Regional heterogeneity
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Eastern regions | Central regions | Western regions | |
| lnCOGS | lnCOGS | lnCOGS | |
| lnREV | 0.969*** | 0.992*** | 0.948*** |
| (131.186) | (86.918) | (43.588) | |
| Dec×lnREV | −0.052 | −0.102 | −0.108 |
| (−1.106) | (−1.639) | (−1.067) | |
| DT | 0.002*** | 0.003* | 0.004** |
| (2.937) | (1.883) | (1.984) | |
| Dec×lnREV×DT | 0.016** | 0.012 | 0.018 |
| (2.045) | (0.799) | (1.122) | |
| EInt | −0.003*** | −0.002 | 0.005* |
| (−2.682) | (−0.790) | (1.828) | |
| Dec×lnREV×EInt | −0.057*** | −0.045*** | −0.002 |
| (−5.539) | (−2.819) | (−0.164) | |
| AInt | −0.002** | 0.002 | 0.001 |
| (−2.247) | (1.303) | (0.867) | |
| Dec×lnREV×AInt | −0.006 | −0.003 | −0.002 |
| (−1.590) | (−0.457) | (−0.333) | |
| Sdec | −0.001 | 0.009 | −0.016 |
| (−0.341) | (1.243) | (−1.534) | |
| Dec×lnREV×Sdec | −0.005 | 0.061 | −0.052 |
| (−0.217) | (1.326) | (−1.008) | |
| GDPgrow | 0.106 | −0.114 | 0.085 |
| (1.318) | (−1.149) | (0.478) | |
| Dec×lnREV×GDPgrow | 1.426*** | 0.864* | 1.293* |
| (3.026) | (1.653) | (1.862) | |
| Independ | 0.005 | 0.012 | −0.003 |
| (0.318) | (0.426) | (−0.068) | |
| Top1 | −0.007 | 0.001 | −0.002 |
| (−1.257) | (0.104) | (−0.149) | |
| Mshare | 0.016*** | 0.011 | 0.0020 |
| (2.625) | (0.761) | (0.802) | |
| Dual | 0.001 | 0.006 | 0.005 |
| (0.609) | (1.401) | (0.790) | |
| Age | −0.008*** | −0.008** | −0.012*** |
| (−4.358) | (−2.145) | (−2.597) | |
| Soe | 0.001 | 0.005 | 0.007 |
| (0.292) | (1.281) | (1.340) | |
| Lev | 0.013** | 0.007 | 0.037** |
| (2.365) | (0.699) | (2.361) | |
| Size | 0.001 | 0.002 | 0.000 |
| (0.834) | (0.919) | (0.195) | |
| _cons | −0.006 | −0.014 | −0.009 |
| (−0.244) | (−0.363) | (−0.153) | |
| Industry and year FE | Yes | Yes | Yes |
| N | 17,045 | 4,310 | 3,288 |
| adj. R2 | 0.867 | 0.874 | 0.842 |
| F | 1214.924 | 380.333 | 202.978 |
| Chin2 | 5.53** | ||
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Eastern regions | Central regions | Western regions | |
| lnCOGS | lnCOGS | lnCOGS | |
| lnREV | |||
| (131.186) | (86.918) | (43.588) | |
| Dec×lnREV | −0.052 | −0.102 | −0.108 |
| (−1.106) | (−1.639) | (−1.067) | |
| DT | |||
| (2.937) | (1.883) | (1.984) | |
| Dec×lnREV×DT | 0.012 | 0.018 | |
| (2.045) | (0.799) | (1.122) | |
| EInt | −0.002 | ||
| (−2.682) | (−0.790) | (1.828) | |
| Dec×lnREV×EInt | −0.002 | ||
| (−5.539) | (−2.819) | (−0.164) | |
| AInt | 0.002 | 0.001 | |
| (−2.247) | (1.303) | (0.867) | |
| Dec×lnREV×AInt | −0.006 | −0.003 | −0.002 |
| (−1.590) | (−0.457) | (−0.333) | |
| Sdec | −0.001 | 0.009 | −0.016 |
| (−0.341) | (1.243) | (−1.534) | |
| Dec×lnREV×Sdec | −0.005 | 0.061 | −0.052 |
| (−0.217) | (1.326) | (−1.008) | |
| GDPgrow | 0.106 | −0.114 | 0.085 |
| (1.318) | (−1.149) | (0.478) | |
| Dec×lnREV×GDPgrow | |||
| (3.026) | (1.653) | (1.862) | |
| Independ | 0.005 | 0.012 | −0.003 |
| (0.318) | (0.426) | (−0.068) | |
| Top1 | −0.007 | 0.001 | −0.002 |
| (−1.257) | (0.104) | (−0.149) | |
| Mshare | 0.011 | 0.0020 | |
| (2.625) | (0.761) | (0.802) | |
| Dual | 0.001 | 0.006 | 0.005 |
| (0.609) | (1.401) | (0.790) | |
| Age | |||
| (−4.358) | (−2.145) | (−2.597) | |
| Soe | 0.001 | 0.005 | 0.007 |
| (0.292) | (1.281) | (1.340) | |
| Lev | 0.007 | ||
| (2.365) | (0.699) | (2.361) | |
| Size | 0.001 | 0.002 | 0.000 |
| (0.834) | (0.919) | (0.195) | |
| _cons | −0.006 | −0.014 | −0.009 |
| (−0.244) | (−0.363) | (−0.153) | |
| Industry and year FE | Yes | Yes | Yes |
| 17,045 | 4,310 | 3,288 | |
| adj. | 0.867 | 0.874 | 0.842 |
| F | 1214.924 | 380.333 | 202.978 |
| Chin2 | 5.53** | ||
Note(s): Table 8 examines the impact of digital transformation of enterprises on cost stickiness across different regions. The total sample is divided into three subsamples: Eastern, Central and Western regions. The regressions are repeated following 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