| VARIABLES | (1) | (2) | (3) |
| Envir | Socie | Gover | |
| Digital | 0.00278** | 0.00941*** | 0.00530*** |
|
| (0.00140) | (0.00138) | (0.000667) |
| Constant | 0.355 | −0.00503 | 4.044*** |
|
| (0.576) | (0.569) | (0.274) |
| Year | YES | YES | YES |
| Industry | YES | YES | YES |
| Observations | 10,218 | 10,218 | 10,218 |
| R-squared | 0.104 | 0.193 | 0.062 |