The Regulatory Effect of Firm Size on Digital Transformation: An Empirical Study of Pharmaceutical Companies in China

Table 7

Results from the multiple regression analysis of EE on DT.

Independent variables		Dependent variable: DT
		Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
Position	P2	0.161	0.081	0.098	0.071	0.105	0.043	0.053
	P3	0.303^∗	0.103	0.301^∗	0.17	0.228	0.132	0.155
	P4	0.383^∗^∗^∗	0.254^∗	0.282^∗^∗	0.247^∗	0.33^∗^∗	0.227^∗	0.213^∗
Region	R2	0.251^∗	0.115	0.163	0.18	0.173	0.1	0.114
	R3	0.067	−0.144	−0.02	−0.009	−0.053	−0.118	−0.127
	R4	−0.463^∗^∗^∗	−0.24	−0.313^∗	−0.208	−0.256^∗	−0.164	−0.202
Age	A2	0.293	0.317^∗	0.214	0.14	0.166	0.15	0.131
	A3	0.503^∗^∗	0.536^∗^∗^∗	0.469^∗^∗	0.442^∗^∗	0.408^∗	0.4^∗^∗	0.381^∗
	A4	0.46^∗	0.47^∗^∗	0.345^∗	0.382^∗	0.382^∗	0.341^∗	0.335^∗
Type	T2	−0.056	−0.017	−0.01	0.037	−0.048	0.013	0.022
Action	Action2	−0.628^∗^∗	−0.497^∗^∗	−0.567^∗^∗	−0.411^∗	−0.54^∗^∗	−0.451^∗	−0.433^∗
	Action3	−0.449^∗	−0.401^∗	−0.409^∗	−0.244	−0.355	−0.291	−0.29
	Action4	−0.532^∗	−0.425^∗	−0.506^∗	−0.311	−0.424^∗	−0.351	−0.338
Size			0.163^∗^∗^∗	0.125^∗^∗	0.155^∗^∗^∗	0.141^∗^∗^∗	0.135^∗^∗^∗	0.153^∗^∗^∗
CN			0.389^∗^∗^∗
MC				0.352^∗^∗^∗
GP					0.348^∗^∗^∗
TT						0.331^∗^∗^∗
EE							0.589^∗^∗^∗	0.568^∗^∗^∗
Zscore(Size) ^∗ Zscore(EE)								0.104^∗^∗
F		5.325^∗^∗^∗	10.420^∗^∗^∗	10.523^∗^∗^∗	10.968^∗^∗^∗	9.662^∗^∗^∗	14.438^∗^∗^∗	14.374^∗^∗^∗
R ^2		0.154	0.292	0.294	0.303	0.277	0.364	0.378
Adjusted R^2		0.125	0.264	0.266	0.275	0.248	0.338	0.352
D-W		0.277	0.559	0.552	0.545	0.514	0.688	0.694
Maximum VIF		6.878	6.903	6.882	6.982	6.907	6.924	6.928

Notes: ^∗∗∗, ^∗∗, ^∗. EE = external environment.