Table 5

Excluding the effects of strategic disclosure

Variables(1)(2)
BT_AdoptionBT_Adoption
AI0.077**0.078**
(2.30)(2.16)
Compete0.032*0.039*
(1.72)(1.73)
Create0.068*0.091*
(1.83)(1.85)
HHI−0.050***−0.055***
(−3.26)(−2.80)
Subsidy0.001***0.001***
(3.40)(3.03)
DFI0.036*0.084***
(1.90)(3.10)
Size0.010***0.010***
(4.49)(3.58)
ROA−0.073**−0.134***
(−2.18)(−2.78)
Cash−0.030*−0.017
(−1.65)(−0.69)
Growth−0.007***−0.006*
(−2.94)(−1.69)
Lev−0.008−0.013
(−0.68)(−0.77)
MTB0.0010.001
(0.86)(0.80)
Netloss0.0030.001
(0.57)(0.07)
Top1−0.063***−0.067***
(−5.27)(−4.51)
Agescale0.0000.000
(0.25)(0.14)
SOE−0.010**−0.016***
(−2.14)(−2.60)
HTT0.0030.006
(0.61)(0.99)
Big40.0050.012
(0.59)(0.91)
Constant−0.228***−0.257***
(−4.51)(−3.89)
Year fixed effectYESYES
Industry fixed effectYESYES
N24,69418,190
Adj_R20.1140.125

Note(s): *** indicates significance at the 1% level (p < 0.01); ** indicates significance at the 5% level (p < 0.05); * indicates significance at the 10% level (p < 0.1). Standard errors are adjusted for firm-level clustering. Variable definitions are presented in Appendix III

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close Modal
Close Modal