Resource allocation verification
| (1) | (2) | |
|---|---|---|
| TFP > p50 | TFP < p50 | |
| lnCOGS | lnCOGS | |
| lnREV | 0.982*** | 0.958*** |
| (213.21) | (165.28) | |
| DEC×lnREV | −0.035 | −0.138*** |
| (−1.49) | (−4.49) | |
| DT | 0.002*** | 0.003*** |
| (2.92) | (2.82) | |
| DEC×lnREV×DT | 0.016*** | 0.026*** |
| (2.92) | (4.54) | |
| EInt | −0.005*** | −0.001 |
| (−4.00) | (−0.45) | |
| DEC×lnREV×EInt | −0.052*** | −0.035*** |
| (−8.04) | (−5.97) | |
| AInt | −0.001 | −0.001** |
| (−0.96) | (−2.36) | |
| DEC×lnREV×AInt | −0.003 | −0.005** |
| (−1.42) | (−1.97) | |
| Sdec | −0.004 | 0.002 |
| (−1.29) | (0.43) | |
| DEC×lnREV×Sdec | −0.005 | 0.002 |
| (−0.34) | (0.08) | |
| GDPgrow | 0.028 | 0.155** |
| (0.60) | (2.09) | |
| DEC×lnREV×GDPgrow | 0.816*** | 1.813*** |
| (3.87) | (6.60) | |
| Independ | 0.005 | −0.001 |
| (0.32) | (−0.05) | |
| Top1 | −0.003 | −0.005 |
| (−0.59) | (−0.51) | |
| Mshare | 0.015** | 0.016** |
| (2.23) | (2.05) | |
| Dual | −0.001 | 0.004* |
| (−0.59) | (1.73) | |
| Age | −0.005*** | −0.013*** |
| (−3.34) | (−5.53) | |
| Soe | 0.001 | 0.005 |
| (0.29) | (1.53) | |
| Lev | 0.015*** | 0.022*** |
| (3.15) | (3.22) | |
| Size | 0.002* | 0.003** |
| (1.93) | (2.01) | |
| _cons | −0.020 | −0.034 |
| (−0.98) | (−0.97) | |
| Industry and year FE | Yes | Yes |
| N | 13,556 | 11,775 |
| adj. R2 | 0.892 | 0.840 |
| F | 2154.022 | 1190.689 |
| Chin2 | 3.13* | |
| (1) | (2) | |
|---|---|---|
| TFP > p50 | TFP < p50 | |
| lnCOGS | lnCOGS | |
| lnREV | ||
| (213.21) | (165.28) | |
| DEC×lnREV | ||
| (−1.49) | (−4.49) | |
| DT | ||
| (2.92) | (2.82) | |
| DEC×lnREV×DT | ||
| (2.92) | (4.54) | |
| EInt | −0.001 | |
| (−4.00) | (−0.45) | |
| DEC×lnREV×EInt | ||
| (−8.04) | (−5.97) | |
| AInt | −0.001 | |
| (−0.96) | (−2.36) | |
| DEC×lnREV×AInt | −0.003 | |
| (−1.42) | (−1.97) | |
| Sdec | −0.004 | 0.002 |
| (−1.29) | (0.43) | |
| DEC×lnREV×Sdec | −0.005 | 0.002 |
| (−0.34) | (0.08) | |
| GDPgrow | 0.028 | |
| (0.60) | (2.09) | |
| DEC×lnREV×GDPgrow | ||
| (3.87) | (6.60) | |
| Independ | 0.005 | −0.001 |
| (0.32) | (−0.05) | |
| Top1 | −0.003 | −0.005 |
| (−0.59) | (−0.51) | |
| Mshare | ||
| (2.23) | (2.05) | |
| Dual | −0.001 | 0.004* |
| (−0.59) | (1.73) | |
| Age | ||
| (−3.34) | (−5.53) | |
| Soe | 0.001 | 0.005 |
| (0.29) | (1.53) | |
| Lev | ||
| (3.15) | (3.22) | |
| Size | ||
| (1.93) | (2.01) | |
| _cons | −0.020 | −0.034 |
| (−0.98) | (−0.97) | |
| Industry and year FE | Yes | Yes |
| 13,556 | 11,775 | |
| adj. | 0.892 | 0.840 |
| F | 2154.022 | 1190.689 |
| Chin2 | 3.13* | |
Note(s): Table 4 examines the mediating role of resource allocation efficiency (TFP) in the impact of enterprise digital transformation on cost stickiness. We have divided the sample into two subsamples based on the median of corporate asset allocation efficiency (TFP) and repeated Model 2. Definitions of all variables are provided in Appendix table 1. All models are controlled for industry and year effects
t-values are in parentheses. ***p < 0.01, **p < 0.05 and *p < 0.1