Performance below aspiration and enterprise digital transformation
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | DT | DT | DT | DT | DT |
| SIZE | 0.297*** (0.023) | 0.284*** (0.023) | 0.272*** (0.023) | 0.271*** (0.024) | 0.220*** (0.023) |
| AGE | 1.210*** (0.059) | 1.333*** (0.064) | 1.278*** (0.065) | 1.045*** (0.078) | 0.230** (0.095) |
| LEV | −0.466*** (0.121) | −0.435*** (0.125) | −0.414*** (0.124) | −0.424*** (0.124) | −0.262** (0.121) |
| BOARD | 0.150** (0.071) | 0.215*** (0.074) | 0.215*** (0.074) | 0.214*** (0.074) | 0.243*** (0.073) |
| DUAL | 0.020 (0.027) | 0.028 (0.027) | 0.030 (0.027) | 0.028 (0.027) | 0.020 (0.027) |
| CASH | −0.233** (0.094) | −0.126 (0.100) | −0.118 (0.099) | −0.205** (0.099) | −0.158* (0.095) |
| AUDIT | 0.052 (0.042) | 0.047 (0.043) | 0.044 (0.043) | 0.032 (0.042) | 0.015 (0.041) |
| OWN | −0.089 (0.065) | −0.095 (0.066) | −0.094 (0.066) | −0.097 (0.066) | −0.053 (0.064) |
| SC | −0.645*** (0.145) | −0.553*** (0.148) | −0.559*** (0.148) | −0.528*** (0.147) | −0.501*** (0.144) |
| PBA | −0.640*** (0.130) | −2.119*** (0.290) | −10.777*** (3.303) | 2.292*** (0.560) | |
| PBA2 | −4.550*** (0.800) | −28.630*** (9.624) | 5.689*** (1.594) | ||
| NP | 0.134*** (0.023) | ||||
| PBA × NP | 0.814*** (0.309) | ||||
| PBA2 × NP | 2.216** (0.890) | ||||
| MP | 0.395*** (0.029) | ||||
| PBA × MP | −1.956*** (0.279) | ||||
| PBA2 × MP | −4.618*** (0.768) | ||||
| Firm FE | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes |
| Constant | −9.320*** (0.480) | −9.623*** (0.499) | −9.263*** (0.501) | −9.959*** (0.535) | −5.692*** (0.531) |
| Adjusted R2 | 0.142 | 0.133 | 0.143 | 0.162 | 0.245 |
| Observations | 24,550 | 22,610 | 22,610 | 22,610 | 22,610 |
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | |||||
| 0.297 | 0.284 | 0.272 | 0.271 | 0.220 | |
| 1.210 | 1.333 | 1.278 | 1.045 | 0.230 | |
| −0.466 | −0.435 | −0.414 | −0.424 | −0.262 | |
| 0.150 | 0.215 | 0.215 | 0.214 | 0.243 | |
| 0.020 (0.027) | 0.028 (0.027) | 0.030 (0.027) | 0.028 (0.027) | 0.020 (0.027) | |
| −0.233 | −0.126 (0.100) | −0.118 (0.099) | −0.205 | −0.158 | |
| 0.052 (0.042) | 0.047 (0.043) | 0.044 (0.043) | 0.032 (0.042) | 0.015 (0.041) | |
| −0.089 (0.065) | −0.095 (0.066) | −0.094 (0.066) | −0.097 (0.066) | −0.053 (0.064) | |
| −0.645 | −0.553 | −0.559 | −0.528 | −0.501 | |
| −0.640 | −2.119 | −10.777 | 2.292 | ||
| −4.550 | −28.630 | 5.689 | |||
| 0.134 | |||||
| 0.814 | |||||
| 2.216 | |||||
| 0.395 | |||||
| −1.956 | |||||
| −4.618 | |||||
| Firm | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes |
| Constant | −9.320 | −9.623 | −9.263 | −9.959 | −5.692 |
| Adjusted | 0.142 | 0.133 | 0.143 | 0.162 | 0.245 |
| Observations | 24,550 | 22,610 | 22,610 | 22,610 | 22,610 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
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