Big Data Analysis on the Effect of Cost Stickiness on Digital Transformation

Table 4

Digital transformation degree and enterprise cost stickiness.

Variables	(1)	(2)	(3)	(4)
	Lncost	Lncost	Lncost	Lncost
Lnincome	0.897	0.892	0.896	0.891
	(187.856)	(183.176)	(187.351)	(182.769)
Lnincome × D	−0.143	−0.029	−0.166	−0.044
	(−14.060)	(−1.662)	(−11.854)	(−2.228)
Lnincome × D × N			0.015	0.010^∗
			(2.409)	(1.656)
LnN			0.003	0.002
			(3.202)	(2.221)
Lnincome × D × DD		−0.003		−0.003
		(−0.159)		(−0.195)
Lnincome × D × GDPgrowth		0.549		0.540
		(3.953)		(3.888)
Lnincome × D × eintensity		−0.067		−0.067^∗∗∗
		(−11.399)		(−11.355)
Lnincome × D × aintensity		−0.008		−0.008
		(−8.222)		(−8.198)
GDPgrowth		0.076		0.074
		(3.032)		(2.961)
DD		−0.010		−0.010
		(−2.215)		(−2.212)
Eintensity		0.002		0.002
		(1.534)		(1.493)
Aintensity		−0.001		−0.001
		(−3.262)		(−3.224)
Mshare		0.000		0.000
		(4.463)		(4.402)
Lnage		−0.012		−0.012
		(−8.358)		(−8.331)
Lnsize		0.007		0.007
		(7.217)		(7.088)
os		0.009		0.009
		(1.464)		(1.476)
IDRZ		−0.000		−0.000
		(−2.229)		(−2.266)
Dual		0.003		0.003
		(1.345)		(1.268)
Constant	0.011	−0.129	0.007	−0.129
	(1.351)	(−4.984)	(0.842)	(−4.984)
Observations	12,655	12,655	12,655	12,655
R-squared	0.830	0.837	0.830	0.837
Control	No	Yes	No	Yes
Industry and year FE	Yes	Yes	Yes	Yes

The symbols , , or indicate that the coefficient estimate is significant at the 1%, 5%, or 10% level, respectively.