Climate risk and firms’ digital transformation
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | Digital1 | Digital1 | Digital2 | Digital2 |
| CR | −0.110*** (−7.42) | −0.120*** (−8.12) | −0.027*** (−4.71) | −0.032*** (−5.52) |
| Size | 0.168*** (29.80) | 0.048*** (21.57) | ||
| Leverage | −0.163*** (−4.83) | −0.046*** (−3.51) | ||
| Roe | 0.092** (2.35) | 0.066*** (4.32) | ||
| Age | −0.005*** (−4.41) | −0.001** (−2.19) | ||
| First | −0.002*** (−3.91) | 0.000 (0.83) | ||
| Board | 0.268** (2.43) | 0.109** (2.53) | ||
| Growth | 0.039*** (3.05) | −0.000 (−0.02) | ||
| Duality | 0.083*** (5.97) | 0.010* (1.83) | ||
| Soe | −0.179*** (−12.20) | −0.047*** (−8.19) | ||
| GDP | 0.080 (0.64) | −0.047 (−0.97) | ||
| Constant | 1.727*** (41.63) | −1.829*** (−13.71) | 0.737*** (45.88) | −0.295*** (−7.02) |
| Year FE | YES | YES | YES | YES |
| Industry FE | YES | YES | YES | YES |
| Observations | 32,192 | 32,192 | 32,192 | 32,192 |
| R-squared | 0.431 | 0.450 | 0.251 | 0.265 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | Digital1 | Digital1 | Digital2 | Digital2 |
| −0.110 | −0.120 | −0.027 | −0.032 | |
| Size | 0.168 | 0.048 | ||
| Leverage | −0.163 | −0.046 | ||
| Roe | 0.092 | 0.066 | ||
| Age | −0.005 | −0.001 | ||
| First | −0.002 | 0.000 (0.83) | ||
| Board | 0.268 | 0.109 | ||
| Growth | 0.039 | −0.000 (−0.02) | ||
| Duality | 0.083 | 0.010 | ||
| Soe | −0.179 | −0.047 | ||
| 0.080 (0.64) | −0.047 (−0.97) | |||
| Constant | 1.727 | −1.829 | 0.737 | −0.295 |
| Year | ||||
| Industry | ||||
| Observations | 32,192 | 32,192 | 32,192 | 32,192 |
| R-squared | 0.431 | 0.450 | 0.251 | 0.265 |
This table reports the baseline results of climate risk on enterprises’ digital transformation. The dependent variable in Columns (1) and (2) is the level of firms’ digital transformation, and the dependent variable in Columns 3 and 4 is the dummy variable of whether firms have undergone digital transformation. All regressions include year fixed effects and industry fixed effects. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively