| 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 |