Climate risk, financial constraints and firms’ digital transformation
| (1) | (2) | (3) | |
|---|---|---|---|
| Variable | KZ | Digital1 | Digital2 |
| KZ | −0.008** (−2.53) | −0.003*** (−2.63) | |
| CR | 0.116*** (4.64) | −0.119*** (−8.05) | −0.031*** (−5.45) |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Industry FE | YES | YES | YES |
| Observations | 32,192 | 32,192 | 32,192 |
| R-squared | 0.457 | 0.450 | 0.266 |
| (1) | (2) | (3) | |
|---|---|---|---|
| Variable | Digital1 | Digital2 | |
| −0.008 | −0.003 | ||
| 0.116 | −0.119 | −0.031 | |
| Controls | |||
| Year | |||
| Industry | |||
| Observations | 32,192 | 32,192 | 32,192 |
| R-squared | 0.457 | 0.450 | 0.266 |
This table reports the mediating role of financial constraints between the relationship of climate risk and enterprises’ digital transformation. Column (1) shows the regression results of climate risk on financial constraints, Columns (2) and (3) show the effect of climate risk and financial constraints on enterprises’ digital transformation. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively
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