Mediation test for internal control costs
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Icc | Explore | Exploit | Balance | |
| Digital | −0.005*** (0.001) | 0.223*** (0.027) | 0.129*** (0.025) | 0.076*** (0.013) |
| Icc | −1.380*** (0.220) | −1.796*** (0.202) | −0.359*** (0.117) | |
| Constant term | 0.124*** (0.013) | 0.449 (0.289) | 0.955*** (0.284) | 1.191*** (0.128) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 20,978 | 20,978 | 20,978 | 20,978 |
| Adjusted R2 | 0.246 | 0.242 | 0.297 | 0.148 |
| Sobel test | 6.567*** | 7.062*** | 4.108*** | |
| Bootstrap mediation confidence interval of effect | [0.198, 0.249] | [0.109, 0.151] | [0.060, 0.090] |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| −0.005*** (0.001) | 0.223*** (0.027) | 0.129*** (0.025) | 0.076*** (0.013) | |
| −1.380*** (0.220) | −1.796*** (0.202) | −0.359*** (0.117) | ||
| Constant term | 0.124*** (0.013) | 0.449 (0.289) | 0.955*** (0.284) | 1.191*** (0.128) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 20,978 | 20,978 | 20,978 | 20,978 |
| Adjusted | 0.246 | 0.242 | 0.297 | 0.148 |
| Sobel test | 6.567*** | 7.062*** | 4.108*** | |
| Bootstrap mediation confidence interval of effect | [0.198, 0.249] | [0.109, 0.151] | [0.060, 0.090] |
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