(1)

(2)

SA

KZ

Digital

−0.003^***

−0.028^***

(−2.70)

(−4.66)

Lev

−0.054^***

6.251^***

(−6.82)

(141.71)

Age

−0.141^***

0.570^***

(−92.71)

(67.10)

Size

0.072^***

−0.056^***

(50.68)

(−7.05)

Cashflow

−0.008

−14.647^***

(−0.43)

(−134.76)

CI

−0.001

−0.029^***

(−0.88)

(−7.70)

Board

−0.006^***

−0.004

(−7.94)

(−0.85)

MB

−0.178^***

−2.060^***

(−27.09)

(−56.44)

ROA

−0.415^***

−5.531^***

(−17.97)

(−43.06)

SOE

−0.013^***

−0.111^***

(−4.21)

(−6.62)

Constant

−4.776^***

0.512^***

(−177.66)

(3.43)

Year/Industry

Yes

Yes

N

31,127

31,127

R²

0.366

0.775

Adj_R²

0.364

0.774