Table 12 Robustness checks of mediating effect.

From: How effective is digital transformation? Heterogeneous insights from listed companies’ ESG performance

Variables

(1)

(2)

(3)

(4)

(5)

(6)

TRANS

ESG

Inter

ESG

Green

ESG

DT

0.0085*** (10.9148)

0.0445*** (8.6656)

0.0047*** (7.0898)

0.0457*** (8.8174)

0.0103* (1.6854)

0.0519*** (10.2589)

TRANS

 

1.1130*** (28.2018)

    

Control

   

1.4572*** (30.4432)

  

Green

     

0.1929*** (39.1396)

Constant

−1.7264*** (−77.4711)

1.6511*** (10.1636)

6.1542*** (324.2281)

−9.2570*** (−28.0225)

−4.6650*** (−26.4742)

0.6295*** (4.2697)

Control variables

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

N

28,152

28,152

27,104

27,104

28,152

28,152

R-squared

0.406

0.175

0.134

0.175

0.146

0.196

  1. This table reports the results of the robustness checks of the mediating effect of TRANS, Inter and Green by traditional method. To save space, the coefficients on other control variables (the same as in Table 4) are not reported. All continuous variables are winsorized at 1% and 99%. The T statistics are reported in parentheses.
  2. *p < 0.1, ***p < 0.01.
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