The Role of Digital Transformation in the Economic Benefits of the Sports Industry and Optimization Paths
Sep 22, 2025
About this article
Published Online: Sep 22, 2025
Received: Jan 14, 2025
Accepted: May 01, 2025
DOI: https://doi.org/10.2478/amns-2025-0971
Keywords
© 2025 Yanqiu Liu, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Figure 1.
Regression results of heterogeneity testing
| Variable | Scale | Industry | ||
|---|---|---|---|---|
| Model (0) | Model (1) | Model (2) | Model (3) | |
| DID-DT | 0.085***(2.935) | -0.064(-1.372) | 0.121**(2.403) | 0.035(1.282) |
| DT | 0.047(1.316) | 0.016(0.268) | 0.085*(1.917) | 0.051(1.474) |
| Controls | YES | YES | YES | YES |
| DID-DT-(Con_) | 6.489***(3.057) | 9.062***(3.178) | 9.698***(3.274) | 9.135***(3.164) |
| DT-(Con_) | 8.476**(2.173) | 8.428***(3.106) | 4.015(0.937) | 7.626***(3.278) |
| Year | YES | YES | YES | YES |
| Ind | YES | YES | YES | YES |
Benchmark regression
| Variable | Model (1) | Model (2) | Model (3) | Model (4) |
|---|---|---|---|---|
| DT | 1.237***(0.548) | 1.206***(0.526) | 1.185***(0.493) | 1.158***(0.427) |
| AGE | - | -0.007(0.472) | -0.005(0.469) | -0.002(0.418) |
| SIZE | - | 0.318**(2.641) | 0.307**(2.457) | 0.285**(2.279) |
| Share | - | - | -0.005(-0.315) | -0.004(-0.306) |
| LEV | - | - | -0.014(-0.526) | -0.012(-0.438) |
| LnLT | - | - | - | -0.018***(-3.174) |
| RD | - | - | - | -0.006(-0.356) |
| (Con_) | 1.076***(0.069) | 0.974***(0.057) | 0.894***(0.051) | 0.825***(0.048) |
| Year | YES | YES | YES | YES |
| Ind | YES | YES | YES | YES |
| R2 | 0.176 | 0.184 | 0.193 | 0.215 |
Test of the Mechanism of Corporate Operational Efficiency
| Variable | Model (1)-ROA | Model (2)-EFF | Model (3)-ROA |
|---|---|---|---|
| DT | 1.158***(0.427) | 0.059*(1.943) | 1.107***(2.759) |
| EFF | - | - | 0.398***(4.274) |
| AGE | -0.002(0.418) | 0.005(0.932) | 0.005**(1.756) |
| SIZE | 0.285**(2.279) | 0.006(0.871) | 0.003(1.064) |
| Share | -0.004(-0.306) | 0.004*(1.814) | 0.002**(2.137) |
| LEV | -0.012(-0.438) | 0.016(2.138) | 0.002(1.135) |
| LnLT | -0.018***(-3.174) | 0.003(1.507) | 0.002(1.248) |
| RD | -0.006(-0.356) | -0.138***(-2.915) | 0.035***(2.764) |
| (Con_) | 0.825***(0.048) | -0.186*(-1.674) | -0.025(-0.807) |
| Year | YES | YES | YES |
| Ind | YES | YES | YES |
| R2 | 0.215 | 0.327 | 0.694 |
| F | 11.64 | 29.15 | 29.98 |
Test of the Mechanism of Corporate Operational Costs
| Variable | Model (1)-ROA | Model (2)-EFF | Model (3)-ROA |
|---|---|---|---|
| DT | 1.158***(0.427) | -0.203*(2.198) | 0.978***(3.942) |
| EFF | - | - | -0.026***(-3.271) |
| AGE | -0.002(0.418) | -0.005(-0.813) | 0.003**(2.306) |
| SIZE | 0.285**(2.279) | -0.002(-0.051) | 0.005(1.075) |
| Share | -0.004(-0.306) | -0.003(-0.739) | 0.002***(2.214) |
| LEV | -0.012(-0.438) | -0.085(-1.382) | 0.007***(2.735) |
| LnLT | -0.018***(-3.174) | 0.005(0.816) | 0.002(1.515) |
| RD | -0.006(-0.356) | -0.051(0.789) | 0.073(0.679) |
| (Con_) | 0.825***(0.048) | 1.943(1.415) | -0.089**(-2.137) |
| Year | YES | YES | YES |
| Ind | YES | YES | YES |
| R2 | 0.215 | 0.421 | 0.218 |
| F | 9.64 | 12.73 | 11.26 |
Robustness and endogenous testing
| Variable | Model (1) | Model (2) | Model (3) | Model (4) |
|---|---|---|---|---|
| DT | 1.241***(0.682) | - | - | - |
| Ln.DT | - | 1.307***(0.743) | - | - |
| Ln2.DT | - | - | 1.318***(0.759) | - |
| Ln3.DT | - | - | - | 1.302***(0.724) |
| AGE | -0.005(0.423) | -0.005(0.423) | -0.006(0.435) | -0.006(0.435) |
| SIZE | 0.267**(2.158) | 0.287**(2.246) | 0.282**(2.231) | 0.284**(2.242) |
| Share | -0.008(-0.347) | -0.006(-0.315) | -0.007(-0.327) | -0.005(-0.295) |
| LEV | -0.009(-0.518) | -0.015(-0.469) | -0.013(-0.438) | -0.011(-0.435) |
| LnLT | -0.014**(-3.152) | -0.015**(-3.158) | -0.012**(-3.006) | -0.013**(-3.104) |
| RD | -0.008(-0.378) | -0.008(-0.378) | -0.005(-0.342) | -0.005(-0.342) |
| (Con_) | 3.292***(0.738) | 2.978***(0.633) | 2.741***(0.595) | 7.425***(0.573) |
| Year | YES | YES | YES | YES |
| Ind | YES | YES | YES | YES |
| R2 | 0.257 | 0.237 | 0.236 | 0.231 |
Descriptive statistics and multiple conlinear tests
| Variable | Means | SD | Min | Max | VIF | 1/VIF |
|---|---|---|---|---|---|---|
| ROA | 0.041 | 0.084 | -0.306 | 0.273 | - | - |
| DT | 0.056 | 0.135 | 0.003 | 0.776 | 1.915 | 0.522 |
| EFF | 0.834 | 0.331 | 0.198 | 2.183 | 1.343 | 0.745 |
| Cost | 0.953 | 0.118 | 0.435 | 1.679 | 1.285 | 0.778 |
| AGE | 15.247 | 5.239 | 2.347 | 27.113 | 1.804 | 0.554 |
| SIZE | 20.179 | 1.427 | 18.174 | 22.458 | 2.937 | 0.340 |
| Share | 33.287 | 22.216 | 0.253 | 88.935 | 2.268 | 0.441 |
| LEV | 40.539 | 17.548 | 11.475 | 83.174 | 1.464 | 0.683 |
| LnLT | 16.315 | 5.132 | 0.015 | 20.135 | 1.958 | 0.511 |
| RD | 3.607 | 1.953 | 0.064 | 8.606 | 1.619 | 0.618 |