Logistic regression results (whole sample)
| Variables | Model 1 (M1-ROA) | Model 2 (M2-ROE) | Model 3 (M1 controls for endogeneity) | Model 4 (M2 controls for endogeneity) |
|---|---|---|---|---|
| FP (ROA) | 4.395*** | 8.076*** | ||
| (0.657) | (1.764) | |||
| FP (ROE) | 1.802*** | 1.997** | ||
| (0.331) | (0.899) | |||
| SIZE | 1.200*** | 1.199*** | 0.213 | −6.426*** |
| (0.052) | (0.052) | (0.447) | 1.167 | |
| AGE | 0.378*** | 0.425*** | −0.063 | 0.722*** |
| (0.123) | (0.121) | (0.239) | (0.133) | |
| LEV | −0.715*** | −1.188*** | −11.398*** | −6.426*** |
| (0.185) | (0.167) | (6.344) | (1.167) | |
| LIQ | −0.053** | −0.058*** | 0.733** | −0.360*** |
| (0.019) | (0.019) | (0.353) | (0.071) | |
| GRO | 0.012 | 0.031 | −0.451** | 0.388*** |
| (0.092) | (0.091) | (0.228) | (0.120) | |
| GDP | −0.12*** | −0.119*** | −0.119*** | −0.119*** |
| (0.020) | (0.020) | (0.020) | (0.020) | |
| INF | −0.057*** | −0.056*** | −0.57*** | −0.057*** |
| (0.014) | (0.014) | (0.014) | (0.014) | |
| residual | −11.744*** | 6.080*** | ||
| (6.187) | (1.328) | |||
| Constant | −15.031*** | −14.803*** | ||
| No of obs | 6,180 | 6,180 | 6,180 | 6,180 |
| Pseudo R-squared | 0.119 | 0.117 | 0.119 | 0.119 |
| Akaike crit. (AIC) | 6064.404 | 6079.310 | 6061.764 | 6061.764 |
| Bayesian crit. (BIC) | 6124.966 | 6139.872 | 6129.054 | 6129.054 |
| Variables | Model 1 (M1-ROA) | Model 2 (M2-ROE) | Model 3 (M1 controls for endogeneity) | Model 4 (M2 controls for endogeneity) |
|---|---|---|---|---|
| FP (ROA) | 4.395*** | 8.076*** | ||
| (0.657) | (1.764) | |||
| FP (ROE) | 1.802*** | 1.997** | ||
| (0.331) | (0.899) | |||
| SIZE | 1.200*** | 1.199*** | 0.213 | −6.426*** |
| (0.052) | (0.052) | (0.447) | 1.167 | |
| AGE | 0.378*** | 0.425*** | −0.063 | 0.722*** |
| (0.123) | (0.121) | (0.239) | (0.133) | |
| LEV | −0.715*** | −1.188*** | −11.398*** | −6.426*** |
| (0.185) | (0.167) | (6.344) | (1.167) | |
| LIQ | −0.053** | −0.058*** | 0.733** | −0.360*** |
| (0.019) | (0.019) | (0.353) | (0.071) | |
| GRO | 0.012 | 0.031 | −0.451** | 0.388*** |
| (0.092) | (0.091) | (0.228) | (0.120) | |
| GDP | −0.12*** | −0.119*** | −0.119*** | −0.119*** |
| (0.020) | (0.020) | (0.020) | (0.020) | |
| INF | −0.057*** | −0.056*** | −0.57*** | −0.057*** |
| (0.014) | (0.014) | (0.014) | (0.014) | |
| residual | −11.744*** | 6.080*** | ||
| (6.187) | (1.328) | |||
| Constant | −15.031*** | −14.803*** | ||
| No of obs | 6,180 | 6,180 | 6,180 | 6,180 |
| Pseudo | 0.119 | 0.117 | 0.119 | 0.119 |
| Akaike crit. (AIC) | 6064.404 | 6079.310 | 6061.764 | 6061.764 |
| Bayesian crit. (BIC) | 6124.966 | 6139.872 | 6129.054 | 6129.054 |
Note(s): ***p < 0.01, **p < 0.05. Standard errors are presented in the parentheses. DTA is digital transformation adoption, which equals 1 if the firm engaged in digital transformation and 0 otherwise; FP is firm performance, measured by either ROA or ROE; SIZE is firm size; AGE is firm age; LEV is financial leverage; LIQ is liquidity; GROW is growth rate; GDP is Gross Domestic Product and INFLA is the inflation rate of Vietnam
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