(1)

(2)

(3)

(4)

低金融化

高金融化

CEO无科技背景

CEO有科技背景

Digec

0.251^***

0.460^***

0.248^***

0.425^***

(0.031)

(0.078)

(0.031)

(0.092)

Constant

−2.315^***

−2.115^***

−2.211^***

−3.177^***

(0.070)

(0.159)

(0.067)

(0.236)

Control

yes

yes

yes

yes

Year-FE

yes

yes

yes

yes

Ind-FE

yes

yes

yes

yes

Obs.

18,991

3378

20,636

1732

R2

0.143

0.204

0.145

0.206