Table 3 Propensity score match Panel A:...

Table 3

Propensity score match

Panel A: Summary statistics after matching
Variables	HDigital (N = 8972)		LDigital (N = 8972)		Mean diff	Median diff
Variables	Mean	Median	Mean	Median	Mean diff	Median diff
Size	22.211	22.042	22.213	22.051	−0.002	−0.008
Leverage	0.421	0.415	0.422	0.410	−0.001	0.005
ROA	0.052	0.046	0.053	0.043	−0.001	0.003
CFO	0.046	0.047	0.046	0.044	0.001	0.002
TFP	14.590	14.410	14.591	14.372	−0.001	0.039
Employee	7.788	7.739	7.792	7.712	−0.004	0.027
Age	2.904	2.944	2.905	2.944	0.000	0.000
BSize	2.285	2.303	2.282	2.303	0.003	0.000
IndR	0.384	0.364	0.384	0.364	0.000	0.000
SH1	0.342	0.321	0.343	0.319	−0.001	0.002
SOE	0.325	0.000	0.327	0.000	−0.002	0.000
HHI	0.047	0.037	0.047	0.037	0.000	0.000

Panel A: Summary statistics after matching
Variables	HDigital (N = 8972)		LDigital (N = 8972)		Mean diff	Median diff
Variables	Mean	Median	Mean	Median	Mean diff	Median diff
Size	22.211	22.042	22.213	22.051	−0.002	−0.008
Leverage	0.421	0.415	0.422	0.410	−0.001	0.005
ROA	0.052	0.046	0.053	0.043	−0.001	0.003
CFO	0.046	0.047	0.046	0.044	0.001	0.002
TFP	14.590	14.410	14.591	14.372	−0.001	0.039
Employee	7.788	7.739	7.792	7.712	−0.004	0.027
Age	2.904	2.944	2.905	2.944	0.000	0.000
BSize	2.285	2.303	2.282	2.303	0.003	0.000
IndR	0.384	0.364	0.384	0.364	0.000	0.000
SH1	0.342	0.321	0.343	0.319	−0.001	0.002
SOE	0.325	0.000	0.327	0.000	−0.002	0.000
HHI	0.047	0.037	0.047	0.037	0.000	0.000

Panel B: Regression result
	CU
	(1)	(2)
DigitalW	1.669*
DigitalW	(1.83)
DigitalS		0.125**
DigitalS		(2.24)
Size	−0.094***	−0.094***
Size	(−5.83)	(−5.86)
Leverage	0.261***	0.261***
Leverage	(6.91)	(6.90)
ROA	0.786***	0.786***
ROA	(14.12)	(14.12)
CFO	0.462***	0.462***
CFO	(9.04)	(9.05)
TFP	0.083***	0.083***
TFP	(10.98)	(10.96)
Employee	−0.002	−0.002
Employee	(−0.15)	(−0.16)
Age	0.185***	0.184***
Age	(2.95)	(2.92)
BSize	0.012	0.011
BSize	(0.80)	(0.78)
IndR	0.012	0.012
IndR	(0.31)	(0.32)
SH1	0.018	0.018
SH1	(0.27)	(0.27)
SOE	0.010	0.010
SOE	(0.36)	(0.37)
HHI	−0.176***	−0.176***
HHI	(−2.69)	(−2.68)
Constant	0.997***	1.009***
Constant	(3.21)	(3.25)
Firm FEs	Yes	Yes
Year FEs	Yes	Yes
N	17,944	17,944
Adj. R²	0.790	0.790

Panel B: Regression result
	CU
	(1)	(2)
DigitalW	1.669*
DigitalW	(1.83)
DigitalS		0.125**
DigitalS		(2.24)
Size	−0.094***	−0.094***
Size	(−5.83)	(−5.86)
Leverage	0.261***	0.261***
Leverage	(6.91)	(6.90)
ROA	0.786***	0.786***
ROA	(14.12)	(14.12)
CFO	0.462***	0.462***
CFO	(9.04)	(9.05)
TFP	0.083***	0.083***
TFP	(10.98)	(10.96)
Employee	−0.002	−0.002
Employee	(−0.15)	(−0.16)
Age	0.185***	0.184***
Age	(2.95)	(2.92)
BSize	0.012	0.011
BSize	(0.80)	(0.78)
IndR	0.012	0.012
IndR	(0.31)	(0.32)
SH1	0.018	0.018
SH1	(0.27)	(0.27)
SOE	0.010	0.010
SOE	(0.36)	(0.37)
HHI	−0.176***	−0.176***
HHI	(−2.69)	(−2.68)
Constant	0.997***	1.009***
Constant	(3.21)	(3.25)
Firm FEs	Yes	Yes
Year FEs	Yes	Yes
N	17,944	17,944
Adj. R²	0.790	0.790

Note(s): This table presents the regression results of capacity utilization on enterprise digital development using a PSM sample. Panel A reports the summary statistics of the main variables after matching. Panel B presents the regression results of capacity utilization on enterprise digital development using a PSM sample. 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. Variable definitions are presented in Appendix 2. Continuous variables are winsorized at the 1and 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

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