Table 7.
Robustness check: Alternative proxy for digital transformation.
| Model | (1) | (2) | (3) |
|---|---|---|---|
| Variables | CSP | ||
| Firm size | 0.202*** | 0.290** | 0.196*** |
| (0.014) | (0.072) | (0.010) | |
| Firm age | 0.029 | −0.269* | 0.027 |
| (0.035) | (0.097) | (0.030) | |
| ROA | 6.830*** | 6.903** | 6.767*** |
| (0.575) | (1.843) | (0.822) | |
| SOE | −0.048* | −0.106 | −0.058** |
| (0.024) | (0.162) | (0.026) | |
| Leverage | −1.245*** | −1.628*** | −1.249*** |
| (0.068) | (0.229) | (0.067) | |
| Board size | −0.010** | −0.013 | −0.010*** |
| (0.005) | (0.007) | (0.003) | |
| CEO duality | 0.021 | 0.017 | 0.026 |
| (0.023) | (0.056) | (0.021) | |
| Shareholder concentration | 0.512*** | 0.887*** | 0.412*** |
| (0.104) | (0.192) | (0.093) | |
| DTT | 0.081** | 0.006 | 0.033 |
| (0.032) | (0.048) | (0.048) | |
| Board independence | 0.098 | 0.063 | |
| (0.206) | (0.105) | ||
| Institutional ownership | 0.205 | 0.008 | |
| (0.102) | (0.057) | ||
| DTT × board independence | 0.272** | ||
| (0.126) | |||
| DTT × institutional ownership | 0.329*** | ||
| (0.097) | |||
| Constant | −1.340*** | −2.436 | −1.203*** |
| (0.264) | (1.677) | (0.234) | |
| N | 10,048 | 10,048 | 10,048 |
| adj. R2 | 0.298 | 0.383 | 0.388 |
Robust standard errors in parentheses, *p < 0.10, **p < 0.05, and ***p < 0.01.