Table 1 Variables construction No.... | Emerald Publishing

Table 1

Variables construction

No.	Variables	Code	Measurements	Expected sign	References
1	Digital transformation adoption	DTA	Takes 1 if firms exercise digital transformation and 0 if not
2	Firm performance	FP	ROA (Net income/Total assets) Or ROE (Net income/Total equity)	+
3	Firm size	SIZE	Ln(Total assets)	+	Gaglio et al. (2022), Gupta and Bose (2022), Truant et al. (2021), Zeng et al. (2022)
4	Firm age	AGE	Ln(No of operating years)	+	Abatecola et al. (2012), BarNir et al. (2003)
5	Leverage	LEV	Total Debt/Total Assets	–	Diamond (1984), Majumdar (2016), O'Brien (2003), Zeng et al. (2022)
6	Liquidity	LIQ	Current assets/Current liabilities	+	Falato et al. (2022), Criscuolo (2021)
7	Growth rate	GROW	$({R e v e n u e}_{t} - {R e v e n u e}_{(t - 1)}) / {R e v e n u e}_{(t - 1)}$	+
8	Gross domestic product	GDP	–	+	Agrawal et al. (2019), Mićić (2017), Kim and Peterson (2017), Cavalcanti et al. (2022)
9	Inflation rate	INFLA	–	+	European Central Bank (2021), Zhang et al. (2022)

No.	Variables	Code	Measurements	Expected sign	References
1	Digital transformation adoption	DTA	Takes 1 if firms exercise digital transformation and 0 if not
2	Firm performance	FP	ROA (Net income/Total assets)Or ROE (Net income/Total equity)	+
3	Firm size	SIZE	Ln(Total assets)	+	Gaglio et al. (2022), Gupta and Bose (2022), Truant et al. (2021), Zeng et al. (2022)
4	Firm age	AGE	Ln(No of operating years)	+	Abatecola et al. (2012), BarNir et al. (2003)
5	Leverage	LEV	Total Debt/Total Assets	–	Diamond (1984), Majumdar (2016), O'Brien (2003), Zeng et al. (2022)
6	Liquidity	LIQ	Current assets/Current liabilities	+	Falato et al. (2022), Criscuolo (2021)
7	Growth rate	GROW	$({R e v e n u e}_{t} - {R e v e n u e}_{(t - 1)}) / {R e v e n u e}_{(t - 1)}$	+
8	Gross domestic product	GDP	–	+	Agrawal et al. (2019), Mićić (2017), Kim and Peterson (2017), Cavalcanti et al. (2022)
9	Inflation rate	INFLA	–	+	European Central Bank (2021), Zhang et al. (2022)

Source(s): Authors' compilation