VARIABLES

(1)

Eff

(2)

Eff

(3)

Eff

Digital

0.086***

(3.42)

0.097***

(3.47)

0.215***

(5.85)

Size

−0.006***

(−0.12)

1.677***

(7.43)

ROA

−0.834**

(−2.13)

−0.761*

(−1.89)

TQ

−0.055*

(−1.76)

−.135*** (−3.45)

CR1

−0.241

(−1.38)

−.423

(−0.90)

Boa

−0.021*

(−1.67)

−.067**

(−2.21)

Lev

−0.68

(−0.46)

−.619

(−1.65)

常数项

1.219***

(31.95)

1.716***

(3.61)

−13.892***

(−6.25)

Firm

NO

NO

YES

Year

NO

NO

NO

R-squared

0.051

0.109

0.443