91) | (6.60) | (7.05) | |
PPE | −0.001 | 0.009 | −0.001 | −0.003 | 0.015 |
(−0.05) | (0.62) | (−0.09) | (−0.22) | (1.05) | |
SOE | 0.020** | 0.023** | 0.021** | 0.024** | 0.017** |
(2.25) | (2.45) | (2.16) | (2.50) | (1.98) | |
Top1 | 0.000** | 0.000** | 0.000** | 0.000* | 0.000** |
(2.05) | (2.23) | (2.04) | (1.95) | (2.56) | |
Inst | −0.000* | −0.000* | −0.000* | −0.000* | −0.000* |
(−1.91) | (−1.83) | (−1.90) | (−1.78) | (−1.69) | |
Dual | −0.004 | −0.002 | −0.004 | −0.005* | −0.002 |
(−1.31) | (−0.72) | (−1.34) | (−1.67) | (−0.71) | |
Indep | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.69) | (0.98) | (0.72) | (0.88) | (1.29) | |
Board | 0.006 | 0.015 | 0.007 | 0.007 | 0.013 |
(0.59) | (1.41) | (0.60) | (0.60) | (1.28) | |
StaffIntensity | −0.010*** | −0.011*** | −0.011*** | −0.011*** | −0.011*** |
(−5.04) | (−5.46) | (−4.93) | (−4.78) | (−6.14) | |
MarketShare | 0.285*** | 0.251*** | 0.287*** | 0.276*** | 0.273*** |
(3.28) | (3.47) | (3.20) | (2.84) | (3.83) | |
Constant | −0.151 | / | / | −0.148 | −0.232*** |
(−1.64) | / | / | (−1.57) | (−2.70) | |
N | 9440 | 11,162 | 9,464 | 8230 | 10,473 |
Firm fixed effect | YES | YES | YES | YES | YES |
Year fixed effect | YES | YES | YES | YES | YES |
Adj-R2 | 0.818 | / | / | 0.813 | 0.806 |
