Table 7 Regression results with replacement of explanatory variables.

From: The impact of digital transformation on the total factor productivity of heavily polluting enterprises

Variables

Software

Hardware

(1)

(2)

(3)

(4)

(5)

(6)

tfp

tfp

tfp

tfp

tfp

tfp

Software

32.784***

15.523***

11.105***

   

(5.9715)

(4.4856)

(3.3536)

   

Hardware

   

11.360***

12.385***

6.7828**

   

(3.3258)

(5.9601)

(2.3227)

Size

 

12.687***

10.953***

 

12.711***

10.979***

 

(57.5074)

(12.0069)

 

(57.9990)

(12.1711)

Lev

 

0.3342***

0.3409***

 

0.3204***

0.3318***

 

(7.4185)

(3.8859)

 

(7.1383)

(3.7898)

Age

 

− 0.05604**

− 0.1184

 

− 0.04260*

− 0.08858

 

(− 2.1933)

(− 0.9282)

 

(− 1.6776)

(− 0.6862)

Shrcr1

 

0.001543**

0.0005928

 

0.001130*

0.0001915

 

(2.3370)

(0.3864)

 

(1.7172)

(0.1256)

Board

 

− 0.003432

− 0.008416

 

− 0.02531

− 0.01986

 

(− 0.0740)

(− 0.1355)

 

(− 0.5474)

(− 0.3193)

Independent

 

− 0.09576

− 0.1455

 

− 0.1411

− 0.1836

 

(− 0.6725)

(− 0.8065)

 

(− 0.9923)

(− 1.0205)

Roa

 

2.7856***

2.5028***

 

2.8111***

2.5184***

 

(29.3411)

(14.1308)

 

(29.6183)

(14.0359)

Year

Not control

Not control

Control

Not control

Not control

Control

Firm

Not control

Not control

Control

Not control

Not control

Control

_cons

8.9471***

− 30.341***

− 24.800***

8.9576***

− 30.379***

− 24.904***

(278.1861)

(− 47.1657)

(− 9.0923)

(279.5396)

(− 47.5128)

(− 9.2465)

N

2750

2750

2750

2750

2750

2750

R2

0.0187

0.5946

0.6333

0.0017

0.5942

0.6332

  1. T-statistics are shown in parentheses. ***, ** and * indicate 1%, 5% and 10% respectively.
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