Performance above aspiration and enterprise digital transformation
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | DT | DT | DT | DT | DT |
| SIZE | 0.297*** (0.023) | 0.301*** (0.024) | 0.297*** (0.024) | 0.288*** (0.024) | 0.176*** (0.016) |
| AGE | 1.210*** (0.059) | 1.388*** (0.064) | 1.376*** (0.064) | 1.145*** (0.076) | 1.711*** (0.050) |
| LEV | −0.466*** (0.121) | −0.507*** (0.125) | −0.493*** (0.125) | −0.479*** (0.124) | −0.443*** (0.089) |
| BOARD | 0.150** (0.071) | 0.207*** (0.074) | 0.207*** (0.074) | 0.206*** (0.074) | 0.098* (0.055) |
| DUAL | 0.020 (0.027) | 0.023 (0.028) | 0.024 (0.028) | 0.026 (0.027) | 0.003 (0.021) |
| CASH | −0.233** (0.094) | −0.167* (0.099) | −0.169* (0.099) | −0.223** (0.099) | −0.004 (0.070) |
| AUDIT | 0.052 (0.042) | 0.052 (0.043) | 0.047 (0.043) | 0.040 (0.042) | 0.042 (0.033) |
| OWN | −0.089 (0.065) | −0.091 (0.067) | −0.088 (0.067) | −0.097 (0.067) | −0.103** (0.049) |
| SC | −0.645*** (0.145) | −0.518*** (0.149) | −0.521*** (0.148) | −0.517*** (0.148) | −0.252** (0.103) |
| PAA | 0.182* (0.100) | −0.696*** (0.256) | −6.683* (3.613) | −0.452** (0.204) | |
| PAA2 | 1.912*** (0.499) | 16.781** (7.307) | 1.640*** (0.396) | ||
| NP | 0.106*** (0.015) | ||||
| PAA × NP | 0.564 (0.346) | ||||
| PAA2 × NP | −1.419** (0.705) | ||||
| MP | 0.462*** (0.029) | ||||
| PAA × MP | −1.316*** (0.290) | ||||
| PAA2 × MP | 1.932*** (0.565) | ||||
| Firm FE | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes |
| Constant | −9.320*** (0.480) | −10.089*** (0.511) | −9.948*** (0.509) | −10.204*** (0.505) | −6.260*** (0.537) |
| Adjusted R2 | 0.142 | 0.126 | 0.127 | 0.146 | 0.231 |
| Observations | 24,550 | 22,610 | 22,610 | 22,610 | 22,610 |
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | |||||
| 0.297 | 0.301 | 0.297 | 0.288 | 0.176 | |
| 1.210 | 1.388 | 1.376 | 1.145 | 1.711 | |
| −0.466 | −0.507 | −0.493 | −0.479 | −0.443 | |
| 0.150 | 0.207 | 0.207 | 0.206 | 0.098 | |
| 0.020 (0.027) | 0.023 (0.028) | 0.024 (0.028) | 0.026 (0.027) | 0.003 (0.021) | |
| −0.233 | −0.167 | −0.169 | −0.223 | −0.004 (0.070) | |
| 0.052 (0.042) | 0.052 (0.043) | 0.047 (0.043) | 0.040 (0.042) | 0.042 (0.033) | |
| −0.089 (0.065) | −0.091 (0.067) | −0.088 (0.067) | −0.097 (0.067) | −0.103 | |
| −0.645 | −0.518 | −0.521 | −0.517 | −0.252 | |
| 0.182 | −0.696 | −6.683 | −0.452 | ||
| 1.912 | 16.781 | 1.640 | |||
| 0.106 | |||||
| 0.564 (0.346) | |||||
| −1.419 | |||||
| 0.462 | |||||
| −1.316 | |||||
| 1.932 | |||||
| Firm | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes |
| Constant | −9.320 | −10.089 | −9.948 | −10.204 | −6.260 |
| Adjusted | 0.142 | 0.126 | 0.127 | 0.146 | 0.231 |
| Observations | 24,550 | 22,610 | 22,610 | 22,610 | 22,610 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.