(1)

(2)

(3)

VARIABLES

REM

SA

REM

Digit

−0.020^***

−0.059^***

−0.019^***

(−4.91)

(−10.39)

(−4.55)

SA

0.024^***

(3.91)

Size

0.010^***

−0.022^***

0.011^***

(7.72)

(−9.74)

(8.02)

ROA

−1.126^***

−0.032

−1.125^***

(−37.09)

(−1.06)

(−37.09)

Lev

0.024^**

0.044^***

0.023^**

(2.41)

(3.57)

(2.31)

Growth

0.072^***

−0.026^***

0.072^***

(10.60)

(−4.32)

(10.68)

Opinion

0.070^***

−0.010

0.070^***

(7.62)

(−0.86)

(7.66)

Constant

−0.082^*

5.001^***

−0.200^***

(−1.88)

(74.19)

(−3.65)

Observations

15,348

15,348

15,348

R-squared

0.280

0.087

0.281

Industry

YES

YES

YES

YEAR

YES

YES

YES

Sobel检验

0.024^**

Bootstrap检验

[0.0001186, 0.0016128]