Table 7.
Regression results with replacement of explanatory variables.
| Variables | Software | Hardware | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| tfp | tfp | tfp | tfp | tfp | tfp | |
| Software | 32.784*** | 15.523*** | 11.105*** | |||
| (5.9715) | (4.4856) | (3.3536) | ||||
| Hardware | 11.360*** | 12.385*** | 6.7828** | |||
| (3.3258) | (5.9601) | (2.3227) | ||||
| Size | 12.687*** | 10.953*** | 12.711*** | 10.979*** | ||
| (57.5074) | (12.0069) | (57.9990) | (12.1711) | |||
| Lev | 0.3342*** | 0.3409*** | 0.3204*** | 0.3318*** | ||
| (7.4185) | (3.8859) | (7.1383) | (3.7898) | |||
| Age | − 0.05604** | − 0.1184 | − 0.04260* | − 0.08858 | ||
| (− 2.1933) | (− 0.9282) | (− 1.6776) | (− 0.6862) | |||
| Shrcr1 | 0.001543** | 0.0005928 | 0.001130* | 0.0001915 | ||
| (2.3370) | (0.3864) | (1.7172) | (0.1256) | |||
| Board | − 0.003432 | − 0.008416 | − 0.02531 | − 0.01986 | ||
| (− 0.0740) | (− 0.1355) | (− 0.5474) | (− 0.3193) | |||
| Independent | − 0.09576 | − 0.1455 | − 0.1411 | − 0.1836 | ||
| (− 0.6725) | (− 0.8065) | (− 0.9923) | (− 1.0205) | |||
| Roa | 2.7856*** | 2.5028*** | 2.8111*** | 2.5184*** | ||
| (29.3411) | (14.1308) | (29.6183) | (14.0359) | |||
| Year | Not control | Not control | Control | Not control | Not control | Control |
| Firm | Not control | Not control | Control | Not control | Not control | Control |
| _cons | 8.9471*** | − 30.341*** | − 24.800*** | 8.9576*** | − 30.379*** | − 24.904*** |
| (278.1861) | (− 47.1657) | (− 9.0923) | (279.5396) | (− 47.5128) | (− 9.2465) | |
| N | 2750 | 2750 | 2750 | 2750 | 2750 | 2750 |
| R2 | 0.0187 | 0.5946 | 0.6333 | 0.0017 | 0.5942 | 0.6332 |
T-statistics are shown in parentheses. ***, ** and * indicate 1%, 5% and 10% respectively.