| (1) | (2) |
变量 | Risk | Risk |
Digital | −0.0036** | −0.0046** |
| (−1.96) | (−2.38) |
Pper |
| 0.0326** |
|
| (2.19) |
Pper_Dig |
| −0.0424*** |
|
| (−4.01) |
Size | −0.0326*** | −0.0330*** |
| (−18.16) | (−18.29) |
Age | 0.0331*** | 0.0351*** |
| (4.01) | (4.25) |
State | −0.0606*** | −0.0625*** |
| (−12.90) | (−13.24) |
Grow | 0.0262*** | 0.0268*** |
| (7.75) | (7.89) |
Lev | 0.1239*** | 0.1215*** |
| (11.54) | (11.28) |
Sep | −0.0001 | −0.0002 |
| (−0.40) | (−0.60) |
Dual | −0.0064 | −0.0064 |
| (−1.28) | (−1.27) |
Constant | 1.1703*** | 1.1621*** |
| (24.54) | (24.39) |
Observations | 19,100 | 19,100 |
R−squared | 0.080 | 0.081 |
Industry FE | YES | YES |
Year FE | YES | YES |