Table 8. Robustness test results...

Table 8.

Robustness test results (digital strategy orientation as dependent variable)

	DSO
Variables	Model 27	Model 28	Model 29	Model 30	Model 31	Model 32	Model 33	Model 34	Model 35
EstYear	−0.086 (0.102)	−0.055 (0.100)	−0.032 (0.097)	−0.077 (0.099)	−0.050 (0.097)	−0.076 (0.098)	−0.049 (0.096)	−0.050 (0.097)	−0.033 (0.096)
EmpSize	0.058 (0.131)	0.067 (0.127)	0.073 (0.123)	0.048 (0.127)	0.058 (0.123)	0.022 (0.126)	0.036 (0.123)	0.029 (0.124)	0.042 (0.122)
Reve	−0.070 (0.087)	−0.056 (0.085)	−0.066 (0.082)	−0.043 (0.085)	−0.056 (0.083)	−0.048 (0.084)	−0.058 (0.082)	−0.010 (0.083)	−0.028 (0.082)
Natu	0.081 (0.136)	0.032 (0.134)	0.033 (0.130)	0.051 (0.132)	0.049 (0.129)	0.072 (0.131)	0.064 (0.127)	0.063 (0.129)	0.059 (0.127)
Indus	0.093 (0.094)	0.095 (0.091)	0.093 (0.088)	0.085 (0.091)	0.086 (0.088)	0.085 (0.090)	0.085 (0.087)	0.095 (0.089)	0.093 (0.087)
Edu	−0.039 (0.107)	−0.032 (0.104)	−0.014 (0.101)	−0.012 (0.104)	0.001 (0.101)	0.014 (0.104)	0.024 (0.101)	−0.016 (0.101)	−0.005 (0.100)
WYear	0.070 (0.122)	0.092 (0.118)	0.080 (0.115)	0.056 (0.117)	0.052 (0.115)	0.077 (0.116)	0.069 (0.113)	0.055 (0.115)	0.052 (0.113)
MO		0.261*** (0.068)	0.204*** (0.068)
TO				0.268*** (0.061)	0.205*** (0.061)
HC						0.299*** (0.069)	0.245*** (0.069)
OC								0.335*** (0.063)	0.266*** (0.066)
SC			0.238*** (0.054)		0.232*** (0.055)		0.230*** (0.054)		0.193** (0.056)
R²	0.03	0.096	0.148	0.1	0.149	0.117	0.165	0.138	0.17
ΔR²	0.03	0.066	0.052	0.07	0.049	0.086	0.049	0.108	0.032
Adjust R²	0.004	0.068	0.118	0.072	0.119	0.089	0.136	0.112	0.141
F	1.160	3.434***	4.982***	3.598***	5.004***	4.273***	5.681***	5.199***	5.876***

	DSO
Variables	Model 27	Model 28	Model 29	Model 30	Model 31	Model 32	Model 33	Model 34	Model 35
EstYear	−0.086 (0.102)	−0.055 (0.100)	−0.032 (0.097)	−0.077 (0.099)	−0.050 (0.097)	−0.076 (0.098)	−0.049 (0.096)	−0.050 (0.097)	−0.033 (0.096)
EmpSize	0.058 (0.131)	0.067 (0.127)	0.073 (0.123)	0.048 (0.127)	0.058 (0.123)	0.022 (0.126)	0.036 (0.123)	0.029 (0.124)	0.042 (0.122)
Reve	−0.070 (0.087)	−0.056 (0.085)	−0.066 (0.082)	−0.043 (0.085)	−0.056 (0.083)	−0.048 (0.084)	−0.058 (0.082)	−0.010 (0.083)	−0.028 (0.082)
Natu	0.081 (0.136)	0.032 (0.134)	0.033 (0.130)	0.051 (0.132)	0.049 (0.129)	0.072 (0.131)	0.064 (0.127)	0.063 (0.129)	0.059 (0.127)
Indus	0.093 (0.094)	0.095 (0.091)	0.093 (0.088)	0.085 (0.091)	0.086 (0.088)	0.085 (0.090)	0.085 (0.087)	0.095 (0.089)	0.093 (0.087)
Edu	−0.039 (0.107)	−0.032 (0.104)	−0.014 (0.101)	−0.012 (0.104)	0.001 (0.101)	0.014 (0.104)	0.024 (0.101)	−0.016 (0.101)	−0.005 (0.100)
WYear	0.070 (0.122)	0.092 (0.118)	0.080 (0.115)	0.056 (0.117)	0.052 (0.115)	0.077 (0.116)	0.069 (0.113)	0.055 (0.115)	0.052 (0.113)
MO		0.261*** (0.068)	0.204*** (0.068)
TO				0.268*** (0.061)	0.205*** (0.061)
HC						0.299*** (0.069)	0.245*** (0.069)
OC								0.335*** (0.063)	0.266*** (0.066)
SC			0.238*** (0.054)		0.232*** (0.055)		0.230*** (0.054)		0.193** (0.056)
R²	0.03	0.096	0.148	0.1	0.149	0.117	0.165	0.138	0.17
ΔR²	0.03	0.066	0.052	0.07	0.049	0.086	0.049	0.108	0.032
Adjust R²	0.004	0.068	0.118	0.072	0.119	0.089	0.136	0.112	0.141
F	1.160	3.434***	4.982***	3.598***	5.004***	4.273***	5.681***	5.199***	5.876***

Notes:

*, **, *** mean p < 0.05; p < 0.01 and p < 0.001, respectively. The regression coefficients in the table are all the standardized regression coefficients, and the standard errors are in parentheses

Source: This table is created by the authors

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