Note(s): This table presents the regression results of capacity utilization on enterprise digital development. The dependent variable is capacity utilization (CU). The key independent variables are enterprise digital development proxies, DigitalW and DigitalS. Control variables include Size, Leverage, ROA, CFO, TFP, Employee, Age, BSize, IndR, SH1, SOE and HHI. Regressions in columns 1 and 3 exclude firm-level controls and regressions in columns 2 and 4 include firm-level controls. Variable definitions are presented in  Appendix 2. Continuous variables are winsorized at the 1 and 99% levels. Standard errors are all heteroscedastic, robust and clustered at the firm level. ∗, ∗∗ and ∗∗∗ indicate statistical significance at the 10, 5 and 1% levels, respectively, using a two-tailed t-test

Source(s): Authors’ own work