Mediation test for human capital structure
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Hcs | Explore | Exploit | Balance | |
| Digital | 0.035*** (0.004) | 0.180*** (0.030) | 0.100*** (0.028) | 0.060*** (0.015) |
| Hcs | 1.337*** (0.169) | 0.392** (0.167) | 0.387** (0.075) | |
| Constant term | 0.143*** (0.041) | −0.081 (0.344) | 0.404 (0.337) | 1.004*** (0.147) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 15,156 | 15,156 | 15,156 | 15,156 |
| Adjusted R2 | 0.455 | 0.266 | 0.297 | 0.149 |
| Sobel test | 14.655*** | 5.592*** | 8.978*** | |
| Bootstrap mediation confidence interval of effect | [0.151, 0.207] | [0.073, 0.128] | [0.043, 0.076] |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| 0.035*** (0.004) | 0.180*** (0.030) | 0.100*** (0.028) | 0.060*** (0.015) | |
| 1.337*** (0.169) | 0.392** (0.167) | 0.387** (0.075) | ||
| Constant term | 0.143*** (0.041) | −0.081 (0.344) | 0.404 (0.337) | 1.004*** (0.147) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 15,156 | 15,156 | 15,156 | 15,156 |
| Adjusted | 0.455 | 0.266 | 0.297 | 0.149 |
| Sobel test | 14.655*** | 5.592*** | 8.978*** | |
| Bootstrap mediation confidence interval of effect | [0.151, 0.207] | [0.073, 0.128] | [0.043, 0.076] |
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