Table 5 Other robustness test results...

Table 5

Other robustness test results

Panel A
Variable	Variable advanced regression	Elimination of the board size	Replacement of key variables
Variable	(1)	(2)	(3)	(4)
Fned	0.821^*	2.040^***	0.309^***	1.010^***
Fned	(1.93)	(3.03)	(4.18)	(5.59)
Size	0.098^*	0.131^***	0.060	0.878^***
Size	(1.75)	(2.98)	(1.53)	(53.59)
Lev	0.450	−0.474	0.356	0.687^***
Lev	(1.01)	(−1.23)	(0.90)	(8.11)
Growth	−0.238^**	−0.139	−0.156	−0.173^***
Growth	(−2.16)	(−0.84)	(−1.56)	(−3.30)
Age	−0.317^**	−0.266	−0.317^**	0.186^***
Age	(−2.28)	(−1.55)	(−2.53)	(7.89)
ROA	2.260^**	1.544	1.313^*	−0.133
ROA	(2.15)	(0.97)	(1.70)	(−0.26)
Board	0.177	1.243	0.147	0.498^***
Board	(0.43)	(1.57)	(0.74)	(2.94)
Indep	0.348	0.827	−0.191	1.270^***
Indep	(0.32)	(0.39)	(−0.33)	(2.73)
Dual	0.199^***	0.210^***	0.219^***	0.011
Dual	(3.31)	(4.14)	(4.90)	(0.54)
Mshare	0.677^***	0.698^***	0.659^***	−0.408^***
Mshare	(4.50)	(3.07)	(6.74)	(−7.53)
FM	1.119^***	0.537	0.662^***	−0.226
FM	(4.97)	(0.46)	(3.02)	(−1.59)
Child	0.155^**	0.275^***	0.208^***	0.017
Child	(2.23)	(3.62)	(5.15)	(1.08)
HT	−0.450^***	−0.291^***	−0.375^***	0.071^***
HT	(−12.18)	(−5.94)	(−8.91)	(3.29)
Law	−0.013	−0.054^**	−0.029^**	−0.017^***
Law	(−1.23)	(−2.25)	(−2.19)	(−4.14)
Year	Y	Y	Y	Y
Industry	Y	Y	Y	Y
Cons	−3.042	−1.919	−1.098	−1.068
Cons	(−1.16)	(−0.99)	(−0.70)	(−1.49)
N	839	610	1,129	1,854
R²	0.456	0.469	0.460	0.698

Panel A
Variable	Variable advanced regression	Elimination of the board size	Replacement of key variables
Variable	(1)	(2)	(3)	(4)
Fned	0.821^*	2.040^***	0.309^***	1.010^***
Fned	(1.93)	(3.03)	(4.18)	(5.59)
Size	0.098^*	0.131^***	0.060	0.878^***
Size	(1.75)	(2.98)	(1.53)	(53.59)
Lev	0.450	−0.474	0.356	0.687^***
Lev	(1.01)	(−1.23)	(0.90)	(8.11)
Growth	−0.238^**	−0.139	−0.156	−0.173^***
Growth	(−2.16)	(−0.84)	(−1.56)	(−3.30)
Age	−0.317^**	−0.266	−0.317^**	0.186^***
Age	(−2.28)	(−1.55)	(−2.53)	(7.89)
ROA	2.260^**	1.544	1.313^*	−0.133
ROA	(2.15)	(0.97)	(1.70)	(−0.26)
Board	0.177	1.243	0.147	0.498^***
Board	(0.43)	(1.57)	(0.74)	(2.94)
Indep	0.348	0.827	−0.191	1.270^***
Indep	(0.32)	(0.39)	(−0.33)	(2.73)
Dual	0.199^***	0.210^***	0.219^***	0.011
Dual	(3.31)	(4.14)	(4.90)	(0.54)
Mshare	0.677^***	0.698^***	0.659^***	−0.408^***
Mshare	(4.50)	(3.07)	(6.74)	(−7.53)
FM	1.119^***	0.537	0.662^***	−0.226
FM	(4.97)	(0.46)	(3.02)	(−1.59)
Child	0.155^**	0.275^***	0.208^***	0.017
Child	(2.23)	(3.62)	(5.15)	(1.08)
HT	−0.450^***	−0.291^***	−0.375^***	0.071^***
HT	(−12.18)	(−5.94)	(−8.91)	(3.29)
Law	−0.013	−0.054^**	−0.029^**	−0.017^***
Law	(−1.23)	(−2.25)	(−2.19)	(−4.14)
Year	Y	Y	Y	Y
Industry	Y	Y	Y	Y
Cons	−3.042	−1.919	−1.098	−1.068
Cons	(−1.16)	(−0.99)	(−0.70)	(−1.49)
N	839	610	1,129	1,854
R²	0.456	0.469	0.460	0.698

Panel B
Variable	Fned	Fned_BV
Fned	1
Fned_BV	0.223^***	1

Panel B
Fned	1
Fned_BV	0.223^***	1

Note(s): This table reports the results of other robustness tests. Column (1) in Panel A shows the result of variable advanced regression. Column (2) in Panel A shows the result of the elimination of the board size. Columns (3) and (4) in Panel A show the results of the replacement of the key variables. Panel B lists the correlation of between the proxy variable (dependent variable, Fned) and the replacement variable of robot adoption (Fned_BV). We report t-statistics in parentheses. All models include year and industry-fixed effects. *, ** and *** indicate two-tailed statistical significance at the 10%, 5% and 1% levels, respectively. All variables are defined in Appendix

Source(s): Table by authors

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