[Retracted] Digital Transformation and Corporate Total Factor Productivity: Empirical Evidence Based on Listed Enterprises

Table 4

Regression results of heterogeneity analysis.

Explained variable: TFP	High-tech enterprises	Non-high-tech enterprises	Large high-tech enterprises	Small and medium high-tech enterprises
	(1)	(2)	(3)	(4)
Digital transformation	0.146 (2.89)	−0.048 (−0.99)	−0.019 (−0.22)	0.224 (3.00)
Enterprise age	0.058 (11.37)	0.058 (14.83)	0.042 (6.21)	0.062 (6.96)
Enterprise scale	0.073 (2.19)	−0.065 (−2.55)	0.215 (2.96)	0.055 (0.58)
Number of employees	0.012 (1.21)	0.013 (2.64)	−0.033 (−0.43)	0.035 (0.19)
Debt-assets ratio	0.282 (2.95)	0.241 (2.51)	0.000 (0.00)	0.304 (2.30)
Net profit margin of total assets	1.677 (5.74)	1.384 (5.85)	0.877 (1.98)	1.903 (5.47)
Export intensity	−0.121 (−0.70)	−0.096 (−0.94)	−0.093 (−0.40)	−0.182 (−0.64)
Technological innovation	0.033 (0.25)	0.036 (0.76)	−0.056 (−0.68)	0.053 (0.94)
_Cons	1.803	3.311 (18.15)	1.058 (1.83)	1.766 (3.16)
N	2663	5471	1328	1335
Within R-sq	0.044	0.050	0.056	0.051