display "//setting up" display "//key changes - remove ircode1 and all interactions" display "//key changes - correct error in outreg2" clear *pause on display "//setting up log file" log using "digitalization.log",replace display "//loading digitalization - overseas expansion file" *insheet using digitalizationv12.csv,clear insheet using digitalizationv15.csv,clear display "//removing variables" drop organizationname drop organizationnameurl *drop estimatedrevenuerange *drop numberofemployees drop lastlayoffmentiondate drop yearfounded drop foundeddate drop foundeddateprecision drop acquisitionstatus drop companytype drop headquarterslocation drop investmentstage drop investortype drop industrygroups drop industries drop operatingstatus drop headquartersregions drop description drop website drop twitter drop facebook drop linkedin drop contactemail drop phonenumber drop hubtags drop fulldescription drop closeddate drop closeddateprecision drop exitdate drop exitdateprecision drop numberofportfolioorganizations drop numberofleadinvestments drop numberofdiversityinvestments drop numberofexits drop numberofexitsipo drop acceleratorprogramtype drop acceleratorapplicationdeadline drop acceleratordurationinweeks drop founders drop numberoffundingrounds drop fundingstatus drop lastfundingdate drop lastfundingamount drop lastfundingamountcurrency drop lastfundingamountcurrencyinusd drop lastfundingtype drop lastequityfundingamount drop lastequityfundingamountcurrency drop lastequityfundingamountcurrencyi drop lastequityfundingtype drop totalequityfundingamount drop totalequityfundingamountcurrency *drop v65 drop totalfundingamount drop totalfundingamountcurrency *drop totalfundingamountcurrencyinusd drop top5investors drop numberofleadinvestors drop numberofinvestors drop transactionname drop transactionnameurl drop acquiredby drop acquiredbyurl drop announceddate drop announceddateprecision drop price drop pricecurrency drop pricecurrencyinusd drop acquisitiontype drop acquisitionterms drop ipostatus drop ipodate drop delisteddate drop delisteddateprecision drop moneyraisedatipo drop moneyraisedatipocurrency drop moneyraisedatipocurrencyinusd drop valuationatipo drop valuationatipocurrency drop valuationatipocurrencyinusd drop stocksymbol drop stocksymbolurl drop stockexchange drop lastleadershiphiringdate drop semrushmonthlyvisits drop semrushmonthlyvisitsgrowth drop semrushvisitdurationgrowth drop semrushpageviewsvisitgrowth *drop semrushbouncerategrowth drop semrushglobaltrafficrank drop semrushmonthlyrankchange drop semrushmonthlyrankgrowth drop ipqwerymostpopularpatentclass drop ipqwerymostpopulartrademarkclass drop numberofprivatenotes drop tags display "//encode str variables to int" encode companysize, gen(icoysize) drop companysize encode ageofcompany, gen(icoyage) drop ageofcompany *encode acquisitioncode, gen(iacquire) *drop acquisitioncode display "//rename variable ren acquisitioncode iacquire ren numberofinvestments numinvest ren numberofarticles numarticle ren numberoffounders numfounder ren numberofacquisitions numacquire ren leadershipchangelast2years leadchange ren numberofevents numevent ren semrushaveragevisits6months visit6month ren semrushvisitduration duration ren semrushpageviewsvisit pageview ren semrushbouncerate bounce ren builtwithactivetechcount techcount ren digitalizationreachappdl avedlperapp ren apptopianumberofapps numapps ren apptopiadownloadslast30days appdl30 ren g2stacktotalproductsactive swadoption ren ipqwerypatentsgranted ipcount ren ipqwerytrademarksregistered tmcount ren estimatedrevenuerange revenue display "//total funding gen ifunding=totalfundingamountcurrencyinusd + v67 replace ifunding=0 if ifunding==. drop totalfundingamountcurrencyinusd drop v67 pause display "//remove N/A for irindex *replace irdigitalindex=0 if irdigitalindex==. *ren irdigitalindex irindex replace irdigitalindex="0" if irdigitalindex=="#N/A" encode irdigitalindex, gen(irindex) drop irdigitalindex *display "//generating categorical irindex from ircode0 to ircode4 *keep if irindex>0 keep if irindex>1 tab irindex , gen(ircodes) display "//encode active hiring gen ihire=0 replace ihire=1 if activelyhiring=="Yes" label variable ihire "Actively Hiring" display "//number of social platform presences gen sumsocial= websitecode + twittercode +facebookcode +linkedincode sum sumsocial *hist sumsocial, normal display "//quick check" sort globalranking sum list in 1/3 display "//number of acquisition sum numacquire replace numacquire=0 if numacquire==. *hist numacquire, normal gen lnnumacquire = ln(numacquire+1) *hist lnnumacquire, normal display "//company size sum icoysize *hist icoysize, normal gen lnicoysize = ln(icoysize+1) *hist lnicoysize, normal display "//company age sum icoyage *hist icoyage, normal display "//number of technology used to external customer platform replace techcount=0 if techcount==. sum techcount hist techcount, normal gen lntechcount = ln(techcount+1) hist lntechcount, normal display "//number of software used to build internal platform replace swadoption=0 if swadoption==. sum swadoption *hist swadoption, normal gen lnswadoption = ln(swadoption+1) *hist lnswadoption, normal display "//number of mobile apps replace numapps=0 if numapps==. sum numapps *hist numapps, normal gen lnnumapps = ln(numapps+1) *hist lnnumapps, normal display "//number of founders sum numfounder, detail replace numfounder=1 if numfounder==. *replace numfounder=numfounder+1 *sum numfounder,detail *hist numfounder, normal gen lnnumfounder = ln(numfounder+1) *hist lnnumfounder , normal display "//customer website bounce rate replace bounce=0 if bounce==. sum bounce *hist bounce, normal display "//customer website duration replace duration=0 if duration==. sum duration *hist duration, normal display "//customer website pageview replace pageview=0 if pageview==. sum pageview *hist pageview, normal display "//customer revenue replace revenue="1" if revenue=="$1M to $10M" replace revenue="2" if revenue=="$10M to $50M" replace revenue="3" if revenue=="$50M to $100M" replace revenue="4" if revenue=="$100M to $500M" replace revenue="5" if revenue=="$500M to $1B" replace revenue="6" if revenue=="$1B to $10B" replace revenue="7" if revenue=="$10B+" encode revenue, gen(irevenue) drop revenue label variable irevenue "Est Revenue" sum irevenue *hist irevenue, normal display "//number of IP replace ipcount=0 if ipcount==. sum ipcount *hist ipcount, normal display "//number of trademark replace tmcount=0 if tmcount==. sum tmcount *hist tmcount, normal display "//prepare acquisition year replace announcedyear=0 if announcedyear==. gen ir1numapp=lnnumapps*ircodes1 gen ir2numapp=lnnumapps*ircodes2 gen ir3numapp=lnnumapps*ircodes3 gen ir4numapp=lnnumapps*ircodes4 gen ir1numsw=lnswadoption*ircodes1 gen ir2numsw=lnswadoption*ircodes2 gen ir3numsw=lnswadoption*ircodes3 gen ir4numsw=lnswadoption*ircodes4 gen iridxnumapp=irindex*lnnumapps gen iridxsw=irindex*lnswadoption label variable iridxnumapp "IR Digital Index by Num of Apps" label variable iridxsw "IR Digital Index by Software Adopted" label variable ir1numapp "ircodes1##lnnumapps" label variable ir2numapp "ircodes2##lnnumapps" label variable ir3numapp "ircodes3##lnnumapps" label variable ir4numapp "ircodes4##lnnumapps" label variable ir1numsw "ircodes1##lnswadoption" label variable ir2numsw "ircodes2##lnswadoption" label variable ir3numsw "ircodes3##lnswadoption" label variable ir4numsw "ircodes4##lnswadoption" gen iforeign=1 label variable iforeign "Heckman Stage 1" save globalization.dta,replace sum lnnumacquire lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex lnswadoption sumsocial lnnumapps ipcount tmcount pause "check number of obs" by irindex , sort: sum icoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex swadoption sumsocial numapps display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "//#1-mode of entry(discrete = greenfield is 1/ acquisition is 0) regress with digitalization" display "//greenfield investment gen igreenfield=0 label variable igreenfield "Greenfield" replace igreenfield=1 if numacquire==0 display "------------------------------------------------------------------------" display "// greenfield investment - (company profile, industry IR index, tech adoption profile) by igreenfield, sort: sum lnicoysize icoyage numfounder irevenue ifunding ipostatuscode irindex lnswadoption sumsocial lnnumapps logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex lnswadoption sumsocial lnnumapps ipcount, robust pwcorr igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex lnswadoption sumsocial lnnumapps ipcount pause "logit mode of entry - all variable" display "------------------------------------------------------------------------" display "// greenfield investment - (irindex##lnnumapps and irindex##lnnumapps) *logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode sumsocial ipcount iridxnumapp iridxsw , robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode sumsocial ipcount irindex iridxnumapp , robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode sumsocial ipcount irindex iridxsw , robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode sumsocial ipcount irindex iridxnumapp iridxsw , robust pwcorr igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode sumsocial ipcount irindex iridxnumapp iridxsw pause "logit mode of entry - irindex interaction with numapps and numsw" display "------------------------------------------------------------------------" display "// greenfield investment - (individual irindex ) logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ircodes1 lnswadoption sumsocial lnnumapps ipcount, robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ircodes2 lnswadoption sumsocial lnnumapps ipcount, robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ircodes3 lnswadoption sumsocial lnnumapps ipcount, robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ircodes4 lnswadoption sumsocial lnnumapps ipcount, robust logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ircodes2 ircodes3 ircodes4 lnswadoption sumsocial lnnumapps ipcount, robust pause "logit mode of entry - ircode with numapps and numsw" display "------------------------------------------------------------------------" display "// greenfield investment - (remove ircode1. with all interactions) logit igreenfield lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode sumsocial ipcount ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw, robust pwcorr igreenfield lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode sumsocial ipcount ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "//loading heckman - local business file" insheet using digitalizationv15-heckman.csv,clear display "//removing variables" drop organizationname drop organizationnameurl *drop estimatedrevenuerange drop numberofemployees drop lastlayoffmentiondate drop yearfounded drop foundeddate drop foundeddateprecision drop acquisitionstatus drop companytype drop headquarterslocation drop investmentstage drop investortype drop industrygroups drop industries drop operatingstatus drop headquartersregions drop description drop website drop twitter drop facebook drop linkedin drop contactemail drop phonenumber drop hubtags drop fulldescription drop closeddate drop closeddateprecision drop exitdate drop exitdateprecision drop numberofportfolioorganizations drop numberofleadinvestments drop numberofdiversityinvestments drop numberofexits drop numberofexitsipo drop acceleratorprogramtype drop acceleratorapplicationdeadline drop acceleratordurationinweeks drop founders drop numberoffundingrounds drop fundingstatus drop lastfundingdate drop lastfundingamount drop lastfundingamountcurrency drop lastfundingamountcurrencyinusd drop lastfundingtype drop lastequityfundingamount drop lastequityfundingamountcurrency drop lastequityfundingamountcurrencyi drop lastequityfundingtype drop totalequityfundingamount drop totalequityfundingamountcurrency *drop v37 drop totalfundingamount drop totalfundingamountcurrency *drop totalfundingamountcurrencyinusd drop top5investors drop numberofleadinvestors drop numberofinvestors drop transactionname drop transactionnameurl drop acquiredby drop acquiredbyurl drop announceddate drop announceddateprecision drop price drop pricecurrency drop pricecurrencyinusd drop acquisitiontype drop acquisitionterms drop ipostatus drop ipodate drop delisteddate drop delisteddateprecision drop moneyraisedatipo drop moneyraisedatipocurrency drop moneyraisedatipocurrencyinusd drop valuationatipo drop valuationatipocurrency drop valuationatipocurrencyinusd drop stocksymbol drop stocksymbolurl drop stockexchange drop lastleadershiphiringdate drop semrushmonthlyvisits drop semrushmonthlyvisitsgrowth drop semrushvisitdurationgrowth drop semrushpageviewsvisitgrowth drop semrushbouncerategrowth drop semrushglobaltrafficrank drop semrushmonthlyrankchange drop semrushmonthlyrankgrowth drop ipqwerymostpopularpatentclass drop ipqwerymostpopulartrademarkclass drop numberofprivatenotes drop tags display "//encode str variables to int" *encode companysize, gen(icoysize) *drop companysize ren companysize icoysize *encode ageofcompany, gen(icoyage) *drop ageofcompany ren ageofcompany icoyage *encode acquisitioncode, gen(iacquire) *drop acquisitioncode display "//rename variable ren acquisitioncode iacquire ren numberofinvestments numinvest ren numberofarticles numarticle ren numberoffounders numfounder ren numberofacquisitions numacquire *ren leadershipchangelast2years leadchange ren numberofevents numevent ren semrushaveragevisits6months visit6month ren semrushvisitduration duration ren semrushpageviewsvisit pageview ren semrushbouncerate bounce ren builtwithactivetechcount techcount *ren digitalizationreachappdl avedlperapp ren apptopianumberofapps numapps ren apptopiadownloadslast30days appdl30 ren g2stacktotalproductsactive swadoption ren ipqwerypatentsgranted ipcount ren ipqwerytrademarksregistered tmcount ren estimatedrevenuerange revenue display "//total funding gen ifunding=totalfundingamountcurrencyinusd + v38 replace ifunding=0 if ifunding==. drop totalfundingamountcurrencyinusd drop v38 display "//remove N/A for irindex replace irdigitalindex=0 if irdigitalindex==. ren irdigitalindex irindex *recast long irindex *pause "recast irindex to long" *drop irdigitalindex keep if irindex>0 display "//encode active hiring gen ihire=0 replace ihire=1 if activelyhiring=="Yes" label variable ihire "Actively Hiring" display "//number of social platform presences gen sumsocial= websitecode + twittercode +facebookcode +linkedincode sum sumsocial *hist sumsocial, normal display "//quick check" sort globalranking sum list in 1/3 display "//number of acquisition sum numacquire replace numacquire=0 if numacquire==. *hist numacquire, normal gen lnnumacquire = ln(numacquire+1) *hist lnnumacquire, normal display "//company size sum icoysize *hist icoysize, normal gen lnicoysize = ln(icoysize+1) *hist lnicoysize, normal display "//company age sum icoyage *hist icoyage, normal *display "//number of technology used to external customer platform *replace techcount=0 if techcount==. *sum techcount *hist techcount, normal *gen lntechcount = ln(techcount+1) *hist lntechcount, normal display "//number of software used to build internal platform replace swadoption=0 if swadoption==. sum swadoption *hist swadoption, normal gen lnswadoption = ln(swadoption+1) *hist lnswadoption, normal display "//number of mobile apps replace numapps=0 if numapps==. sum numapps *hist numapps, normal gen lnnumapps = ln(numapps+1) *hist lnnumapps, normal display "//number of founders sum numfounder, detail replace numfounder=1 if numfounder==. *replace numfounder=numfounder+1 *sum numfounder,detail *hist numfounder, normal gen lnnumfounder = ln(numfounder+1) *hist lnnumfounder , normal display "//customer website bounce rate replace bounce=0 if bounce==. sum bounce *hist bounce, normal display "//customer website duration replace duration=0 if duration==. sum duration *hist duration, normal display "//customer website pageview replace pageview=0 if pageview==. sum pageview *hist pageview, normal display "//customer revenue replace revenue="1" if revenue=="$1M to $10M" replace revenue="2" if revenue=="$10M to $50M" replace revenue="3" if revenue=="$50M to $100M" replace revenue="4" if revenue=="$100M to $500M" replace revenue="5" if revenue=="$500M to $1B" replace revenue="6" if revenue=="$1B to $10B" replace revenue="7" if revenue=="$10B+" encode revenue, gen(irevenue) drop revenue label variable irevenue "Est Revenue" sum irevenue *hist irevenue, normal display "//number of IP replace ipcount=0 if ipcount==. sum ipcount *hist ipcount, normal display "//number of trademark replace tmcount=0 if tmcount==. sum tmcount *hist tmcount, normal display "//prepare acquisition year replace announcedyear=0 if announcedyear==. pause "check irindex" *display "//generating categorical irindex from ircode0 to ircode4 keep if irindex>0 tab irindex , gen(ircodes) gen ir1numapp=lnnumapps*ircodes1 gen ir2numapp=lnnumapps*ircodes2 gen ir3numapp=lnnumapps*ircodes3 gen ir4numapp=lnnumapps*ircodes4 gen ir1numsw=lnswadoption*ircodes1 gen ir2numsw=lnswadoption*ircodes2 gen ir3numsw=lnswadoption*ircodes3 gen ir4numsw=lnswadoption*ircodes4 label variable ir1numapp "ircodes1##lnnumapps" label variable ir2numapp "ircodes2##lnnumapps" label variable ir3numapp "ircodes3##lnnumapps" label variable ir4numapp "ircodes4##lnnumapps" label variable ir1numsw "ircodes1##lnswadoption" label variable ir2numsw "ircodes2##lnswadoption" label variable ir3numsw "ircodes3##lnswadoption" label variable ir4numsw "ircodes4##lnswadoption" gen iforeign=0 label variable iforeign "Heckman 2-Stage Dummy" save globalization-heckman.dta,replace display "------------------------------------------------------------------------" append using globalization.dta save globalization-final.dta,replace display "------------------------------------------------------------------------" sum lnnumacquire lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex lnswadoption sumsocial lnnumapps ipcount tmcount iforeign pause "check number of obs" by iforeign, sort: sum icoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode irindex swadoption sumsocial numapps display "------------------------------------------------------------------------" display "//Heckman 2-stage display "//greenfield investment gen igreenfield=0 label variable igreenfield "Greenfield" replace igreenfield=1 if numacquire==0 display "------------------------------------------------------------------------" display "//Outcome equation: y = X × b1 + u1 (globally expanded company) display "// (remove ircode1 and all interactions) Outcome equation: y = X × b1 + u1 (globally expanded company) logit igreenfield lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode sumsocial ipcount ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw if iforeign==1, robust pause "Stage 1 - outcome equation (globally expanded company) display "------------------------------------------------------------------------" display "//Stage 2 - with Selection equation: Dummy = Z × b2 + u2 display "(remove ircode1 and all interactions) //Stage 2 - with Selection equation: Dummy = Z × b2 + u2 heckman igreenfield ifunding lnicoysize ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw irindex announcedyear ipostatuscode sumsocial ipcount, twostep select(iforeign=icoyage numfounder ) vce(jackknife) pause "Stage 2a - completed display "------------------------------------------------------------------------" display "//Stage 2 - finding IMR heckman igreenfield ifunding lnicoysize ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw irindex announcedyear ipostatuscode sumsocial ipcount, twostep select(iforeign=icoyage numfounder ) mills (imr) probit igreenfield ifunding lnicoysize ircodes2 ircodes3 ircodes4 ir2numapp ir3numapp ir4numapp ir2numsw ir3numsw ir4numsw irindex announcedyear ipostatuscode sumsocial ipcount imr if iforeign==1 pause "Stage 2b - IMR completed log close *use globalization.dta,clear *gen igreenfield=0 *label variable igreenfield "Greenfield" *replace igreenfield=1 if numacquire==0 display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" display "------------------------------------------------------------------------------------------------------------------------------------------------" pause "Generate output file" label variable lnicoysize "Company Size" label variable ifunding "Funding Received" label variable ipostatuscode "IPO Status" label variable lnswadoption "Software Adopted" label variable sumsocial "Social Media Presence" label variable lnnumapps "No. of Mobile Apps" label variable ipcount "Patents Granted" label variable techcount "Technology Adopted" label variable ircodes1 "IR Industry Cat 1" label variable ircodes2 "IR Industry Cat 2" label variable ircodes3 "IR Industry Cat 3" label variable ircodes4 "IR Industry Cat 4" label variable ir1numapp "Industry 1 ## Mobile Apps" label variable ir2numapp "Industry 2 ## Mobile Apps" label variable ir3numapp "Industry 3 ## Mobile Apps" label variable ir4numapp "Industry 4 ## Mobile Apps" label variable ir1numsw "Industry 1 ## Software" label variable ir2numsw "Industry 2 ## Software" label variable ir3numsw "Industry 3 ## Software" label variable ir4numsw "Industry 4 ## Software" label variable lntechcount "No. of Tech Adopted" gen lnicoyage = ln(icoyage+1) gen lnannouncedyear = ln(announcedyear+1) gen lnirevenue = ln(irevenue+1) gen lnifunding = ln(ifunding+1) gen lnipostatuscode = ln(ipostatuscode+1) gen lnsumsocial = ln(sumsocial+1) gen lnipcount = ln(ipcount+1) gen lnirindex = ln(irindex+1) gen iridxapp = irindex * lnnumapps gen iridxtech = irindex * lntechcount *gen iridxsw = irindex * lnswadoption label variable lnicoyage "Company Age" label variable lnannouncedyear "Announced Year" label variable lnirevenue "Revenue" label variable lnifunding "Funding Received" label variable lnipostatuscode "IPO Status" label variable lnsumsocial "Social Media Presence" label variable lnipcount "Patents Granted" label variable lnirindex "IR Digital Index" label variable iridxapp "IR Digital Index by Num of Apps" label variable iridxsw "IR Digital Index by Software Adopted" label variable iridxtech "IR Digital Index by Technology Adopted" replace irindex=1 if irindex==2&iforeign==1 replace irindex=2 if irindex==3&iforeign==1 replace irindex=3 if irindex==4&iforeign==1 replace irindex=4 if irindex==5&iforeign==1 display "table 1" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex using digitalization-output-solo.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue replace logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps using digitalization-output-solo.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lntechcount if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lntechcount lnswadoption using digitalization-output-solo.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount using digitalization-output-solo.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append mkcorr igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1, log(correlation_solo) replace means num cdec(6) mdec(6) lab display "table 2" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 using digitalization-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue replace logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps iridxapp if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps iridxapp if iforeign==1 using digitalization-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lntechcount iridxtech if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lntechcount iridxtech if iforeign==1 using digitalization-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount iridxapp iridxtech if iforeign==1 , robust outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount iridxapp iridxtech if iforeign==1 using digitalization-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "table 3 prep" display "------------------------------------------------------------------------" gen ir1app = ircodes1*lnnumapps gen ir2app = ircodes2*lnnumapps gen ir3app = ircodes3*lnnumapps gen ir4app = ircodes4*lnnumapps gen ir1tech = ircodes1*lntechcount gen ir2tech = ircodes2*lntechcount gen ir3tech = ircodes3*lntechcount gen ir4tech = ircodes4*lntechcount *egen meannumapps = mean(numapps) if iforeign==1 *gen dnumapps = numapps-meannumapps *gen lndnumapps = ln(dnumapps+1) *gen ir1app = ircodes1*lndnumapps *gen ir2app = ircodes2*lndnumapps *gen ir3app = ircodes3*lndnumapps *gen ir4app = ircodes4*lndnumapps *gen ir1sw = ircodes1*lnswadoption *gen ir2sw = ircodes2*lnswadoption *gen ir3sw = ircodes3*lnswadoption *gen ir4sw = ircodes4*lnswadoption *egen meantechcount = mean(techcount) if iforeign==1 *gen dtechcount = techcount-meantechcount *gen lndtechcount = ln(dtechcount+1) *gen ir1tech = ircodes1*lndtechcount *gen ir2tech = ircodes2*lndtechcount *gen ir3tech = ircodes3*lndtechcount *gen ir4tech = ircodes4*lndtechcount *gen lnir1app = ln(ir1app+1) *gen lnir2app = ln(ir2app+1) *gen lnir3app = ln(ir3app+1) *gen lnir4app = ln(ir4app+1) *gen lnir1tech = ln(ir1tech+1) *gen lnir2tech = ln(ir2tech+1) *gen lnir3tech = ln(ir3tech+1) *gen lnir4tech = ln(ir4tech+1) label variable ir1app "Industry 1 by Mobile Apps" label variable ir2app "Industry 2 by Mobile Apps" label variable ir3app "Industry 3 by Mobile Apps" label variable ir4app "Industry 4 by Mobile Apps" *label variable lnir1app "Industry 1 by Mobile Apps" *label variable lnir2app "Industry 2 by Mobile Apps" *label variable lnir3app "Industry 3 by Mobile Apps" *label variable lnir4app "Industry 4 by Mobile Apps" *label variable ir1sw "Industry 1 by Software" *label variable ir2sw "Industry 2 by Software" *label variable ir3sw "Industry 3 by Software" *label variable ir4sw "Industry 4 by Software" label variable ir1tech "Industry 1 by Tech Count" label variable ir2tech "Industry 2 by Tech Count" label variable ir3tech "Industry 3 by Tech Count" label variable ir4tech "Industry 4 by Tech Count" *label variable lnir1tech "Industry 1 by Tech Count" *label variable lnir2tech "Industry 2 by Tech Count" *label variable lnir3tech "Industry 3 by Tech Count" *label variable lnir4tech "Industry 4 by Tech Count" display "table 3 - subsample analysis" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==1, robust asis outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==1 using digitalization-output-interaction-3.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue replace logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==2, robust asis outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==2 using digitalization-output-interaction-3.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==3, robust asis outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==3 using digitalization-output-interaction-3.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==4, robust asis outreg2 igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount if iforeign==1 & irindex==4 using digitalization-output-interaction-3.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "table 4" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue replace logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps ir2app ir3app ir4app if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps ir2app ir3app ir4app if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lntechcount if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lntechcount if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lntechcount ir2tech ir3tech ir4tech if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lntechcount ir2tech ir3tech ir4tech if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount if iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount ir2app ir3app ir4app ir2tech ir3tech ir4tech if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount ir2app ir3app ir4app ir2tech ir3tech ir4tech iforeign==1 using digitalization-output-interaction.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "heckman" display "------------------------------------------------------------------------" display "//2-stage heckman, manual probit iforeign icoyage numfounder predict probitxb,xb ge pdf = normalden(probitxb) ge cdf=normal(probitxb) ge imr2=pdf/cdf display "heckman - Table 1" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount imr2 if iforeign==1 , robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount imr2 if iforeign==1 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue replace display "heckman - Table 2" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount iridxapp iridxtech imr2 if iforeign==1 , robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount irindex lnnumapps lntechcount iridxapp iridxtech imr2 if iforeign==1 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "heckman - Table 3 - ircodes 1,2,3,4" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==1, robust asis outreg2 lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==1 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==2, robust asis outreg2 lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==2 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==3, robust asis outreg2 lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==3 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==4, robust asis outreg2 lnicoysize icoyage announcedyear numfounder ifunding ipostatuscode ipcount lnnumapps lntechcount lnnumapps lntechcount imr2 if iforeign==1 & irindex==4 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "table 4" display "------------------------------------------------------------------------" logit igreenfield lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount ir2app ir3app ir4app ir2tech ir3tech ir4tech imr2 if iforeign==1, robust outreg2 lnicoysize icoyage announcedyear numfounder irevenue ifunding ipostatuscode ipcount ircodes2 ircodes3 ircodes4 lnnumapps lntechcount ir2app ir3app ir4app ir2tech ir3tech ir4tech imr2 iforeign==1 using digitalization-heckman.xls, lab bdec(3) pdec(3) rdec(3) alpha(0.001, 0.01, 0.05, 0.1) symbol(***, **, *, +) bracket pvalue append display "//closing off save "globalization-final",replace