Table 4.
Baseline regressions: digital transformation and CSP.
| Model | (1) | (2) | (3) |
|---|---|---|---|
| Variables | CSP | ||
| Controls only | H1 | H1 | |
| Firm size | 0.311*** | 0.306*** | 0.295*** |
| (0.062) | (0.063) | (0.069) | |
| Firm age | −0.245 | −0.259 | −0.250 |
| (0.221) | (0.220) | (0.216) | |
| ROA | 7.000*** | 7.057*** | 7.025*** |
| (0.774) | (0.774) | (0.784) | |
| SOE | −0.107 | −0.106 | −0.107 |
| (0.127) | (0.126) | (0.125) | |
| Leverage | −1.663*** | −1.661*** | −1.633*** |
| (0.107) | (0.108) | (0.114) | |
| Board size | −0.012*** | −0.012*** | −0.014*** |
| (0.003) | (0.003) | (0.003) | |
| CEO duality | 0.020 | 0.020 | 0.019 |
| (0.053) | (0.053) | (0.053) | |
| Shareholder concentration | 1.038*** | 1.049*** | 0.911** |
| (0.281) | (0.279) | (0.342) | |
| DT | 0.121** | 0.123** | |
| (0.044) | (0.044) | ||
| Board independence | 0.190** | ||
| (0.087) | |||
| Institutional ownership | 0.206 | ||
| (0.169) | |||
| Constant | −2.819* | −2.707 | −2.638 |
| (1.607) | (1.628) | (1.698) | |
| N | 10,048 | 10,048 | 10,048 |
| adj. R2 | 0.384 | 0.384 | 0.384 |
Robust standard errors in parentheses, *p < 0.10, **p < 0.05, and ***p < 0.01.