Table 4.
Impact of digitization on total factor productivity of firms.
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| tfp | tfp | tfp | |
| Dig | 0.1496*** | 0.05310*** | 0.03842*** |
| (13.5018) | (6.9475) | (3.7616) | |
| Size | 12.527*** | 10.918*** | |
| (56.8458) | (11.9706) | ||
| Lev | 0.3532*** | 0.3417*** | |
| (7.8446) | (3.8974) | ||
| Age | − 0.08734*** | − 0.1319 | |
| (− 3.3979) | (− 1.0366) | ||
| Shrcr1 | 0.001533** | 0.0004051 | |
| (2.3467) | (0.2667) | ||
| Board | 0.001197 | − 0.01624 | |
| (0.0259) | (− 0.2676) | ||
| Independent | − 0.1497 | − 0.1873 | |
| (− 1.0521) | (− 1.0568) | ||
| Roa | 2.8184*** | 2.5193*** | |
| (29.6374) | (14.1142) | ||
| Year | Not control | Not control | Control |
| Firm | Not control | Not control | Control |
| _cons | 8.8765*** | − 29.777*** | − 24.624*** |
| (281.2839) | (− 46.2078) | (− 9.0508) | |
| N | 2750 | 2750 | 2750 |
| R2 | 0.0661 | 0.5951 | 0.6357 |
T-statistics are shown in parentheses. ***, ** indicate 1%, 5% respectively.