Companies life cycle heterogeneity test
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Growth | Mature | Decline | |
| lnCOGS | lnCOGS | lnCOGS | |
| lnREV | 0.991*** | 0.933*** | 0.963*** |
| (121.399) | (79.139) | (60.119) | |
| Dec×lnREV | −0.143** | −0.018 | −0.044 |
| (−2.471) | (−0.270) | (−0.711) | |
| DT | 0.002*** | 0.004*** | 0.000 |
| (2.668) | (3.331) | (0.283) | |
| Dec×lnREV×DT | 0.011 | 0.041*** | 0.010 |
| (0.931) | (3.520) | (0.928) | |
| EInt | −0.002 | −0.003* | 0.002 |
| (−1.170) | (−1.688) | (0.761) | |
| Dec×lnREV×EInt | −0.045*** | −0.022 | −0.046*** |
| (−4.436) | (−1.525) | (−3.551) | |
| AInt | 0.000 | 0.001 | −0.005*** |
| (0.241) | (0.877) | (−3.401) | |
| Dec×lnREV×AInt | −0.003 | −0.008 | −0.006 |
| (−0.581) | (−1.169) | (−1.564) | |
| Sdec | 0.001 | −0.010** | −0.003 |
| (0.106) | (−2.059) | (−0.424) | |
| Dec×lnREV×Sdec | −0.002 | −0.049 | 0.005 |
| (−0.056) | (−1.311) | (0.162) | |
| GDPgrow | 0.102 | 0.055 | 0.192 |
| (1.443) | (0.684) | (1.388) | |
| Dec×lnREV×GDPgrow | 1.827*** | 0.642 | 1.447*** |
| (3.795) | (1.252) | (2.608) | |
| Independ | 0.018 | −0.000 | −0.000 |
| (0.992) | (−0.555) | (−0.396) | |
| Top1 | 0.001 | −0.012 | −0.013 |
| (0.155) | (−0.519) | (−0.739) | |
| Mshare | 0.025*** | 0.003 | 0.021 |
| (3.182) | (0.352) | (1.370) | |
| Dual | 0.002 | −0.002 | 0.006 |
| (0.935) | (−0.721) | (1.306) | |
| Age | −0.006*** | −0.008*** | −0.010*** |
| (−2.746) | (−3.711) | (−2.588) | |
| Soe | 0.004 | 0.003 | −0.000 |
| (1.510) | (1.119) | (−0.044) | |
| Lev | 0.034*** | −0.001 | 0.007 |
| (4.525) | (−0.129) | (0.592) | |
| Size | −0.000 | −0.001 | 0.005** |
| (−0.055) | (−0.476) | (2.488) | |
| _cons | 0.009 | 0.006 | −0.085* |
| (0.353) | (0.187) | (−1.879) | |
| Industry and year FE | Yes | Yes | Yes |
| N | 10,915 | 9,211 | 5,046 |
| adj. R2 | 0.879 | 0.836 | 0.860 |
| F | 849.568 | 445.598 | 417.043 |
| Chin2 | 8.01*** | ||
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Growth | Mature | Decline | |
| lnCOGS | lnCOGS | lnCOGS | |
| lnREV | |||
| (121.399) | (79.139) | (60.119) | |
| Dec×lnREV | −0.018 | −0.044 | |
| (−2.471) | (−0.270) | (−0.711) | |
| DT | 0.000 | ||
| (2.668) | (3.331) | (0.283) | |
| Dec×lnREV×DT | 0.011 | 0.010 | |
| (0.931) | (3.520) | (0.928) | |
| EInt | −0.002 | 0.002 | |
| (−1.170) | (−1.688) | (0.761) | |
| Dec×lnREV×EInt | −0.022 | ||
| (−4.436) | (−1.525) | (−3.551) | |
| AInt | 0.000 | 0.001 | |
| (0.241) | (0.877) | (−3.401) | |
| Dec×lnREV×AInt | −0.003 | −0.008 | −0.006 |
| (−0.581) | (−1.169) | (−1.564) | |
| Sdec | 0.001 | −0.003 | |
| (0.106) | (−2.059) | (−0.424) | |
| Dec×lnREV×Sdec | −0.002 | −0.049 | 0.005 |
| (−0.056) | (−1.311) | (0.162) | |
| GDPgrow | 0.102 | 0.055 | 0.192 |
| (1.443) | (0.684) | (1.388) | |
| Dec×lnREV×GDPgrow | 0.642 | ||
| (3.795) | (1.252) | (2.608) | |
| Independ | 0.018 | −0.000 | −0.000 |
| (0.992) | (−0.555) | (−0.396) | |
| Top1 | 0.001 | −0.012 | −0.013 |
| (0.155) | (−0.519) | (−0.739) | |
| Mshare | 0.003 | 0.021 | |
| (3.182) | (0.352) | (1.370) | |
| Dual | 0.002 | −0.002 | 0.006 |
| (0.935) | (−0.721) | (1.306) | |
| Age | |||
| (−2.746) | (−3.711) | (−2.588) | |
| Soe | 0.004 | 0.003 | −0.000 |
| (1.510) | (1.119) | (−0.044) | |
| Lev | −0.001 | 0.007 | |
| (4.525) | (−0.129) | (0.592) | |
| Size | −0.000 | −0.001 | |
| (−0.055) | (−0.476) | (2.488) | |
| _cons | 0.009 | 0.006 | |
| (0.353) | (0.187) | (−1.879) | |
| Industry and year FE | Yes | Yes | Yes |
| 10,915 | 9,211 | 5,046 | |
| adj. | 0.879 | 0.836 | 0.860 |
| F | 849.568 | 445.598 | 417.043 |
| Chin2 | 8.01*** | ||
Note(s): Table 6 examines the impact of corporate digital transformation on cost stickiness across different stages of the life cycle. The sample is divided into three subsamples based on the corporate life cycle: growth, maturity and decline, and the regression is repeated following the Model 2. Definitions for all variables are provided in Appendix 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