Mediation test for investment decision quality
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Idq | Explore | Exploit | Balance | |
| Digital | −0.001** (0.001) | 0.237*** (0.031) | 0.142*** (0.027) | 0.074*** (0.015) |
| Idq | −1.382*** (0.241) | −1.207*** (0.252) | −0.449*** (0.138) | |
| Constant term | 0.035*** (0.007) | 0.330 (0.302) | 0.849*** (0.298) | 1.116*** (0.135) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 18,228 | 18,228 | 18,228 | 18,228 |
| Adjusted R2 | 0.065 | 0.247 | 0.301 | 0.143 |
| Sobel test | 2.759*** | 2.714*** | 2.394** | |
| Bootstrap mediation confidence interval of effect | [0.213, 0.270] | [0.115, 0.170] | [0.057, 0.092] |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| −0.001** (0.001) | 0.237*** (0.031) | 0.142*** (0.027) | 0.074*** (0.015) | |
| −1.382*** (0.241) | −1.207*** (0.252) | −0.449*** (0.138) | ||
| Constant term | 0.035*** (0.007) | 0.330 (0.302) | 0.849*** (0.298) | 1.116*** (0.135) |
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 18,228 | 18,228 | 18,228 | 18,228 |
| Adjusted | 0.065 | 0.247 | 0.301 | 0.143 |
| Sobel test | 2.759*** | 2.714*** | 2.394** | |
| Bootstrap mediation confidence interval of effect | [0.213, 0.270] | [0.115, 0.170] | [0.057, 0.092] |
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