Table 16. Institutional environment... | Emerald Publishing

Table 16.

Institutional environment heterogeneity analysis

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	Good institutional environment	Poor institutional environment	Good institutional environment	Poor institutional environment	Good institutional environment	Poor institutional environment
Digital	0.214*** (0.030)	0.270*** (0.044)	0.114*** (0.028)	0.213*** (0.039)	0.068*** (0.015)	0.099*** (0.022)
Constant term	0.078 (0.383)	0.552 (0.363)	0.720* (0.374)	0.797** (0.362)	1.048*** (0.181)	1.289*** (0.161)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	10,610	10,368	10,610	10,368	10,610	10,368
Adjusted R²	0.246	0.241	0.286	0.315	0.144	0.164
Component difference coefficient	0.056**		0.100***		0.031**

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	Good institutional environment	Poor institutional environment	Good institutional environment	Poor institutional environment	Good institutional environment	Poor institutional environment
Digital	0.214*** (0.030)	0.270*** (0.044)	0.114*** (0.028)	0.213*** (0.039)	0.068*** (0.015)	0.099*** (0.022)
Constant term	0.078 (0.383)	0.552 (0.363)	0.720* (0.374)	0.797** (0.362)	1.048*** (0.181)	1.289*** (0.161)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	10,610	10,368	10,610	10,368	10,610	10,368
Adjusted R²	0.246	0.241	0.286	0.315	0.144	0.164
Component difference coefficient	0.056**		0.100***		0.031**

Source(s): Table created by the authors