Table 8.

The Variance decomposition results.

Variables	Period	DIG	AI	TYC
DIG	5	0.826	0.173	0.001
DIG	10	0.727	0.271	0.001
DIG	15	0.727	0.272	0.002
DIG	20	0.727	0.272	0.002
AI	5	0.070	0.917	0.012
AI	10	0.070	0.916	0.014
AI	15	0.070	0.915	0.015
AI	20	0.070	0.915	0.015
TYC	5	0.121	0.196	0.683
TYC	10	0.122	0.198	0.680
TYC	15	0.123	0.196	0.682
TYC	20	0.123	0.195	0.682

Note: DIG means Digitization, AI means Artificial Intelligence, TYC means Sports Industry.