Executive Stock Ownership and Enterprise Digital Transformation: Interest Convergence or Trench Defense

Table 2

Benchmark regression results of executive ownership and digital transformation.

	(1)	(2)	(3)
	DITL	DITL	DITL
MS		0.315	0.953
		(5.11)	(5.55)
MSQ			−1.252
			(−4.08)
SIZE	0.149	0.150	0.150
	(17.87)	(17.53)	(17.47)
LEV	−0.269	−0.250	−0.248
	(−5.70)	(−5.18)	(−5.15)
ROA	0.001	−0.073	−0.080
	(0.01)	(−0.55)	(−0.61)
CASH	−0.506	−0.530	−0.534
	(−4.47)	(−4.57)	(−4.61)
BOARD	−0.065	−0.053	−0.045
	(−1.36)	(−1.08)	(−0.93)
INDEP	0.902	0.855	0.878
	(5.83)	(5.44)	(5.58)
DUAL	0.116	0.076	0.071
	(6.89)	(4.10)	(3.85)
LISTAGE	0.027	0.039	0.048
	(2.69)	(3.69)	(4.43)
SOE	−0.245	−0.242	−0.236
	(−13.21)	(−12.76)	(−12.40)
TOP1	−0.243	−0.235	−0.161
	(−4.71)	(−4.43)	(−2.91)
BIG4	−0.077	−0.059	−0.058
	(−2.20)	(−1.62)	(−1.58)
Constants	−2.842	−2.905	−2.973
	(−15.26)	(−15.22)	(−15.51)
YEAR	Yes	Yes	Yes
IND	Yes	Yes	Yes
N	23594	23594	23594
A-R^2	0.232	0.230	0.230

Note: T values calculated according to robust standard errors are in parentheses; , , and denote significance at 1%, 5%, and 10% levels, respectively.