I

II

III

IV

Upstream breached records

−5.87e-07***

−5.31e-07***

(0.00)

(0.00)

Downstream breached records

−8.02e-08***

−5.19e-08***

0.00

0.00

Overall IT budget

4.87e-07***

5.28e-07***

(0.00)

(0.00)

Comm budget

1.63e-05***

1.73e-05***

(0.00)

(0.00)

Hardware budget

0.000378***

0.000401***

(0.00)

(0.00)

Services budget

−4.68e-05***

−4.75e-05***

(0.00)

(0.00)

Software budget

−6.99e-05***

−7.51e-05***

(0.00)

(0.00)

Storage budget

0.000376***

0.000327***

(0.00)

(0.00)

Software vendors

0.0761***

0.0774***

0.0810***

0.0840***

(0.00)

(0.00)

(0.00)

(0.00)

Std dev of site IT budget

0.0734***

0.0867***

0.0722***

0.0858***

(0.00)

(0.00)

(0.00)

(0.00)

ROE

0.0468***

0.0475***

0.0476***

0.0485***

(0.00)

(0.00)

(0.00)

(0.00)

Sales growth

1.535***

1.548***

1.541***

1.557***

(0.00)

(0.00)

(0.00)

(0.00)

Liquidity

−0.0286***

−0.0270***

−0.0416***

−0.0398***

(0.00)

(0.00)

(0.00)

(0.00)

Debt/Equity ratio

0.0192***

0.0192***

0.0194***

0.0194***

(0.00)

(0.00)

(0.00)

(0.00)

Market to book ratio

−0.00647***

−0.00647***

−0.00654***

−0.00654***

(0.00)

(0.00)

(0.00)

(0.00)

PE ratio

3.68e-05***

−0.000140***

5.15e-05***

−0.000118***

(0.00)

(0.00)

(0.00)

(0.00)

Market Cap

4.12e-06***

5.44e-06***

3.95e-06***

5.10e-06***

(0.00)

(0.00)

(0.00)

(0.00)

Tobin’s Q

0.135***

0.136***

0.137***

0.138***

(0.00)

(0.00)

(0.00)

(0.00)

Cashflow

−0.440***

−0.429***

−0.490***

−0.480***

(0.00)

(0.00)

(0.00)

(0.00)

Constant

10.73***

10.62***

10.67***

10.55***

(0.00)

(0.00)

(0.00)

(0.00)

R-square

0.191

0.203

0.192

0.205

Observations

12,418

12,418

12,418

12,418