Table 10 The spillover effect on peers...

Table 10

The spillover effect on peers and firms in supply chain

	CU
	Spillover effect on peers		Spillover effect on supply chain
	(1)	(2)	(3)	(4)
Peer_DigitalW	4.525**
Peer_DigitalW	(2.22)
Peer_DigitalS		0.244*
Peer_DigitalS		(1.89)
Supplychain_DigitalW			5.706**
Supplychain_DigitalW			(2.52)
Supplychain_DigitalS				0.315**
Supplychain_DigitalS				(2.16)
DigitalW	6.112***		1.602**
DigitalW	(2.78)		(2.02)
DigitalS		0.351**		0.105**
DigitalS		(2.52)		(2.10)
Size	−0.097***	−0.097***	−0.109***	−0.109***
Size	(−7.37)	(−7.39)	(−8.86)	(−8.86)
Leverage	0.265***	0.265***	0.269***	0.269***
Leverage	(8.12)	(8.12)	(8.79)	(8.78)
ROA	0.808***	0.809***	0.830***	0.831***
ROA	(18.38)	(18.39)	(19.28)	(19.28)
CFO	0.464***	0.464***	0.434***	0.434***
CFO	(11.22)	(11.24)	(10.90)	(10.92)
TFP	0.085***	0.085***	0.121***	0.121***
TFP	(12.88)	(12.87)	(16.67)	(16.67)
Employee	0.005	0.005	0.002	0.001
Employee	(0.39)	(0.39)	(0.15)	(0.14)
Age	0.217***	0.217***	0.210***	0.210***
Age	(3.81)	(3.79)	(3.99)	(3.98)
BSize	0.018	0.018	0.018*	0.017
BSize	(1.64)	(1.63)	(1.65)	(1.63)
IndR	0.009	0.009	0.009	0.008
IndR	(0.31)	(0.30)	(0.31)	(0.30)
SH1	0.073	0.071	0.058	0.058
SH1	(1.14)	(1.12)	(0.99)	(0.98)
SOE	−0.020	−0.020	−0.020	−0.019
SOE	(−0.98)	(−0.97)	(−1.00)	(−0.99)
HHI	−0.142**	−0.142**	0.067	0.068
HHI	(−2.47)	(−2.47)	(1.28)	(1.30)
Constant	0.767***	0.776***	0.554**	0.560**
Constant	(2.67)	(2.69)	(2.05)	(2.07)
Firm FEs	Yes	Yes	Yes	Yes
Year FEs	Yes	Yes	Yes	Yes
N	26,966	26,966	21,427	21,427
Adj. R²	0.791	0.791	0.799	0.799

	CU
	Spillover effect on peers		Spillover effect on supply chain
	(1)	(2)	(3)	(4)
Peer_DigitalW	4.525**
Peer_DigitalW	(2.22)
Peer_DigitalS		0.244*
Peer_DigitalS		(1.89)
Supplychain_DigitalW			5.706**
Supplychain_DigitalW			(2.52)
Supplychain_DigitalS				0.315**
Supplychain_DigitalS				(2.16)
DigitalW	6.112***		1.602**
DigitalW	(2.78)		(2.02)
DigitalS		0.351**		0.105**
DigitalS		(2.52)		(2.10)
Size	−0.097***	−0.097***	−0.109***	−0.109***
Size	(−7.37)	(−7.39)	(−8.86)	(−8.86)
Leverage	0.265***	0.265***	0.269***	0.269***
Leverage	(8.12)	(8.12)	(8.79)	(8.78)
ROA	0.808***	0.809***	0.830***	0.831***
ROA	(18.38)	(18.39)	(19.28)	(19.28)
CFO	0.464***	0.464***	0.434***	0.434***
CFO	(11.22)	(11.24)	(10.90)	(10.92)
TFP	0.085***	0.085***	0.121***	0.121***
TFP	(12.88)	(12.87)	(16.67)	(16.67)
Employee	0.005	0.005	0.002	0.001
Employee	(0.39)	(0.39)	(0.15)	(0.14)
Age	0.217***	0.217***	0.210***	0.210***
Age	(3.81)	(3.79)	(3.99)	(3.98)
BSize	0.018	0.018	0.018*	0.017
BSize	(1.64)	(1.63)	(1.65)	(1.63)
IndR	0.009	0.009	0.009	0.008
IndR	(0.31)	(0.30)	(0.31)	(0.30)
SH1	0.073	0.071	0.058	0.058
SH1	(1.14)	(1.12)	(0.99)	(0.98)
SOE	−0.020	−0.020	−0.020	−0.019
SOE	(−0.98)	(−0.97)	(−1.00)	(−0.99)
HHI	−0.142**	−0.142**	0.067	0.068
HHI	(−2.47)	(−2.47)	(1.28)	(1.30)
Constant	0.767***	0.776***	0.554**	0.560**
Constant	(2.67)	(2.69)	(2.05)	(2.07)
Firm FEs	Yes	Yes	Yes	Yes
Year FEs	Yes	Yes	Yes	Yes
N	26,966	26,966	21,427	21,427
Adj. R²	0.791	0.791	0.799	0.799

Note(s): This table presents the regression results of the spillover effect of capacity utilization on enterprise digital development. The dependent variable is capacity utilization (CU). The key independent variables are peer firms’ or supply-chain firms’ digital development, Peer_DigitalW (Peer_DigitalS) and Supplychain_DigitalW (Supplychain_DigitalS). Focal firms’ digital development proxies are 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

[ViewLarge]

Sharing Unavailable