Table 7.
Digital economy lag phase regression results.
| Variables | (1)Innov | (2)SA | (3)Innov |
|---|---|---|---|
| L.Dige | 0.042*** | 1.241*** | 0.032*** |
| (7.42) | (3.97) | (6.58) | |
| SA | 0.001*** | ||
| (12.01) | |||
| Size | −0.002*** | −0.301*** | −0.001*** |
| (-10.66) | (-32.18) | (-9.06) | |
| Lev | −0.000*** | 0.014*** | −0.000*** |
| (-4.54) | (24.19) | (-6.54) | |
| Roa | 0.000*** | 0.028*** | 0.000*** |
| (15.89) | (33.79) | (12.36) | |
| Share | −0.000*** | −0.016*** | −0.000*** |
| (-9.18) | (-25.68) | (-6.73) | |
| Tat | 0.014*** | 0.271*** | 0.013*** |
| (27.35) | (8.77) | (34.29) | |
| Ppe | −0.006*** | 0.875*** | −0.007*** |
| (-7.50) | (10.77) | (-7.36) | |
| Mfee | 0.238*** | 2.215*** | 0.135*** |
| (34.21) | (9.08) | (19.43) | |
| Year/City | Control | Control | Control |
| Constant | 0.025*** | 2.015*** | 0.023*** |
| (11.45) | (11.29) | (10.42) | |
| Model | Fixed effects | Intermediary Model | Fixed effects |
| Observations | 12879 | 12879 | 12879 |
| R2 | 0.321 | 0.357 | 0.364 |
Note: ***<0.01, **<0.05, *<0.1; the number in brackets is the t-stat; the explained variable is enterprise innovation; the core explanatory variable is the digital economy's development level; the estimation method used is fixed effects estimation.