The Internet-Based Business Model and Corporate Risk-Taking: An Empirical Study from the Information Empowerment Perspective

Table 3

The Internet-based business model and corporate risk-taking.

Variables	(1)	(2)	(3)	(4)	(5)
	RISK1	RISK1	RISK1	RISK1	RISK2
INT1	0.014	0.007	0.007		0.012
	(6.59)	(2.77)	(2.70)		(2.53)
INT2				0.003
				(2.90)
RD		0.093	0.094	0.091	0.156
		(1.01)	(1.01)	(0.98)	(0.90)
Age		0.043	0.043	0.043	0.081
		(9.02)	(9.13)	(9.14)	(9.06)
State		−0.034	−0.035	−0.035	−0.065
		(−5.69)	(−5.74)	(−5.73)	(−5.75)
Growth		0.004	0.004	0.004	0.007
		(1.10)	(1.10)	(1.10)	(1.09)
Dual		−0.002	−0.002	−0.002	−0.005
		(−0.40)	(−0.40)	(−0.38)	(−0.46)
Indep		−0.011	−0.008	−0.009	−0.019
		(−0.23)	(−0.17)	(−0.19)	(−0.22)
Bdsize		−0.038	−0.037	−0.037	−0.066
		(−2.42)	(−2.37)	(−2.37)	(−2.26)
Cash		−0.053	−0.050	−0.051	−0.095
		(−2.37)	(−2.25)	(−2.27)	(−2.25)
Roa		−0.846	−0.848	−0.848	−1.567
		(−9.06)	(−9.09)	(−9.09)	(−8.98)
Lev		−0.115	−0.115	−0.116	−0.221
		(−5.72)	(−5.74)	(−5.75)	(−5.85)
Size		−0.013	−0.013	−0.013	−0.024
		(−4.78)	(−4.83)	(−4.82)	(−4.74)
First		−0.002	−0.002	−0.002	−0.004
		(−1.19)	(−1.19)	(−1.16)	(−1.31)
Market			0.023	0.023	0.043
			(3.12)	(3.07)	(3.11)
GDP			−0.002	−0.002	−0.003
			(−0.36)	(−0.36)	(−0.40)
Constant	0.220	0.622	0.439	0.441	0.823
	(76.02)	(10.45)	(5.15)	(5.18)	(5.15)
Year/Ind/Region	NO	Yes	Yes	Yes	Yes
N	10036	10036	10036	10036	10036
R^2	0.006	0.094	0.095	0.095	0.095

Note. The figure within brackets is the t value upon the calculation of robust standard errors. , , and suggest significance at the levels of 10%, 5%, and 1%, respectively (the same below).