Note(s): This table examines whether the relationship between enterprise digital development and capacity utilization varies with industry homogeneity. We distinguish industries into two groups of high and low industry homogeneity based on the sample median value. 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 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