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

Table 3

Endogeneity treatment and robustness test.

	(1) FE	(2) OLS	(3) OLS	(4) OLS	(5) OLS	(6) OLS
	DITL	DITL	DITL	DITL	DITL	DITL1
MS	0.595		0.986	1.389	1.004	1.237
	(3.29)		(5.75)	(3.78)	(5.50)	(3.70)
MSQ	−1.255		−1.320	−1.902	−1.349	−1.310
	(−3.87)		(−4.31)	(−2.69)	(−4.16)	(−2.16)
L.MS		0.861
		(4.73)
L.MSQ		−1.058
		(−3.28)
SIZE	0.220	0.152	0.152	0.133	0.163	0.233
	(16.69)	(17.22)	(17.80)	(9.86)	(17.28)	(12.93)
LEV	−0.057	−0.253	−0.271	−0.184	−0.252	−0.260
	(−1.10)	(−5.06)	(−5.63)	(−2.46)	(−4.73)	(−2.62)
ROA	−0.037	−0.069	−0.074	−0.113	−0.069	0.596
	(−0.42)	(−0.51)	(−0.57)	(−0.58)	(−0.48)	(2.45)
CASH	−0.198	−0.551	−0.546	−0.432	−0.582	−0.838
	(−2.42)	(−4.56)	(−4.72)	(−2.48)	(−4.40)	(−3.62)
BOARD	0.245	−0.050	−0.049	−0.007	−0.049	0.065
	(4.65)	(−1.00)	(−1.01)	(−0.09)	(−0.87)	(0.65)
INDEP	0.017	0.923	0.864	0.724	0.909	2.000
	(0.11)	(5.63)	(5.52)	(3.12)	(5.08)	(6.06)
DUAL	0.017	0.090	0.071	0.061	0.071	0.077
	(1.00)	(4.66)	(3.84)	(1.98)	(3.55)	(2.06)
LISTAGE	0.106	0.017	0.051	−0.023	0.053	0.082
	(6.51)	(1.25)	(4.72)	(−1.38)	(4.51)	(3.72)
SOE	−0.050	−0.218	−0.240	−0.152	−0.279	−0.405
	(−1.41)	(−11.09)	(−12.70)	(−5.47)	(−12.85)	(−9.94)
TOP1	−0.410	−0.177	−0.132	−0.116	−0.169	0.057
	(−4.86)	(−3.06)	(−2.41)	(−1.34)	(−2.75)	(0.49)
BIG4	−0.041	−0.072	−0.058	−0.102	−0.062	−0.049
	(−0.79)	(−1.93)	(−1.62)	(−1.96)	(−1.55)	(−0.62)
Constants	−4.804	−2.963	−3.050	−2.615	−3.081	−7.670
	(−15.81)	(−14.88)	(−15.58)	(−9.09)	(−13.99)	(−17.53)
YEAR	Yes	Yes	Yes	Yes	Yes	Yes
IND	Yes	Yes	Yes	Yes	Yes	Yes
YEAR × IND	No	No	Yes	No	No	No
N	23594	21612	23594	8275	20936	23594
A-R^2	0.247	0.232	0.237	0.236	0.187

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