|
| (1) | (2) | (3) |
| Digita | 0.0730*** (5.17) | 0.0695*** (4.68) | 0.0383*** (2.72) |
| Ln_asset |
|
| 0.2277*** (7.28) |
| Ln_firmage |
|
| −0.0698 (−1.26) |
| Ln_fixed |
|
| −0.0473 (−0.41) |
| Ln_salespp |
|
| −0.0129 (−0.67) |
| Salesgrowth |
|
| −0.1070*** (−7.61) |
| MB_ratioB |
|
| −0.3232*** (−6.05) |
| Leverage |
|
| 0.1587* (1.91) |
| Cashassets_ratio |
|
| 0.1340 (1.17) |
| ROA |
|
| 0.7076*** (3.41) |
| HHI |
|
| 0.0614 (0.13) |
| dual |
|
| 0.0495 (1.45) |
| top1 |
|
| −0.1566 (−0.43) |
| SOEfirm |
|
| 0.1162*** (2.58) |
| Ind | NO | YES | YES |
| Year | NO | YES | YES |
| _cons | 0.2397*** (9.07) | 0.0228 (0.31) | −4.5690*** (−6.68) |
| R2 | 0.0090 | 0.1457 | 0.2279 |
| N | 11987 | 11804 | 10209 |