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

Table 6

Impact channel inspection.

Panel A: channel tests to reduce adjustment costs
	High ASI	Low ASI
Lnincome	0.900	0.881
	(148.109)	(109.732)
Lnincome × D	−0.044	−0.047
	(−1.898)	(−1.256)
Lnincome × D × N	0.028	−0.020
	(3.867)	(−1.844)
Constant	−0.200	−0.092
	(−6.193)	(−2.009)
Observations	7,641	5,014
R-squared	0.851	0.823
Control	Yes	Yes
Industry and year FE	Yes	Yes
Panel B: channel tests to curb optimistic expectations from management
	High EU		Low EU
Lnincome	0.874		0.920
	(116.435)		(156.857)
Lnincome × D	−0.036		0.027
	(−1.258)		(0.867)
Lincome × D × N	0.017		0.009
	(1.962)		(1.024)
Constant	−0.142		−0.037
	(−3.115)		(−1.467)
Observations	6,328		6,327
R-squared	0.831		0.868
Control	Yes		Yes
Industry and year FE	Yes		Yes
Panel C: channel tests to reduce agency costs
	High MF		Low MF
Lnincome	0.865		0.922
	(115.995)		(172.155)
Lnincome × D	−0.052		−0.058
	(−1.982)		(−1.705)
Lnincome × D × N	0.018		−0.005
	(2.334)		(−0.469)
Constant	−0.188		−0.052
	(−4.872)		(−1.682)
Observations	7,726		4,929
R-squared	0.800		0.906
Control	Yes		Yes
Industry and year FE	Yes		Yes