The Mechanism of Enterprise Digital Transformation on Resilience from the Perspective of Financial Sustainability
Abstract
:1. Introduction
2. Theoretical Background and Hypotheses
2.1. Digital Transformation and Financial Resilience
2.2. The Mechanism Variable of Corporate Governance
2.3. The Mechanism Variable of Financial Constraints
2.4. The Mechanism Variable of Operation Risk
3. Research Methods
3.1. Data and Research Sample
3.2. Variables
3.2.1. Dependent Variables
3.2.2. Independent Variable
3.2.3. Mechanism Variables
3.2.4. Moderating Variables
3.2.5. Control Variables
3.3. Empirical Model
4. Empirical Results and Analysis
4.1. Descriptive Statistics
4.2. Baseline Regression Results
4.3. Mechanism Tests
4.3.1. Mechanism Test: Corporate Governance and Analyst Coverage
4.3.2. Mechanism Test: Financial Constraints
4.3.3. Mechanism Test: Operation Risk
5. Further Discussion
5.1. The Moderating Effect Analysis
5.1.1. Executives with a Digital Background
5.1.2. The Nature of Ownership
5.1.3. The Nature of High–Tech and Non–High–Tech Companies
5.2. Robustness Tests
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Type of Variables | Variable | Definition |
---|---|---|
Dependent variable | DT | Natural logarithm of the total number of keyword frequencies, including those of five technologies, plus one. |
Independent variables | decline_OR | decline_OR = (ORpre − ORafter)/ORpre, where OR is the operating revenue. |
decline_ROA | decline_ROA = (ROApre − ROAafter)/ROApre, where ROA is calculated as net profit divided by average total assets. | |
decline_ROE | decline_ROE = (ROEpre − ROEafter)/ROEpre, where ROE is calculated as net profit divided by the average total owner’s equity. | |
Mechanism Variables | GCL | Internal corporate governance is measured by using principal component analysis to construct comprehensive indicators from the proportion of independent directors, the size of the board of directors, the proportion of institutional shareholding, equity balance degree, the compensation of TMT, the proportion of the executives’ shareholding, and CEO–chairman of the board duality. |
Analyst | The number of analysts or analyst groups that follow the company throughout the year. | |
WW | It measures financial constraints by employing the model from Whited and Wu (2006) [36] that constructs an index of firms’ external finance constraints via the generalized method of moments (GMM) estimation of an investment Euler equation. | |
CFV | Cash flow volatility is measured by the Standard deviation of cash flows from year t−2 to year. | |
Moderating variables | Digital–exe or Non–digital–exe | If an executive in a company has a background or experience in digital technology, the company is marked as Digital–exe. Otherwise, it is marked as Non–digital–exe. |
SOE or Non–SOE | If the company is a state–owned enterprise, the company is marked as SOE. Otherwise, it is marked as Non–SOE. | |
High–tech or Non–high–tech | If the company is in high–tech industries, it is marked as High–tech. Otherwise, it is marked as Non–high–tech. | |
Control variables | SIZE | Natural logarithm of total assets. |
Cashflow | Cash flow from operating activities is divided by total assets. | |
REC | Net Receivables divided by total assets. | |
INV | Net inventory divided by total assets. | |
ListAge | Natural logarithm of the number of years since a firm’s initial public offering plus 1. | |
Top 5 | The percentage of shares held by the largest five shareholders (decimal) divided by total shares. | |
SOE | A dummy variable that equals 1 if the firm is a state–owned enterprise, and 0 otherwise. | |
Occupy | Other receivables are divided by total assets. | |
Mfee | Management fee divided by operating income. | |
Ind | Industry dummy variables. | |
Year | Year dummy variables. | |
Other variable using in robustness tests | Instru_hangzhou | Spherical distance between the listed companies’ location city and Hangzhou |
DTA | Natural logarithm of the total number of keyword “digital technology application” frequencies, plus one. | |
GDP | Per capita GDP for each city in which the listed companies are located. | |
Inst | The ratio of the added value of the tertiary industry to the added value of the secondary industry. | |
R&D | The proportion of R&D expenditure to the GDP of the city. | |
DTIA | Digital intangibles are defined as intangible assets related to the keywords of digital transformation and are measured by the ratio of intangibles invested in digitalization to total assets. |
Variable | Obs | Min | Mean | Median | Max | SD |
---|---|---|---|---|---|---|
DT | 18,893 | 0.000 | 1.220 | 0.693 | 4.934 | 1.347 |
decline_OR | 18,893 | 0.365 | 0.770 | 0.771 | 0.965 | 0.085 |
decline_ROA | 18,893 | 0.228 | 1.052 | 0.827 | 6.745 | 0.843 |
decline_ROE | 18,893 | 0.225 | 1.076 | 0.830 | 7.517 | 0.929 |
Size | 18,893 | 19.520 | 22.360 | 22.202 | 26.4 | 1.304 |
Cashflow | 18,893 | −0.200 | 0.044 | 0.043 | 0.257 | 0.069 |
REC | 18,893 | 0.000 | 0.112 | 0.088 | 0.507 | 0.101 |
INV | 18,893 | 0.000 | 0.152 | 0.114 | 0.772 | 0.146 |
ListAge | 18,893 | 0.000 | 2.394 | 2.485 | 3.332 | 0.668 |
Top 5 | 18,893 | 0.175 | 0.516 | 0.513 | 0.892 | 0.152 |
SOE | 18,893 | 0.000 | 0.413 | 0.000 | 1.000 | 0.492 |
Mfee | 18,893 | 0.008 | 0.095 | 0.074 | 0.766 | 0.083 |
Occupy | 18,893 | 0.000 | 0.017 | 0.008 | 0.202 | 0.025 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | decline_ROA | decline_ROE | decline_OR |
DT | −0.1331 *** | −0.1815 *** | −0.0013 ** | −0.1258 *** | −0.1844 *** | −0.0014 ** |
(−3.6950) | (−3.5459) | (−2.3117) | (−3.4690) | (−3.5915) | (−2.3274) | |
Size | −0.0759 ** | −0.0741 | −0.0003 | |||
(−2.1152) | (−1.4567) | (−0.4681) | ||||
Cashflow | −6.4505 *** | −9.3870 *** | −0.0363 *** | |||
(−11.4996) | (−11.8166) | (−4.0437) | ||||
REC | 0.9080 ** | 0.8955 | 0.0725 *** | |||
(2.0317) | (1.4149) | (10.1243) | ||||
INV | 0.2433 | 0.2367 | 0.0200 *** | |||
(0.6961) | (0.4782) | (3.5644) | ||||
ListAge | 0.2210 *** | 0.2223 ** | −0.0027 ** | |||
(2.8698) | (2.0381) | (−2.1518) | ||||
Top 5 | −1.1971 *** | −1.6985 *** | −0.0040 | |||
(−4.4681) | (−4.4765) | (−0.9419) | ||||
SOE | 0.1011 | 0.1435 | 0.0079 *** | |||
(1.1397) | (1.1425) | (5.5883) | ||||
Occupy | 17.2334 *** | 26.8169 *** | 0.1263 *** | |||
(11.5444) | (12.6849) | (5.2799) | ||||
Mfee | 6.4901 *** | 8.8851 *** | 0.1561 *** | |||
(12.3105) | (11.9005) | (18.4806) | ||||
Constant | 1.8912 *** | 2.2441 *** | 0.7539 *** | 2.5142 *** | 2.6015 ** | 0.7336 *** |
(4.0192) | (3.3571) | (99.7002) | (2.8147) | (2.0566) | (51.2673) | |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 19,062 | 19,062 | 19,062 | 18,893 | 18,893 | 18,893 |
R–squared | 0.029 | 0.030 | 0.139 | 0.063 | 0.063 | 0.167 |
Normal Period 2010–2019 | COVID-19 Crisis Period 2020–2022 | |||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Variables | decline_ROA | decline_ROE | decline_OR | decline_ROA | decline_ROE | decline_OR |
DT | −0.1209 *** | −0.1779 *** | −0.0015 ** | −0.1945 | −0.2751 | 0.0009 |
(−3.3936) | (−3.5944) | (−2.3525) | (−1.1802) | (−1.1099) | (0.5639) | |
Size | −0.0840 ** | −0.0987 ** | 0.0000 | 0.1849 | 0.4140 * | −0.0030 * |
(−2.3834) | (−2.0173) | (0.0495) | (1.1262) | (1.6762) | (−1.9061) | |
Cashflow | −5.6799 *** | −8.1739 *** | −0.0266 *** | −13.0786 *** | −19.6128 *** | −0.1116 *** |
(−10.4260) | (−10.8005) | (−2.7966) | (−4.5059) | (−4.4916) | (−4.0753) | |
REC | 0.3065 | 0.1538 | 0.0729 *** | 8.8958 *** | 12.0644 *** | 0.0568 *** |
(0.7037) | (0.2541) | (9.5928) | (4.0504) | (3.6514) | (2.7422) | |
INV | 0.2516 | 0.1629 | 0.0209 *** | −0.2044 | 1.4102 | 0.0125 |
(0.7408) | (0.3453) | (3.5306) | (−0.1123) | (0.5152) | (0.7308) | |
ListAge | 0.3075 *** | 0.3690 *** | −0.0028 ** | −1.4677 *** | −2.4336 *** | 0.0036 |
(4.1699) | (3.6025) | (−2.2050) | (−2.7674) | (−3.0501) | (0.7290) | |
Top 5 | −0.6771 *** | −0.9197 ** | −0.0037 | −4.5600 *** | −6.7034 *** | −0.0133 |
(−2.5872) | (−2.5294) | (−0.8061) | (−3.5157) | (−3.4355) | (−1.0881) | |
SOE | 0.1416 | 0.1823 | 0.0086 *** | −0.1381 | −0.0523 | 0.0008 |
(1.6271) | (1.5073) | (5.6778) | (−0.3429) | (−0.0864) | (0.2114) | |
Occupy | 13.7592 *** | 21.4902 *** | 0.1101 *** | 44.6402 *** | 68.2459 *** | 0.2470 *** |
(9.3912) | (10.5586) | (4.3033) | (6.5337) | (6.6397) | (3.8333) | |
Mfee | 5.3108 *** | 6.9997 *** | 0.1500 *** | 29.3630 *** | 44.6885 *** | 0.2114 *** |
(10.4446) | (9.9095) | (16.8987) | (9.3152) | (9.4238) | (7.1108) | |
Constant | 2.7320 *** | 3.2167 *** | 0.7282 *** | 0.0321 | −3.6072 | 0.8567 *** |
(3.1190) | (2.6436) | (47.6196) | (0.0075) | (−0.5624) | (21.3063) | |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Tes | Yes |
Observations | 17,072 | 17,072 | 17,072 | 1821 | 1821 | 1821 |
R–squared | 0.046 | 0.047 | 0.123 | 0.179 | 0.178 | 0.247 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | decline_ROA | decline_ROE | decline_OR |
DT | 3.9696 | −5.4203 | −0.0150 | 1.8443 | −0.0545 | −0.0185 |
(0.5568) | (−0.1837) | (−0.8007) | (0.2407) | (−0.0017) | (−0.9463) | |
Size | 6.2984 | −27.5231 | 0.0071 | |||
(1.1419) | (−1.1582) | (0.4990) | ||||
Cashflow | −23.0215 | −51.1796 | −0.0332 | |||
(−1.5853) | (−0.3931) | (−0.8978) | ||||
REC | 77.0392 | −251.5181 | −0.0699 | |||
(1.2315) | (−0.9120) | (−0.4381) | ||||
INV | −27.5159 | −70.2549 | 0.0417 | |||
(−0.5950) | (−0.3638) | (0.3519) | ||||
ListAge | −19.1498 | 4.3048 | −0.0438 | |||
(−1.0134) | (0.0550) | (−0.8650) | ||||
Top 5 | −50.1142 | 39.4621 | −0.0867 | |||
(−1.0939) | (0.2009) | (−0.7350) | ||||
SOE | −8.4766 | 68.9093 | −0.0200 | |||
(−0.5712) | (1.0800) | (−0.5268) | ||||
Occupy | −85.6374 | 286.4415 | 0.1097 | |||
(−1.0621) | (0.6459) | (0.5329) | ||||
Mfee | −0.0396 | −9.9237 | 0.0001 | |||
(−0.4894) | (−0.4625) | (0.5384) | ||||
Constant | −3.4530 | −58.6771 | 0.7924 *** | −45.3760 | 424.9459 | 0.7986 ** |
(−0.0582) | (−0.2527) | (5.1352) | (−0.3462) | (0.7665) | (2.3668) | |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 828 | 715 | 815 | 797 | 686 | 784 |
R–squared | 0.153 | 0.102 | 0.071 | 0.165 | 0.108 | 0.078 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | GCL | decline_ROA | decline_ROE | decline_OR |
DT | −0.1258 *** | −0.1844 *** | −0.0014 ** | 0.0261 *** | −0.1276 *** | −0.1877 *** | −0.0013 ** |
(−3.4690) | (−3.5915) | (−2.3274) | (4.7640) | (−3.5182) | (−3.6541) | (−2.2841) | |
GCL | 0.0710 | 0.1269 * | −0.0009 | ||||
(1.4741) | (1.8600) | (−1.2068) | |||||
Size | −0.0759 ** | −0.0741 | −0.0003 | −0.2047 *** | −0.0614 * | −0.0481 | −0.0005 |
(−2.1152) | (−1.4567) | (−0.4681) | (−37.6591) | (−1.6493) | (−0.9121) | (−0.7710) | |
Cashflow | −6.4505 *** | −9.3870 *** | −0.0363 *** | −0.8222 *** | −6.3921 *** | −9.2827 *** | −0.0371 *** |
(−11.4996) | (−11.8166) | (−4.0437) | (−9.6829) | (−11.3676) | (−11.6570) | (−4.1187) | |
REC | 0.9080 ** | 0.8955 | 0.0725 *** | −0.2048 *** | 0.9225 ** | 0.9215 | 0.0723 *** |
(2.0317) | (1.4149) | (10.1243) | (−3.0278) | (2.0638) | (1.4557) | (10.0953) | |
INV | 0.2433 | 0.2367 | 0.0200 *** | 0.1426 *** | 0.2331 | 0.2186 | 0.0201 *** |
(0.6961) | (0.4782) | (3.5644) | (2.6961) | (0.6670) | (0.4416) | (3.5874) | |
ListAge | 0.2210 *** | 0.2223 ** | −0.0027 ** | −0.4180 *** | 0.2507 *** | 0.2754 ** | −0.0030 ** |
(2.8698) | (2.0381) | (−2.1518) | (−35.8566) | (3.1495) | (2.4426) | (−2.3871) | |
Top 5 | −1.1971 *** | −1.6985 *** | −0.0040 | −0.6749 *** | −1.1492 *** | −1.6129 *** | −0.0047 |
(−4.4681) | (−4.4765) | (−0.9419) | (−16.6416) | (−4.2580) | (−4.2200) | (−1.0805) | |
SOE | 0.1011 | 0.1435 | 0.0079 *** | −0.4672 *** | 0.1343 | 0.2028 | 0.0075 *** |
(1.1397) | (1.1425) | (5.5883) | (−34.7910) | (1.4673) | (1.5650) | (5.1198) | |
Occupy | 17.2334 *** | 26.8169 *** | 0.1263 *** | −0.1485 | 17.2439 *** | 26.8357 *** | 0.1261 *** |
(11.5444) | (12.6849) | (5.2799) | (−0.6571) | (11.5517) | (12.6945) | (5.2741) | |
Mfee | 6.4901 *** | 8.8851 *** | 0.1561 *** | 0.0308 | 6.4879 *** | 8.8812 *** | 0.1561 *** |
(12.3105) | (11.9005) | (18.4806) | (0.3858) | (12.3067) | (11.8960) | (18.4841) | |
Constant | 2.5142 *** | 2.6015 ** | 0.7336 *** | 5.5435 *** | 2.1204 ** | 1.8980 | 0.7388 *** |
(2.8147) | (2.0566) | (51.2673) | (40.9985) | (2.2745) | (1.4376) | (49.4644) | |
Ind | YES | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES | YES |
Observations | 18,893 | 18,893 | 18,893 | 18,893 | 18,893 | 18,893 | 18,893 |
R–squared | 0.063 | 0.063 | 0.167 | 0.416 | 0.063 | 0.064 | 0.167 |
Sobel test | 2.993 *** | 3.303 *** | 1.938 * |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | Analyst | decline_ROA | decline_ROE | decline_OR |
DT | −0.1069 *** | −0.1464 *** | −0.0015 ** | 0.4249 *** | −0.0300 | −0.0307 | −0.0012 * |
(−2.9779) | (−2.8830) | (−2.5739) | (5.4011) | (−0.9864) | (−0.7299) | (−1.8320) | |
Analyst | −0.0293 *** | −0.0378 *** | −0.0004 *** | ||||
(−8.7839) | (−8.2085) | (−5.9411) | |||||
Size | −0.0632 * | −0.0674 | 0.0001 | 4.3285 *** | 0.1439 *** | 0.1969 *** | 0.0022 *** |
(−1.7657) | (−1.3324) | (0.2063) | (52.0831) | (4.0936) | (4.0495) | (2.9698) | |
Cashflow | −5.7567 *** | −8.4725 *** | −0.0392 *** | 33.5514 *** | −3.5821 *** | −5.1162 *** | −0.0470 *** |
(−10.2211) | (−10.6384) | (−4.3017) | (26.6209) | (−7.1788) | (−7.4154) | (−4.4863) | |
REC | 0.8574 * | 0.7076 | 0.0718 *** | 6.4079 *** | 0.2116 | 0.0128 | 0.0616 *** |
(1.9397) | (1.1320) | (10.0462) | (6.5035) | (0.5556) | (0.0242) | (7.7117) | |
INV | 0.2960 | 0.3676 | 0.0157 *** | 2.2539 *** | −0.2065 | −0.3100 | 0.0112 * |
(0.8404) | (0.7381) | (2.7598) | (2.7909) | (−0.6626) | (−0.7192) | (1.7132) | |
ListAge | 0.2171 *** | 0.2214 ** | −0.0029 ** | −2.6727 *** | 0.0669 | 0.0075 | −0.0032 ** |
(2.8421) | (2.0501) | (−2.3692) | (−16.0599) | (1.0312) | (0.0832) | (−2.3180) | |
Top 5 | −1.2026 *** | −1.6965 *** | −0.0039 | −2.7925 *** | −0.8708 *** | −1.3139 *** | −0.0028 |
(−4.5313) | (−4.5205) | (−0.8975) | (−4.7654) | (−3.8478) | (−4.1989) | (−0.5853) | |
SOE | 0.1305 | 0.2071 * | 0.0085 *** | −1.6908 *** | 0.1081 | 0.1735 | 0.0093 *** |
(1.4820) | (1.6631) | (5.9933) | (−8.4801) | (1.4011) | (1.6262) | (5.7322) | |
Occupy | 15.6446 *** | 24.7495 *** | 0.1346 *** | −19.2459 *** | 8.8800 *** | 13.7865 *** | 0.1585 *** |
(10.2662) | (11.4855) | (5.4607) | (−5.1994) | (6.2109) | (6.9739) | (5.2831) | |
Mfee | 7.0724 *** | 9.7533 *** | 0.1735 *** | 3.5794 *** | 5.3669 *** | 6.8973 *** | 0.1498 *** |
(12.7018) | (12.3877) | (19.2663) | (2.6587) | (10.3285) | (9.6000) | (13.7398) | |
Constant | 2.1884 ** | 2.3475 * | 0.7236 *** | −78.1312 *** | −1.8619 ** | −2.7747 ** | 0.6822 *** |
(2.4700) | (1.8738) | (50.4959) | (−37.9895) | (−2.2295) | (−2.4029) | (38.9275) | |
Ind | YES | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES | YES |
Observations | 18,131 | 18,131 | 18,131 | 13,517 | 13,517 | 13,517 | 13,517 |
R–squared | 0.058 | 0.058 | 0.170 | 0.286 | 0.054 | 0.052 | 0.177 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | WW | decline_ROA | decline_ROE | decline_OR |
DT | −0.1077 *** | −0.1469 *** | −0.0017 *** | −0.0148 *** | −0.1058 *** | −0.1409 *** | −0.0019 *** |
(−2.9665) | (−2.8519) | (−2.8228) | (−3.3750) | (−2.8281) | (−2.6518) | (−3.0688) | |
WW | 0.1327 ** | 0.2081 ** | 0.0024 ** | ||||
(1.9689) | (2.1735) | (2.2011) | |||||
Size | −0.0634 * | −0.0708 | 0.0002 | −0.0498 | −0.0500 | −0.0000 | |
(−1.7544) | (−1.3800) | (0.3056) | (−1.3238) | (−0.9350) | (−0.0641) | ||
Cashflow | −6.1132 *** | −8.9444 *** | −0.0406 *** | −0.1229 * | −5.8827 *** | −8.5927 *** | −0.0402 *** |
(−10.7358) | (−11.0705) | (−4.4009) | (−1.7732) | (−10.0569) | (−10.3423) | (−4.1842) | |
REC | 0.9005 ** | 0.7659 | 0.0706 *** | 0.0715 | 0.0795 | −0.2812 | 0.0635 *** |
(2.0104) | (1.2051) | (9.7326) | (1.3104) | (0.1716) | (−0.4275) | (8.3362) | |
INV | 0.2436 | 0.3329 | 0.0143 ** | −0.0685 | 0.1852 | 0.1785 | 0.0141 ** |
(0.6856) | (0.6602) | (2.4793) | (−1.5956) | (0.5114) | (0.3470) | (2.3621) | |
ListAge | 0.2059 *** | 0.2168 * | −0.0025 * | −0.0328 *** | 0.1817 ** | 0.1885 * | −0.0017 |
(2.6164) | (1.9414) | (−1.9326) | (−3.5750) | (2.2962) | (1.6775) | (−1.3043) | |
Top 5 | −1.2807 *** | −1.7843 *** | −0.0033 | −0.2120 *** | −1.3120 *** | −1.8055 *** | 0.0003 |
(−4.7768) | (−4.6902) | (−0.7485) | (−6.7214) | (−4.7903) | (−4.6412) | (0.0595) | |
SOE | 0.1530 * | 0.2253 * | 0.0082 *** | 0.0177 * | 0.2149 ** | 0.3046 ** | 0.0082 *** |
(1.7194) | (1.7843) | (5.7035) | (1.6560) | (2.3706) | (2.3648) | (5.5237) | |
Occupy | 15.9096 *** | 24.9855 *** | 0.1390 *** | −0.3547* | 16.0138 *** | 25.5713 *** | 0.1368 *** |
(10.2948) | (11.3944) | (5.5492) | (−1.8731) | (10.0045) | (11.2474) | (5.1978) | |
Mfee | 6.8510 *** | 9.7498 *** | 0.1694 *** | 0.3529 *** | 5.7773 *** | 8.5298 *** | 0.1657 *** |
(12.1615) | (12.1977) | (18.5625) | (5.3991) | (9.9746) | (10.3683) | (17.3997) | |
Constant | 2.1869 ** | 2.3038 * | 0.7248 *** | −0.7911 *** | 2.2919 ** | 2.4628 * | 0.7218 *** |
(2.4377) | (1.8099) | (49.8609) | (−12.2832) | (2.4747) | (1.8723) | (47.3928) | |
Ind | YES | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES | YES |
Observations | 17,640 | 17,640 | 17,640 | 15,935 | 15,935 | 15,935 | 15,935 |
R–squared | 0.172 | 0.059 | 0.059 | 0.014 | 0.057 | 0.058 | 0.171 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | CFV | decline_ROA | decline_ROE | decline_OR |
DT | −0.1280 *** | −0.1877 *** | −0.0013 ** | −0.0008 *** | −0.1258 *** | −0.1841 *** | −0.0013 ** |
(−3.8061) | (−3.9357) | (−2.3131) | (−3.0933) | (−3.7302) | (−3.8488) | (−2.2857) | |
CFV | 4.8628 *** | 7.6161 *** | 0.0333 ** | ||||
(4.8253) | (5.3288) | (2.0208) | |||||
Size | −0.0226 | −0.0026 | −0.0003 | −0.0055 *** | −0.0043 | 0.0269 | −0.0002 |
(−0.6382) | (−0.0523) | (−0.5284) | (−20.6761) | (−0.1201) | (0.5278) | (−0.3146) | |
Cashflow | −6.3671 *** | −9.2975 *** | −0.0462 *** | ||||
(−11.2786) | (−11.6138) | (−4.9893) | |||||
REC | 0.0438 | −0.3589 | 0.0814 *** | 0.0041 | 0.8126 ** | 0.7617 | 0.0870 *** |
(0.1047) | (−0.6054) | (11.8622) | (1.3208) | (1.9658) | (1.2993) | (12.8500) | |
INV | 0.2016 | 0.1439 | 0.0153 *** | 0.0441 *** | 0.6826 ** | 0.8235 * | 0.0189 *** |
(0.5843) | (0.2939) | (2.6997) | (17.2938) | (1.9875) | (1.6906) | (3.3555) | |
Top 5 | −1.1408 *** | −1.6027 *** | −0.0104 ** | 0.0160 *** | −1.4312 *** | −2.0349 *** | −0.0125 *** |
(−4.3379) | (−4.2973) | (−2.4180) | (8.1138) | (−5.4298) | (−5.4438) | (−2.8995) | |
SOE | 0.1746 ** | 0.2420 ** | 0.0073 *** | −0.0042 *** | 0.2531 *** | 0.3589 *** | 0.0079 *** |
(2.0134) | (1.9682) | (5.1468) | (−6.4710) | (2.9121) | (2.9113) | (5.5416) | |
ListAge | 0.2080 *** | 0.2229 ** | −0.0029 ** | 0.0063 *** | 0.1418 * | 0.1229 | −0.0033 *** |
(2.6872) | (2.0308) | (−2.2438) | (10.9382) | (1.8213) | (1.1135) | (−2.6043) | |
Occupy | 15.1651 *** | 23.7266 *** | 0.1475 *** | 0.0543 *** | 16.8018 *** | 26.0885 *** | 0.1594 *** |
(9.9429) | (10.9697) | (5.8910) | (4.7782) | (11.0441) | (12.0917) | (6.4012) | |
Mfee | 5.8622 *** | 8.2892 *** | 0.1545 *** | −0.0351 *** | 6.8159 *** | 9.7000 *** | 0.1614 *** |
(10.7289) | (10.6980) | (17.2340) | (−8.6402) | (12.5128) | (12.5564) | (18.0964) | |
Constant | 1.6605 ** | 1.4371 | 0.7379 *** | 0.1588 *** | 0.7520 | 0.0287 | 0.7316 *** |
(2.0654) | (1.2605) | (55.9260) | (26.3229) | (0.9149) | (0.0246) | (54.3631) | |
Ind | YES | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES | YES |
Observations | 17,633 | 17,633 | 17,633 | 17,633 | 17,633 | 17,633 | 17,633 |
R–squared | 0.049 | 0.050 | 0.143 | 0.120 | 0.043 | 0.044 | 0.142 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Digital–Exe | Non–Digital–Exe | Digital–Exe | Non–Digital–Exe | Digital–Exe | Non–Digital–Exe | |
Variables | decline_ROA | decline_ROA | decline_ROE | decline_ROE | decline_OR | decline_OR |
DT | −0.1359 *** | −0.0302 | −0.1975 *** | −0.0291 | −0.0012 ** | −0.0002 |
(−3.5977) | (−0.2153) | (−3.6796) | (−0.1532) | (−2.0536) | (−0.0732) | |
Constant | 3.1744 *** | −2.0835 | 3.7137 *** | −5.1725 | 0.7308 *** | 0.7977 *** |
(3.2930) | (−0.7283) | (2.7116) | (−1.3344) | (47.8549) | (15.7890) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 17,360 | 1533 | 17,360 | 1533 | 17,360 | 1533 |
R–squared | 0.065 | 0.088 | 0.065 | 0.092 | 0.168 | 0.243 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
SOE | Non–SOE | SOE | Non–SOE | SOE | Non–SOE | |
Variables | decline_ROA | decline_ROA | decline_ROE | decline_ROE | decline_OR | decline_OR |
DT | −0.0759 | −0.1254 *** | 0.0020 | −0.1938 *** | 0.0022 ** | −0.0028 *** |
(−1.1334) | (−2.9306) | (0.8869) | (−3.1730) | (2.1931) | (−3.8611) | |
Constant | 2.4573 * | 4.3338 *** | 0.9362 *** | 4.8406 *** | 0.7214 *** | 0.7673 *** |
(1.7346) | (3.4800) | (19.8042) | (2.7223) | (34.3033) | (36.4045) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 7833 | 11,060 | 7829 | 11,060 | 7833 | 11,060 |
R–squared | 0.052 | 0.093 | 0.237 | 0.092 | 0.199 | 0.167 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
High–Tech | Non–High–Tech | High–Tech | Non–High–Tech | High–Tech | Non–High–Tech | |
Variables | decline_ROA | decline_ROA | decline_ROE | decline_ROE | decline_OR | decline_OR |
DT | −0.1307 ** | −0.0655 | −0.1837 ** | −0.0847 | −0.0002 | 0.0004 |
(−2.0348) | (−1.5053) | (−2.0380) | (−1.3672) | (−0.3045) | (1.0108) | |
Constant | −1.3697 | 3.6531 *** | −1.9349 | 3.6378 ** | 0.7854 *** | 0.8149 *** |
(−0.7920) | (3.0892) | (−0.7974) | (2.1599) | (49.7767) | (75.7748) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 4497 | 13,198 | 4497 | 13,198 | 4497 | 13,198 |
R–squared | 0.050 | 0.061 | 0.047 | 0.061 | 0.299 | 0.253 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | Instru_hangzhou | decline_ROA | decline_ROE | decline_OR |
DT | −0.1069 *** | −0.1464 *** | −0.0015 ** | 0.4249 *** | −0.0300 | −0.0307 | −0.0012 * |
(−2.9779) | (−2.8830) | (−2.5739) | (5.4011) | (−0.9864) | (−0.7299) | (−1.8320) | |
Instru_hangzhou | −0.0293 *** | −0.0378 *** | −0.0004 *** | ||||
(−8.7839) | (−8.2085) | (−5.9411) | |||||
Constant | 2.1884 ** | 2.3475 * | 0.7236 *** | −78.1312 *** | −1.8619 ** | −2.7747 ** | 0.6822 *** |
(2.4700) | (1.8738) | (50.4959) | (−37.9895) | (−2.2295) | (−2.4029) | (38.9275) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | |
Ind | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 18,131 | 18,131 | 18,131 | 13,517 | 13,517 | 13,517 | 13,517 |
R–squared | 0.058 | 0.058 | 0.170 | 0.286 | 0.054 | 0.052 | 0.177 |
Sobel test | −5.816 *** | −5.638 *** | −5.898 *** |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | decline_ROA | decline_ROE | decline_OR |
DT | −0.1032 ** | −0.1513 *** | −0.0012 * | |||
(−2.4817) | (−2.6003) | (−1.7524) | ||||
DTt−1 | −0.0742 * | −0.1072 * | −0.0014 ** | |||
(−1.8785) | (−1.9111) | (−2.4206) | ||||
Constant | 2.8094 *** | 2.5813 * | 0.7671 *** | 0.9080 | 1.3106 | 0.7143 *** |
(2.8880) | (1.8681) | (54.0161) | (0.8603) | (0.8873) | (40.5638) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 16,465 | 16,465 | 16,465 | 12,874 | 12,874 | 12,874 |
R–squared | 0.067 | 0.067 | 0.190 | 0.059 | 0.061 | 0.160 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Variables | decline_ROA | decline_ROE | decline_OR | decline_ROA | decline_ROE | decline_OR |
DTA | −0.0760 * | −0.1038 * | −0.0027 *** | |||
(−1.9030) | (−1.8344) | (−4.1908) | ||||
DTIA | −0.1243 *** | −0.1830 *** | −0.0013 ** | |||
(−3.4267) | (−3.5637) | (−2.2723) | ||||
Size | −0.0877 ** | −0.0922 * | −0.0002 | −0.0723 ** | −0.0675 | −0.0004 |
(−2.4533) | (−1.8215) | (−0.2939) | (−2.0031) | (−1.3198) | (−0.7394) | |
Cashflow | −6.4434 *** | −9.3761 *** | −0.0364 *** | −6.4141 *** | −9.3673 *** | −0.0343 *** |
(−11.4845) | (−11.8001) | (−4.0474) | (−11.4231) | (−11.7793) | (−3.8103) | |
REC | 0.8333 * | 0.7815 | 0.0728 *** | 0.9618 ** | 0.9712 | 0.0722 *** |
(1.8671) | (1.2364) | (10.1827) | (2.1478) | (1.5314) | (10.0688) | |
INV | 0.2512 | 0.2496 | 0.0197 *** | 0.2263 | 0.2063 | 0.0206 *** |
(0.7188) | (0.5042) | (3.5274) | (0.6471) | (0.4166) | (3.6729) | |
ListAge | 0.2260 *** | 0.2298 ** | −0.0026 ** | 0.2073 *** | 0.2058 * | −0.0028 ** |
(2.9348) | (2.1067) | (−2.1392) | (2.6832) | (1.8809) | (−2.2526) | |
Top 5 | −1.1857 *** | −1.6826 *** | −0.0037 | −1.1764 *** | −1.6788 *** | −0.0036 |
(−4.4238) | (−4.4328) | (−0.8648) | (−4.3863) | (−4.4197) | (−0.8451) | |
SOE | 0.1097 | 0.1574 | 0.0077 *** | 0.1079 | 0.1616 | 0.0073 *** |
(1.2358) | (1.2521) | (5.4333) | (1.2078) | (1.2768) | (5.1262) | |
Occupy | 17.1885 *** | 26.7453 *** | 0.1272 *** | 17.0342 *** | 26.6202 *** | 0.1221 *** |
(11.5117) | (12.6477) | (5.3209) | (11.3868) | (12.5647) | (5.0984) | |
Mfee | 6.4433 *** | 8.8140 *** | 0.1562 *** | 6.4689 *** | 8.9212 *** | 0.1511 *** |
(12.2247) | (11.8076) | (18.5085) | (12.1692) | (11.8498) | (17.7523) | |
GDP | 0.0000 | 0.0000 | −0.0000 | |||
(0.8004) | (1.0219) | (−0.8060) | ||||
Inst | 0.1005 | 0.0526 | 0.0063 *** | |||
(1.2144) | (0.4485) | (4.7483) | ||||
R&D | −14.3938 * | −15.4635 | −0.3281 *** | |||
(−1.9255) | (−1.4606) | (−2.7412) | ||||
Constant | 2.7293 *** | 2.9346 ** | 0.7317 *** | 2.4490 *** | 2.4953 ** | 0.7350 *** |
(3.0631) | (2.3255) | (51.2840) | (2.7386) | (1.9702) | (51.3309) | |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 18,893 | 18,893 | 18,893 | 18,893 | 18,893 | 18,893 |
R–squared | 0.062 | 0.063 | 0.168 | 0.063 | 0.064 | 0.168 |
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Liu, T.; Qi, J. The Mechanism of Enterprise Digital Transformation on Resilience from the Perspective of Financial Sustainability. Sustainability 2024, 16, 7409. https://doi.org/10.3390/su16177409
Liu T, Qi J. The Mechanism of Enterprise Digital Transformation on Resilience from the Perspective of Financial Sustainability. Sustainability. 2024; 16(17):7409. https://doi.org/10.3390/su16177409
Chicago/Turabian StyleLiu, Ting, and Juan Qi. 2024. "The Mechanism of Enterprise Digital Transformation on Resilience from the Perspective of Financial Sustainability" Sustainability 16, no. 17: 7409. https://doi.org/10.3390/su16177409