Digital transformation and the ambidextrous innovation of firms
| Variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Explore | Explore | Exploit | Exploit | Balance | Balance | |
| Digital | 0.228*** (0.027) | 0.230*** (0.027) | 0.133*** (0.025) | 0.139*** (0.025) | 0.081*** (0.013) | 0.078*** (0.013) |
| Age | −0.165*** (0.049) | −0.224*** (0.051) | −0.209*** (0.024) | |||
| Lev | 0.558*** (0.103) | 0.471*** (0.102) | −0.009 (0.051) | |||
| Top1 | 0.552*** (0.154) | 0.671*** (0.156) | 0.151** (0.076) | |||
| Indep | 0.218 (0.388) | 0.006 (0.374) | −0.427** (0.185) | |||
| Cash | 1.941*** (0.222) | 2.009*** (0.228) | 0.473*** (0.116) | |||
| Grow | −0.023** (0.010) | −0.046*** (0.010) | −0.003 (0.006) | |||
| Dual | −0.097** (0.044) | −0.064 (0.046) | −0.027 (0.023) | |||
| Fixed | −0.065 (0.149) | 0.190 (0.149) | 0.013 (0.071) | |||
| Board | 0.232*** (0.077) | 0.163** (0.077) | 0.017 (0.033) | |||
| Constant term | 0.981*** (0.033) | 0.283 (0.294) | 1.098*** (0.032) | 0.733*** (0.289) | 0.558*** (0.017) | 1.149*** (0.129) |
| Industry/year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Sample size | 20,978 | 20,978 | 20,978 | 20,978 | 20,978 | 20,978 |
| Adjusted R² | 0.218 | 0.237 | 0.270 | 0.291 | 0.130 | 0.147 |
| Variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| 0.228 | 0.230 | 0.133 | 0.139 | 0.081 | 0.078 | |
| −0.165 | −0.224 | −0.209 | ||||
| 0.558 | 0.471 | −0.009 (0.051) | ||||
| 0.552 | 0.671 | 0.151 | ||||
| 0.218 (0.388) | 0.006 (0.374) | −0.427 | ||||
| 1.941 | 2.009 | 0.473 | ||||
| −0.023 | −0.046 | −0.003 (0.006) | ||||
| −0.097 | −0.064 (0.046) | −0.027 (0.023) | ||||
| −0.065 (0.149) | 0.190 (0.149) | 0.013 (0.071) | ||||
| 0.232 | 0.163 | 0.017 (0.033) | ||||
| Constant term | 0.981 | 0.283 (0.294) | 1.098 | 0.733 | 0.558 | 1.149 |
| Industry/year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Sample size | 20,978 | 20,978 | 20,978 | 20,978 | 20,978 | 20,978 |
| Adjusted | 0.218 | 0.237 | 0.270 | 0.291 | 0.130 | 0.147 |
p indicates the level of significance, with *, ** and *** denoting p < 0.1, p < 0.05 and p < 0.01, respectively. Standard errors clustered at the firm level are reported in parentheses. The same notation applies to all subsequent tables
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