CEO IT background and market competition
| Variable | (1) | (2) | (1) | (2) |
|---|---|---|---|---|
| LnCostR | LnCostR | LnCostR | LnCostR | |
| ITCEO | non-ITCEO | High-HHI | Low-HHI | |
| lnREV | 0.967*** | 0.972*** | 0.954*** | 0.989*** |
| (181.39) | (193.21) | (217.12) | (165.43) | |
| Dec×lnREV | −0.168*** | −0.036 | −0.096*** | −0.074*** |
| (−5.85) | (−1.41) | (−3.84) | (−2.60) | |
| DT | 0.003*** | 0.002** | 0.003*** | 0.003*** |
| (3.83) | (2.34) | (4.16) | (3.64) | |
| Dec×lnREV×DT | 0.035*** | 0.010* | 0.024*** | 0.017*** |
| (6.11) | (1.91) | (4.57) | (2.95) | |
| EInt | 0.001 | −0.003*** | 0.001 | −0.001 |
| (1.23) | (−2.89) | (1.23) | (−1.22) | |
| Dec×lnREV×EInt | −0.035*** | −0.051*** | −0.003 | −0.058*** |
| (−5.67) | (−9.97) | (−0.44) | (−10.50) | |
| AInt | 0.001** | −0.002*** | −0.000 | 0.000 |
| (2.24) | (−3.41) | (−0.36) | (0.55) | |
| Dec×lnREV×AInt | 0.004* | −0.007*** | −0.013*** | −0.003 |
| (1.70) | (−3.76) | (−5.09) | (−1.21) | |
| Sdec | −0.001 | −0.004 | 0.000 | −0.006 |
| (−0.23) | (−0.99) | (0.10) | (−1.14) | |
| Dec×lnREV×Sdec | 0.017 | −0.015 | 0.023 | −0.014 |
| (0.84) | (−0.89) | (1.38) | (−0.73) | |
| GDPgrow | 0.130** | 0.089 | 0.116** | 0.066 |
| (2.01) | (1.35) | (2.09) | (0.87) | |
| Dec×lnREV×GDPgrow | 1.445*** | 1.396*** | 0.875*** | 1.485*** |
| (5.45) | (6.11) | (3.66) | (5.83) | |
| Independ | 0.008 | −0.004 | −0.001 | 0.002 |
| (0.44) | (−0.22) | (−0.06) | (0.12) | |
| Top1 | 0.007 | −0.014** | −0.002 | −0.005 |
| (1.08) | (−1.98) | (−0.41) | (−0.57) | |
| Mshare | 0.021*** | 0.013* | 0.012** | 0.024** |
| (2.98) | (1.82) | (2.26) | (2.43) | |
| Dual | −0.001 | 0.003 | 0.000 | 0.004 |
| (−0.37) | (1.50) | (0.05) | (1.28) | |
| Age | −0.007*** | −0.008*** | −0.013*** | −0.005** |
| (−3.58) | (−4.12) | (−7.88) | (−2.23) | |
| Soe | 0.003 | 0.001 | 0.005** | 0.003 |
| (1.29) | (0.43) | (2.57) | (0.99) | |
| Lev | 0.017*** | 0.018*** | 0.016*** | 0.019*** |
| (2.98) | (3.16) | (3.49) | (2.89) | |
| Size | 0.001 | 0.000 | 0.002** | 0.001 |
| (1.24) | (0.14) | (2.01) | (0.98) | |
| _cons | −0.057** | 0.024 | −0.047** | −0.030 |
| (−2.36) | (0.99) | (−2.38) | (−1.18) | |
| Industry and year FE | Yes | Yes | Yes | Yes |
| N | 11,037 | 14,026 | 13,934 | 11,393 |
| adj. R2 | 0.871 | 0.862 | 0.883 | 0.849 |
| F | 1460.062 | 1683.162 | 3289.943 | 2000.199 |
| chin2 | 6.66 | 3.09 |
| Variable | (1) | (2) | (1) | (2) |
|---|---|---|---|---|
| LnCostR | LnCostR | LnCostR | LnCostR | |
| ITCEO | non-ITCEO | High-HHI | Low-HHI | |
| lnREV | 0.967*** | 0.972*** | 0.954*** | 0.989*** |
| (181.39) | (193.21) | (217.12) | (165.43) | |
| Dec×lnREV | −0.168*** | −0.036 | −0.096*** | −0.074*** |
| (−5.85) | (−1.41) | (−3.84) | (−2.60) | |
| DT | 0.003*** | 0.002** | 0.003*** | 0.003*** |
| (3.83) | (2.34) | (4.16) | (3.64) | |
| Dec×lnREV×DT | 0.035*** | 0.010* | 0.024*** | 0.017*** |
| (6.11) | (1.91) | (4.57) | (2.95) | |
| EInt | 0.001 | −0.003*** | 0.001 | −0.001 |
| (1.23) | (−2.89) | (1.23) | (−1.22) | |
| Dec×lnREV×EInt | −0.035*** | −0.051*** | −0.003 | −0.058*** |
| (−5.67) | (−9.97) | (−0.44) | (−10.50) | |
| AInt | 0.001** | −0.002*** | −0.000 | 0.000 |
| (2.24) | (−3.41) | (−0.36) | (0.55) | |
| Dec×lnREV×AInt | 0.004* | −0.007*** | −0.013*** | −0.003 |
| (1.70) | (−3.76) | (−5.09) | (−1.21) | |
| Sdec | −0.001 | −0.004 | 0.000 | −0.006 |
| (−0.23) | (−0.99) | (0.10) | (−1.14) | |
| Dec×lnREV×Sdec | 0.017 | −0.015 | 0.023 | −0.014 |
| (0.84) | (−0.89) | (1.38) | (−0.73) | |
| GDPgrow | 0.130** | 0.089 | 0.116** | 0.066 |
| (2.01) | (1.35) | (2.09) | (0.87) | |
| Dec×lnREV×GDPgrow | 1.445*** | 1.396*** | 0.875*** | 1.485*** |
| (5.45) | (6.11) | (3.66) | (5.83) | |
| Independ | 0.008 | −0.004 | −0.001 | 0.002 |
| (0.44) | (−0.22) | (−0.06) | (0.12) | |
| Top1 | 0.007 | −0.014** | −0.002 | −0.005 |
| (1.08) | (−1.98) | (−0.41) | (−0.57) | |
| Mshare | 0.021*** | 0.013* | 0.012** | 0.024** |
| (2.98) | (1.82) | (2.26) | (2.43) | |
| Dual | −0.001 | 0.003 | 0.000 | 0.004 |
| (−0.37) | (1.50) | (0.05) | (1.28) | |
| Age | −0.007*** | −0.008*** | −0.013*** | −0.005** |
| (−3.58) | (−4.12) | (−7.88) | (−2.23) | |
| Soe | 0.003 | 0.001 | 0.005** | 0.003 |
| (1.29) | (0.43) | (2.57) | (0.99) | |
| Lev | 0.017*** | 0.018*** | 0.016*** | 0.019*** |
| (2.98) | (3.16) | (3.49) | (2.89) | |
| Size | 0.001 | 0.000 | 0.002** | 0.001 |
| (1.24) | (0.14) | (2.01) | (0.98) | |
| _cons | −0.057** | 0.024 | −0.047** | −0.030 |
| (−2.36) | (0.99) | (−2.38) | (−1.18) | |
| Industry and year FE | Yes | Yes | Yes | Yes |
| N | 11,037 | 14,026 | 13,934 | 11,393 |
| adj. | 0.871 | 0.862 | 0.883 | 0.849 |
| F | 1460.062 | 1683.162 | 3289.943 | 2000.199 |
| chin2 | 6.66 | 3.09 |
Note(s): Table 7 examines the impact of digital transformation on cost stickiness in enterprises with different CEO IT backgrounds and market competition levels. In Columns (1) and (2), the total sample is divided into two subsamples: ITCEO and non- ITCEO, based on the CEO's IT background. In Columns (3) and (4), the total sample is divided into two subsamples: High-HHI and Low-HHI. The regressions are repeated following Model 2. Definitions of all variables are provided in Appendix Table 1. All models are controlled for year and industry effects
t-values are in parentheses. ***p < 0.01, **p < 0.05 and *p < 0.1