Table 2

Operationalization of the variables

VariableSourceOperationalizationScale
Digital orientationAnnual reportsNumber of mentions of digital related keywords in the annual reports (measured for 2019)Nominal
Digital intensityAnnual reportsNumber of digital transformation areas (strategy, leadership, organization and culture, customers, products and services, technology, production and processes, supply chain and employees) covered in the annual reports (measured for 2019)Scale from 1 to 9
Digital maturityAnnual reportsLevel of digital transformation maturity based on content analysis of the initiatives described in annual reports (measured for 2019)Scale from 1 to 4
Net profitFinancial statementsDirectly extracted from the database (measured for 2019)Continuous
Operating profitFinancial statementsDirectly extracted from the database (measured for 2019)Continuous

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