Table 14. Industry heterogeneity... | Emerald Publishing

Table 14.

Industry heterogeneity analysis

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	Manufacturing enterprises	Non-manufacturing enterprises	Manufacturing enterprises	Non-manufacturing enterprises	Manufacturing enterprises	Non-manufacturing enterprises
Digital	0.286*** (0.044)	0.190*** (0.035)	0.216*** (0.042)	0.068*** (0.026)	0.056*** (0.019)	0.108*** (0.023)
Constant term	0.407 (0.406)	0.051 (0.380)	0.915** (0.414)	0.333 (0.342)	1.599*** (0.178)	0.344* (0.192)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	12,530	7,034	12,530	7,034	12,530	7,034
Adjusted R²	0.128	0.243	0.211	0.184	0.057	0.202
Component difference coefficient	−0.096***		−0.148***		0.053***

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	Manufacturing enterprises	Non-manufacturing enterprises	Manufacturing enterprises	Non-manufacturing enterprises	Manufacturing enterprises	Non-manufacturing enterprises
Digital	0.286*** (0.044)	0.190*** (0.035)	0.216*** (0.042)	0.068*** (0.026)	0.056*** (0.019)	0.108*** (0.023)
Constant term	0.407 (0.406)	0.051 (0.380)	0.915** (0.414)	0.333 (0.342)	1.599*** (0.178)	0.344* (0.192)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	12,530	7,034	12,530	7,034	12,530	7,034
Adjusted R²	0.128	0.243	0.211	0.184	0.057	0.202
Component difference coefficient	−0.096***		−0.148***		0.053***

Source(s): Table created by the authors