Control for company-level fixed effects
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| LnCostR | LnCostR | LnCostR | LnCostR | |
| lnREV | 0.973*** | 0.974*** | 0.972*** | 0.964*** |
| (153.48) | (153.59) | (152.44) | (145.81) | |
| Dec×lnREV | −0.058*** | −0.080*** | −0.079*** | −0.103*** |
| (−4.12) | (−4.43) | (−4.39) | (−2.66) | |
| DT | 0.002** | 0.000 | 0.001 | |
| (1.98) | (0.28) | (0.53) | ||
| Dec×lnREV×DT | 0.015** | 0.016** | 0.021*** | |
| (2.22) | (2.28) | (2.86) | ||
| EInt | −0.003 | |||
| (−1.33) | ||||
| Dec×lnREV×EInt | −0.051*** | |||
| (−5.97) | ||||
| AInt | −0.002* | |||
| (−1.83) | ||||
| Dec×lnREV×AInt | −0.006* | |||
| (−1.87) | ||||
| Sdec | 0.000 | |||
| (0.07) | ||||
| Dec×lnREV×Sdec | 0.010 | |||
| (0.48) | ||||
| GDPgrow | 0.134*** | |||
| (3.62) | ||||
| Dec×lnREV×GDPgrow | 1.835*** | |||
| (5.23) | ||||
| Independ | 0.026 | 0.022 | ||
| (1.13) | (1.00) | |||
| Top1 | −0.011 | −0.010 | ||
| (−0.81) | (−0.77) | |||
| Mshare | 0.013 | 0.014 | ||
| (0.91) | (0.98) | |||
| Dual | 0.000 | 0.000 | ||
| (0.13) | (0.11) | |||
| Age | −0.003 | −0.002 | ||
| (−0.76) | (−0.65) | |||
| Soe | 0.014** | 0.014** | ||
| (2.05) | (2.05) | |||
| Lev | 0.046*** | 0.043*** | ||
| (4.97) | (4.57) | |||
| Size | 0.006** | 0.007*** | ||
| (2.56) | (3.20) | |||
| _cons | 0.007*** | 0.004** | −0.145*** | −0.181*** |
| (5.30) | (2.01) | (−3.28) | (−3.79) | |
| Firm FE | Yes | Yes | Yes | Yes |
| N | 25,331 | 25,331 | 25,331 | 25,331 |
| adj. R2 | 0.859 | 0.859 | 0.860 | 0.861 |
| F | 2.2e+04 | 1.1e+04 | 3936.900 | 2926.592 |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| LnCostR | LnCostR | LnCostR | LnCostR | |
| lnREV | ||||
| (153.48) | (153.59) | (152.44) | (145.81) | |
| Dec×lnREV | ||||
| (−4.12) | (−4.43) | (−4.39) | (−2.66) | |
| DT | 0.000 | 0.001 | ||
| (1.98) | (0.28) | (0.53) | ||
| Dec×lnREV×DT | ||||
| (2.22) | (2.28) | (2.86) | ||
| EInt | −0.003 | |||
| (−1.33) | ||||
| Dec×lnREV×EInt | ||||
| (−5.97) | ||||
| AInt | ||||
| (−1.83) | ||||
| Dec×lnREV×AInt | ||||
| (−1.87) | ||||
| Sdec | 0.000 | |||
| (0.07) | ||||
| Dec×lnREV×Sdec | 0.010 | |||
| (0.48) | ||||
| GDPgrow | ||||
| (3.62) | ||||
| Dec×lnREV×GDPgrow | ||||
| (5.23) | ||||
| Independ | 0.026 | 0.022 | ||
| (1.13) | (1.00) | |||
| Top1 | −0.011 | −0.010 | ||
| (−0.81) | (−0.77) | |||
| Mshare | 0.013 | 0.014 | ||
| (0.91) | (0.98) | |||
| Dual | 0.000 | 0.000 | ||
| (0.13) | (0.11) | |||
| Age | −0.003 | −0.002 | ||
| (−0.76) | (−0.65) | |||
| Soe | ||||
| (2.05) | (2.05) | |||
| Lev | ||||
| (4.97) | (4.57) | |||
| Size | ||||
| (2.56) | (3.20) | |||
| _cons | ||||
| (5.30) | (2.01) | (−3.28) | (−3.79) | |
| Firm FE | Yes | Yes | Yes | Yes |
| 25,331 | 25,331 | 25,331 | 25,331 | |
| adj. | 0.859 | 0.859 | 0.860 | 0.861 |
| F | 2.2e+04 | 1.1e+04 | 3936.900 | 2926.592 |
Note(s): This table presents the regression results of the relationship between corporate digital transformation and cost stickiness. Column (1) reports the examination results of cost stickiness. Column (2) introduces digital transformation (DT) on cost stickiness. Column (3)-(4) introduces economic and firm-level control variables. All variables are defined in Appendix Table 1. All models incorporate controls for industry and year effects
t-values are in parentheses. ***p < 0.01, **p < 0.05 and *p < 0.1