Table 12 External conditions for the...

Table 12

External conditions for the effectiveness of digital transformation

Variables	(1)	(2)	(3)	(4)	(5)
	Digital infrastructure		Financial development		Industry competitive intensity
	performance	performance	performance	performance	performance
dt	−2.519***	0.489	−2.081***	−4.498***	1.796***
dt	(0.477)	(0.417)	(0.754)	(0.598)	(0.410)
opticalcable	−0.008***
opticalcable	(0.001)
dt✕opticalcable	0.018***
dt✕opticalcable	(0.002)
broadband		−0.575***
broadband		(0.195)
dt✕broadband		1.370***
dt✕broadband		(0.464)
finance			−0.230***
finance			(0.084)
dt✕finance			0.820***
dt✕finance			(0.188)
fintech				−0.332***
fintech				(0.054)
dt✕fintech				1.136***
dt✕fintech				(0.104)
HHI					1.839***
HHI					(0.675)
dt✕HHI					−6.601***
dt✕HHI					(1.936)
state	0.285**	0.324***	0.313***	0.284**	0.301***
state	(0.114)	(0.125)	(0.116)	(0.118)	(0.116)
lnage	1.015***	0.978***	0.991***	1.015***	0.987***
lnage	(0.047)	(0.050)	(0.047)	(0.049)	(0.048)
lnboard	0.564***	0.563***	0.556***	0.496***	0.566***
lnboard	(0.157)	(0.160)	(0.157)	(0.158)	(0.158)
indep	0.398	0.451	0.342	0.335	0.359
indep	(0.448)	(0.462)	(0.448)	(0.456)	(0.449)
top10	−2.212***	−2.489***	−2.368***	−2.143***	−2.381***
top10	(0.238)	(0.247)	(0.238)	(0.245)	(0.238)
dual	0.043	0.046	0.036	0.043	0.032
dual	(0.045)	(0.047)	(0.045)	(0.046)	(0.045)
capital	−0.444***	−0.460***	−0.439***	−0.458***	−0.449***
capital	(0.061)	(0.063)	(0.061)	(0.063)	(0.062)
growth	0.512***	0.510***	0.511***	0.508***	0.510***
growth	(0.039)	(0.041)	(0.039)	(0.040)	(0.039)
subsidy	−11.369***	−11.464***	−11.314***	−11.296***	−11.159***
subsidy	(1.242)	(1.324)	(1.242)	(1.286)	(1.252)
tax	−0.235***	−0.198**	−0.244***	−0.174*	−0.239***
tax	(0.085)	(0.090)	(0.086)	(0.089)	(0.086)
asset	0.002**	0.002*	0.002*	0.001	0.003***
asset	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Constant	9.875***	8.861***	9.405***	10.148***	8.358***
Constant	(0.606)	(0.601)	(0.640)	(0.628)	(0.594)
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Obs.	19,692	17,474	19,692	18,128	19,578
R-squared	0.829	0.832	0.828	0.832	0.827

Variables	(1)	(2)	(3)	(4)	(5)
	Digital infrastructure		Financial development		Industry competitive intensity
	performance	performance	performance	performance	performance
dt	−2.519***	0.489	−2.081***	−4.498***	1.796***
dt	(0.477)	(0.417)	(0.754)	(0.598)	(0.410)
opticalcable	−0.008***
opticalcable	(0.001)
dt✕opticalcable	0.018***
dt✕opticalcable	(0.002)
broadband		−0.575***
broadband		(0.195)
dt✕broadband		1.370***
dt✕broadband		(0.464)
finance			−0.230***
finance			(0.084)
dt✕finance			0.820***
dt✕finance			(0.188)
fintech				−0.332***
fintech				(0.054)
dt✕fintech				1.136***
dt✕fintech				(0.104)
HHI					1.839***
HHI					(0.675)
dt✕HHI					−6.601***
dt✕HHI					(1.936)
state	0.285**	0.324***	0.313***	0.284**	0.301***
state	(0.114)	(0.125)	(0.116)	(0.118)	(0.116)
lnage	1.015***	0.978***	0.991***	1.015***	0.987***
lnage	(0.047)	(0.050)	(0.047)	(0.049)	(0.048)
lnboard	0.564***	0.563***	0.556***	0.496***	0.566***
lnboard	(0.157)	(0.160)	(0.157)	(0.158)	(0.158)
indep	0.398	0.451	0.342	0.335	0.359
indep	(0.448)	(0.462)	(0.448)	(0.456)	(0.449)
top10	−2.212***	−2.489***	−2.368***	−2.143***	−2.381***
top10	(0.238)	(0.247)	(0.238)	(0.245)	(0.238)
dual	0.043	0.046	0.036	0.043	0.032
dual	(0.045)	(0.047)	(0.045)	(0.046)	(0.045)
capital	−0.444***	−0.460***	−0.439***	−0.458***	−0.449***
capital	(0.061)	(0.063)	(0.061)	(0.063)	(0.062)
growth	0.512***	0.510***	0.511***	0.508***	0.510***
growth	(0.039)	(0.041)	(0.039)	(0.040)	(0.039)
subsidy	−11.369***	−11.464***	−11.314***	−11.296***	−11.159***
subsidy	(1.242)	(1.324)	(1.242)	(1.286)	(1.252)
tax	−0.235***	−0.198**	−0.244***	−0.174*	−0.239***
tax	(0.085)	(0.090)	(0.086)	(0.089)	(0.086)
asset	0.002**	0.002*	0.002*	0.001	0.003***
asset	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Constant	9.875***	8.861***	9.405***	10.148***	8.358***
Constant	(0.606)	(0.601)	(0.640)	(0.628)	(0.594)
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Obs.	19,692	17,474	19,692	18,128	19,578
R-squared	0.829	0.832	0.828	0.832	0.827

Note(s): This regression controls for year, firm and industry fixed effects, and the standard errors are heteroskedasticity-robust. ***, ** and * refer to statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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