Table 11 Alternative proxy for digital...

Table 11

Alternative proxy for digital transformation

Variable	(1)	(2)	(3)	(4)	(5)
Variable	lnCOGS	lnCOGS	lnCOGS	lnCOGS	lnCOGS
lnREV	0.970^***	0.970^***	0.970^***	0.958^***	0.973^***
lnREV	(156.886)	(156.958)	(156.869)	(152.545)	(266.49)
Dec×lnREV	−0.054^*	−0.049	−0.063^**	−0.026	−0.040^**
Dec×lnREV	(−1.678)	(−1.621)	(−2.001)	(−0.902)	(−2.45)
Tech	0.002^**
Tech	(2.055)
Dec×lnREV×Tech	0.011^*
Dec×lnREV×Tech	(1.645)
Infra		0.002^***
Infra		(2.769)
Dec×lnREV×Infra		0.017^**
Dec×lnREV×Infra		(1.971)
App			0.003^***
App			(3.565)
Dec×lnREV×App			0.021^***
Dec×lnREV×App			(2.615)
DT_intan				0.011^**
DT_intan				(2.153)
Dec×lnREV×DT_intan				0.061^**
Dec×lnREV×DT_intan				(1.993)
IDT					0.003^***
IDT					(4.57)
DEC×lnREV×IDT					0.027^***
DEC×lnREV×IDT					(5.77)
EInt	−0.001	−0.001	−0.001	−0.001	−0.001
EInt	(−1.330)	(−1.412)	(−1.442)	(−1.541)	(−0.85)
Dec×lnREV×EInt	−0.045^***	−0.045^***	−0.045^***	−0.050^***	−0.043^***
Dec×lnREV×EInt	(−6.221)	(−6.288)	(−6.214)	(−6.396)	(−11.20)
AInt	−0.001	−0.001	−0.001	−0.001^*	0.001
AInt	(−1.181)	(−1.189)	(−1.067)	(−1.788)	(1.43)
Dec×lnREV×AInt	−0.004^*	−0.004^*	−0.004	−0.009^***	−0.003^**
Dec×lnREV×AInt	(−1.654)	(−1.673)	(−1.549)	(−2.991)	(−1.97)
Sdec	−0.002	−0.002	−0.002	−0.005	−0.003
Sdec	(−0.662)	(−0.638)	(−0.663)	(−1.583)	(−0.90)
Dec×lnREV×Sdec	−0.000	0.001	−0.001	0.004	0.003
Dec×lnREV×Sdec	(−0.003)	(0.043)	(−0.071)	(0.183)	(0.26)
GDPgrow	0.099^**	0.097^*	0.099^**	0.093^*	0.071
GDPgrow	(1.976)	(1.949)	(1.994)	(1.796)	(1.54)
Dec×lnREV×GDPgrow	1.258^***	1.242^***	1.288^***	1.451^***	1.055^***
Dec×lnREV×GDPgrow	(4.123)	(4.145)	(4.280)	(4.928)	(6.36)
Independ	0.004	0.004	0.004	0.003	0.004
Independ	(0.340)	(0.335)	(0.305)	(0.218)	(0.31)
Top1	−0.006	−0.006	−0.005	−0.006	−0.004
Top1	(−1.118)	(−1.116)	(−1.078)	(−1.292)	(−0.81)
Mshare	0.017^***	0.017^***	0.017^***	0.019^***	0.018^***
Mshare	(3.086)	(3.067)	(3.069)	(3.471)	(3.48)
Dual	0.002	0.002	0.002	0.000	0.002
Dual	(1.131)	(1.095)	(1.149)	(0.061)	(1.06)
Age	−0.008^***	−0.008^***	−0.008^***	−0.009^***	−0.009^***
Age	(−5.719)	(−5.715)	(−5.666)	(−6.062)	(−6.45)
Soe	0.002	0.002	0.002	0.000	0.004^**
Soe	(1.362)	(1.351)	(1.411)	(0.278)	(2.31)
Lev	0.018^***	0.018^***	0.018^***	0.016^***	0.018^***
Lev	(3.811)	(3.779)	(3.846)	(3.355)	(4.64)
Size	0.001	0.001	0.001	0.002^**	0.001^*
Size	(1.216)	(1.274)	(1.109)	(2.539)	(1.76)
_cons	−0.011	−0.011	−0.010	−0.039^**	Yes
_cons	(−0.629)	(−0.633)	(−0.552)	(−2.155)	−0.032^**
Industry and Year FE	Yes	Yes	Yes	Yes	(−1.99)
N	25,331	25,331	25,331	24,676	25,331
adj. R2	0.864	0.865	0.865	0.866	0.864
F	1611.695	1629.082	1609.014	1602.318	5033.850

Variable	(1)	(2)	(3)	(4)	(5)
Variable	lnCOGS	lnCOGS	lnCOGS	lnCOGS	lnCOGS
lnREV	0.970^***	0.970^***	0.970^***	0.958^***	0.973^***
lnREV	(156.886)	(156.958)	(156.869)	(152.545)	(266.49)
Dec×lnREV	−0.054^*	−0.049	−0.063^**	−0.026	−0.040^**
Dec×lnREV	(−1.678)	(−1.621)	(−2.001)	(−0.902)	(−2.45)
Tech	0.002^**
Tech	(2.055)
Dec×lnREV×Tech	0.011^*
Dec×lnREV×Tech	(1.645)
Infra		0.002^***
Infra		(2.769)
Dec×lnREV×Infra		0.017^**
Dec×lnREV×Infra		(1.971)
App			0.003^***
App			(3.565)
Dec×lnREV×App			0.021^***
Dec×lnREV×App			(2.615)
DT_intan				0.011^**
DT_intan				(2.153)
Dec×lnREV×DT_intan				0.061^**
Dec×lnREV×DT_intan				(1.993)
IDT					0.003^***
IDT					(4.57)
DEC×lnREV×IDT					0.027^***
DEC×lnREV×IDT					(5.77)
EInt	−0.001	−0.001	−0.001	−0.001	−0.001
EInt	(−1.330)	(−1.412)	(−1.442)	(−1.541)	(−0.85)
Dec×lnREV×EInt	−0.045^***	−0.045^***	−0.045^***	−0.050^***	−0.043^***
Dec×lnREV×EInt	(−6.221)	(−6.288)	(−6.214)	(−6.396)	(−11.20)
AInt	−0.001	−0.001	−0.001	−0.001^*	0.001
AInt	(−1.181)	(−1.189)	(−1.067)	(−1.788)	(1.43)
Dec×lnREV×AInt	−0.004^*	−0.004^*	−0.004	−0.009^***	−0.003^**
Dec×lnREV×AInt	(−1.654)	(−1.673)	(−1.549)	(−2.991)	(−1.97)
Sdec	−0.002	−0.002	−0.002	−0.005	−0.003
Sdec	(−0.662)	(−0.638)	(−0.663)	(−1.583)	(−0.90)
Dec×lnREV×Sdec	−0.000	0.001	−0.001	0.004	0.003
Dec×lnREV×Sdec	(−0.003)	(0.043)	(−0.071)	(0.183)	(0.26)
GDPgrow	0.099^**	0.097^*	0.099^**	0.093^*	0.071
GDPgrow	(1.976)	(1.949)	(1.994)	(1.796)	(1.54)
Dec×lnREV×GDPgrow	1.258^***	1.242^***	1.288^***	1.451^***	1.055^***
Dec×lnREV×GDPgrow	(4.123)	(4.145)	(4.280)	(4.928)	(6.36)
Independ	0.004	0.004	0.004	0.003	0.004
Independ	(0.340)	(0.335)	(0.305)	(0.218)	(0.31)
Top1	−0.006	−0.006	−0.005	−0.006	−0.004
Top1	(−1.118)	(−1.116)	(−1.078)	(−1.292)	(−0.81)
Mshare	0.017^***	0.017^***	0.017^***	0.019^***	0.018^***
Mshare	(3.086)	(3.067)	(3.069)	(3.471)	(3.48)
Dual	0.002	0.002	0.002	0.000	0.002
Dual	(1.131)	(1.095)	(1.149)	(0.061)	(1.06)
Age	−0.008^***	−0.008^***	−0.008^***	−0.009^***	−0.009^***
Age	(−5.719)	(−5.715)	(−5.666)	(−6.062)	(−6.45)
Soe	0.002	0.002	0.002	0.000	0.004^**
Soe	(1.362)	(1.351)	(1.411)	(0.278)	(2.31)
Lev	0.018^***	0.018^***	0.018^***	0.016^***	0.018^***
Lev	(3.811)	(3.779)	(3.846)	(3.355)	(4.64)
Size	0.001	0.001	0.001	0.002^**	0.001^*
Size	(1.216)	(1.274)	(1.109)	(2.539)	(1.76)
_cons	−0.011	−0.011	−0.010	−0.039^**	Yes
_cons	(−0.629)	(−0.633)	(−0.552)	(−2.155)	−0.032^**
Industry and Year FE	Yes	Yes	Yes	Yes	(−1.99)
N	25,331	25,331	25,331	24,676	25,331
adj. R2	0.864	0.865	0.865	0.866	0.864
F	1611.695	1629.082	1609.014	1602.318	5033.850

Note(s): Table 11 employs the secondary indicators of digital transformation, intangible asset digital transformation and industry median-adjusted digital transformation as alternative proxy for digital transformation. Column (1)-(3) employs the secondary indicators of digital transformation: digital underlying technology (Tech), digital infrastructure construction (Infra) and digital technology application (App), replacing the digital transformation indicator in Model 2 and repeating the regression. Column (4) uses intangible asset digital transformation as an alternative proxy for digital transformation and repeats regression following Model 2. Column (5) uses industry median-adjusted digital transformation variable (IDT) as an alternative proxy for digital transformation and repeats regression following Model 2. All variable definitions 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

Source(s): Table created by authors

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