Table 17. Digital environment... | Emerald Publishing

Table 17.

Digital environment heterogeneity analysis

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	High digital economy level	Low digital economy level	High digital economy level	Low digital economy level	High digital economy level	Low digital economy level
Digital	0.235*** (0.039)	0.209*** (0.039)	0.128*** (0.034)	0.093*** (0.034)	0.078*** (0.019)	0.077*** (0.021)
Constant term	0.249 (0.406)	0.299 (0.416)	0.858** (0.403)	0.616 (0.420)	1.353*** (0.196)	0.585*** (0.213)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	8,990	7,801	8,990	7,801	8,990	7,801
Adjusted R²	0.254	0.268	0.313	0.309	0.157	0.155
Component difference coefficient	−0.027		−0.035**		−0.001

Variable	Explore		Exploit		Balance
	(1)	(2)	(3)	(4)	(5)	(6)
	High digital economy level	Low digital economy level	High digital economy level	Low digital economy level	High digital economy level	Low digital economy level
Digital	0.235*** (0.039)	0.209*** (0.039)	0.128*** (0.034)	0.093*** (0.034)	0.078*** (0.019)	0.077*** (0.021)
Constant term	0.249 (0.406)	0.299 (0.416)	0.858** (0.403)	0.616 (0.420)	1.353*** (0.196)	0.585*** (0.213)
Control variable	Control	Control	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Sample size	8,990	7,801	8,990	7,801	8,990	7,801
Adjusted R²	0.254	0.268	0.313	0.309	0.157	0.155
Component difference coefficient	−0.027		−0.035**		−0.001

Source(s): Table created by the authors