Table 6.
Impact of servitization levels and digital transformation on corporate financial performance.
| Variables | (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
|
|---|---|---|---|---|---|---|---|---|---|
| FEM | 2SLS | FEM | 2SLS | FEM | 2SLS | FEM | 2SLS | ||
| SER | −0.004*** (0.000) |
−0.005*** (0.000) |
−0.002 (0.003) |
−0.001 (0.003) |
|||||
| SER2 | 0.000 (0.000) |
0.000 (0.000) |
|||||||
| DIG | −0.001 (0.001) |
−0.001 (0.001) |
−0.005*** (0.001) |
−0.001*** (0.000) |
|||||
| DIG2 | 0.001*** (0.000) |
0.001*** (0.000) |
|||||||
| SIZE | 0.008** (0.005) |
0.007*** (0.001) |
0.008** (0.005) |
0.006 (0.005) |
0.015** (0.006) |
0.016** (0.006) |
0.016*** (0.006) |
0.018*** (0.006) |
|
| AGE | −0.001 (0.001) |
−0.001 (0.001) |
−0.001 (0.001) |
−0.001 (0.001) |
−0.001* (0.000) |
−0.001* (0.000) |
−0.001 (0.001) |
−0.000 (0.000) |
|
| KLR | 0.002 (0.004) |
0.004 (0.004) |
0.002 (0.004) |
0.004 (0.004) |
−0.002 (0.005) |
−0.001 (0.005) |
−0.003 (0.005) |
−0.001 (0.005) |
|
| DLP | 0.067*** (0.020) |
0.066*** (0.019) |
0.067*** (0.020) |
0.066*** (0.020) |
0.070*** (0.021) |
0.070*** (0.022) |
0.0750*** (0.019) |
0.080*** (0.017) |
|
| OIGR | 0.052*** (0.014) |
0.050*** (0.013) |
0.051*** (0.015) |
0.048*** (0.014) |
0.056*** (0.017) |
0.054*** (0.016) |
0.041** (0.016) |
0.028 (0.186) |
|
| DEBT | −0.048* (0.029) |
−0.042 (0.028) |
−0.047 (0.029) |
−0.040 (0.028) |
−0.061* (0.034) |
−0.063* (0.034) |
−0.055* (0.031) |
−0.051* (0.029) |
|
| Cons | −0.152 (0.103) |
−0.137 (0.104) |
−0.147 (0.104) |
−0.121 (0.105) |
−0.244** (0.113) |
−0.263** (0.109) |
−0.267* (0.114) |
−0.320*** (0.116) |
|
| Year fixed | YES | YES | YES | YES | YES | YES | YES | YES | |
| Individual fixed | YES | YES | YES | YES | YES | YES | YES | YES | |
| Adj-R2 | 0.615 | 0.618 | 0.616 | 0.609 | 0.537 | 0.526 | 0.611 | 0.560 | |
| Log-likelihood | 376.296 | 381.269 | 372.926 | 379.476 | |||||
| L.SER | 0.456** (0.179) |
1.389*** (0.315) |
15.239** (6.689) |
||||||
| L.SER2 | −0.053*** (0.018) |
−0.432* (0.244) |
|||||||
| L.DIG | 0.835*** (0.051) |
0.912*** (0.172) |
9.085* (4.885) |
||||||
| L.DIG2 | −0.003*(0.002) | 0.447** (0.178) |
|||||||
| F statistic | 15.77 | 15.77 | 20.66 | 15.82/12.38 | 8.36 | 47.74 | 11.09 | 45.49/15.01 | |
| Obs | 231 | 231 | 231 | 231 | 231 | 231 | 231 | 231 | |
Note: Robust standard deviation is shown in parentheses, the same below.