Heckman two-step model
| Variable | (1) | (2) |
|---|---|---|
| DT_dum | lnCOGS | |
| DT_Ratio | 7.411*** | |
| (4.212) | ||
| lnREV | 0.970*** | |
| (156.957) | ||
| Dec×lnREV | −0.082** | |
| (−2.393) | ||
| DT | 0.003*** | |
| (3.873) | ||
| Dec×lnREV×DT | 0.019*** | |
| (3.017) | ||
| IMR | 0.002 | |
| (0.146) | ||
| EInt | −0.001 | |
| (−1.425) | ||
| Dec×lnREV×EInt | −0.044*** | |
| (−6.181) | ||
| AInt | −0.001 | |
| (−1.008) | ||
| Dec×lnREV×AInt | −0.004 | |
| (−1.453) | ||
| Sdec | −0.002 | |
| (−0.649) | ||
| Dec×lnREV×Sdec | −0.000 | |
| (−0.025) | ||
| GDPgrow | 0.108** | |
| (2.152) | ||
| Dec×lnREV×GDPgrow | 1.378*** | |
| (4.452) | ||
| Independ | 0.738*** | 0.004 |
| (4.179) | (0.287) | |
| Top1 | −0.147** | −0.006 |
| (−2.180) | (−1.092) | |
| Mshare | 0.204*** | 0.017*** |
| (2.748) | (3.034) | |
| Dual | 0.061*** | 0.002 |
| (2.626) | (1.117) | |
| Age | 0.002 | −0.008*** |
| (0.116) | (−5.703) | |
| Soe | −0.183*** | 0.002 |
| (−7.872) | (1.209) | |
| Lev | −0.205*** | 0.018*** |
| (−3.500) | (3.733) | |
| Size | 0.159*** | 0.001 |
| (16.575) | (0.762) | |
| _cons | −8.568*** | −0.014 |
| (−7.544) | (−0.412) | |
| Industry and Year FE | Yes | Yes |
| N | 25,331 | 25,331 |
| adj. R2 | 0.865 | |
| F | 1587.183 |
| Variable | (1) | (2) |
|---|---|---|
| DT_dum | lnCOGS | |
| DT_Ratio | ||
| (4.212) | ||
| lnREV | ||
| (156.957) | ||
| Dec×lnREV | ||
| (−2.393) | ||
| DT | ||
| (3.873) | ||
| Dec×lnREV×DT | ||
| (3.017) | ||
| IMR | 0.002 | |
| (0.146) | ||
| EInt | −0.001 | |
| (−1.425) | ||
| Dec×lnREV×EInt | ||
| (−6.181) | ||
| AInt | −0.001 | |
| (−1.008) | ||
| Dec×lnREV×AInt | −0.004 | |
| (−1.453) | ||
| Sdec | −0.002 | |
| (−0.649) | ||
| Dec×lnREV×Sdec | −0.000 | |
| (−0.025) | ||
| GDPgrow | ||
| (2.152) | ||
| Dec×lnREV×GDPgrow | ||
| (4.452) | ||
| Independ | 0.004 | |
| (4.179) | (0.287) | |
| Top1 | −0.006 | |
| (−2.180) | (−1.092) | |
| Mshare | ||
| (2.748) | (3.034) | |
| Dual | 0.002 | |
| (2.626) | (1.117) | |
| Age | 0.002 | |
| (0.116) | (−5.703) | |
| Soe | 0.002 | |
| (−7.872) | (1.209) | |
| Lev | ||
| (−3.500) | (3.733) | |
| Size | 0.001 | |
| (16.575) | (0.762) | |
| _cons | −0.014 | |
| (−7.544) | (−0.412) | |
| Industry and Year FE | Yes | Yes |
| 25,331 | 25,331 | |
| adj. | 0.865 | |
| F | 1587.183 |
Note(s): Table 10 employs the Heckman two-step model to examine the impact of digital transformation on cost stickiness. 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