Technological attribute heterogeneity analysis
| Variable | Explore | Exploit | Balance | |||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| High-tech enterprises | Non-high-tech enterprises | High-tech enterprises | Non-high-tech enterprises | High-tech enterprises | Non-high-tech enterprises | |
| Digital | 0.292*** (0.045) | 0.132*** (0.033) | 0.187*** (0.041) | 0.085*** (0.030) | 0.044*** (0.019) | 0.106*** (0.021) |
| Constant term | 0.305 (0.454) | 0.651* (0.334) | 0.904** (0.448) | 1.138*** (0.332) | 1.611*** (0.189) | 0.685*** (0.181) |
| Control variable | Control | Control | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Sample size | 10,262 | 9,306 | 10,262 | 9,306 | 10,262 | 9,306 |
| Adjusted R2 | 0.132 | 0.242 | 0.249 | 0.244 | 0.040 | 0.230 |
| Component difference coefficient | −0.161*** | −0.101*** | 0.062*** | |||
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| High-tech enterprises | Non-high-tech enterprises | High-tech enterprises | Non-high-tech enterprises | High-tech enterprises | Non-high-tech enterprises | |
| 0.292*** (0.045) | 0.132*** (0.033) | 0.187*** (0.041) | 0.085*** (0.030) | 0.044*** (0.019) | 0.106*** (0.021) | |
| Constant term | 0.305 (0.454) | 0.651* (0.334) | 0.904** (0.448) | 1.138*** (0.332) | 1.611*** (0.189) | 0.685*** (0.181) |
| Control variable | Control | Control | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Sample size | 10,262 | 9,306 | 10,262 | 9,306 | 10,262 | 9,306 |
| Adjusted | 0.132 | 0.242 | 0.249 | 0.244 | 0.040 | 0.230 |
| Component difference coefficient | −0.161*** | −0.101*** | 0.062*** | |||
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