Table 11

Other robustness tests: Alternative measures of key variables

(1)(2)(3)
COMMEmp_SatisfactiontwoEmp_Satisfaction
Digital0.044*0.008* 
(1.95)(1.86) 
Digital_Dummy  0.026**
  (2.02)
Size0.055*0.024***0.026***
(1.86)(3.33)(3.48)
Age0.004−0.003−0.011
(0.12)(0.35)(1.40)
LEV−0.254−0.074*−0.041
(1.39)(1.88)(0.99)
ROA−0.1840.203**0.257**
(0.42)(2.08)(2.53)
NCF0.767*0.035−0.003
(1.70)(0.36)(0.03)
SOE0.102*−0.031**0.005
(1.89)(2.34)(0.35)
RD0.275−0.0380.068
(0.60)(0.31)(0.51)
LaborInt0.695−0.223−0.262
(0.76)(1.14)(1.29)
AEP0.289***0.018*0.025***
(4.42)(1.82)(2.66)
HHI −0.019−0.002
 (0.16)(0.02)
constant−1.777**−0.0650.027
(2.35)(0.53)(0.21)
Adj. R20.1890.0230.019
Year effectsNYY
Industry effectsYYY
N4446,1186,118

Note(s): Table 11 reports the results of using alternative measures of corporate digital transformation and employee satisfaction. Column (1) reports the results using COMM as the alternative measure of employee satisfaction. Column (2) reports the results using Emp_Satisfactiontwo as the alternative measure of employee satisfaction. Column (3) reports the results using Digital_Dummy as the alternative measure of corporate digital transformation. All variables are defined in  Appendix. Year and industry fixed effects are included. Robust standard errors are clustered at the firm level. T-statistics are in brackets below the coefficient. *, **, *** indicate statistical significance at the 10, 5, and 1% levels, respectively

Source(s): Authors’ own work

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