Impact of the Digital Transformation of Small- and Medium-Sized Listed Companies on Performance: Based on a Cost-Benefit Analysis Framework

Table 7

Robustness check.

Variables	(1)	(2)	(3)
	Y1	Y2	Y3
X	0.0093	0.0036	0.2195
	(1.6585)	(0.4750)	(1.8929)
X2		0.0000	−0.0247
		(0.0394)	(-2.2330)
DT	−0.0017	−0.0011	0.0151
	(−1.7766)	(−1.5564)	(1.4255)
SIZE	−0.0253	−0.0034	0.1014
	(−4.8929)	(−1.2098)	(2.3935)
AT	−0.1591	0.0396	0.4136
	(−10.2251)	(4.7411)	(3.2383)
Constant	0.6497	0.1839	-2.8047
	(4.1658)	(2.1958)	(−2.1907)
Year	Control	Control	Control
Ind	Control	Control	Control
Observations	1,738	1,738	1,738
R-squared	0.1226	0.0644	0.1884
r2_a	0.1114	0.0519	0.1775
F	10.8959	5.1313	17.3015

Note: , , and .