|
| 模型(1) | 模型(2) | 模型(3) | 模型(4) |
| VARIABLES | lndigital | lndigital | lndigital | lndigital |
| did | 0.0304** | 0.0309** | 0.133*** | 0.133*** |
| (0.0153) | (0.0153) | (0.0155) | (0.0154) | |
| board |
| 0.132*** |
| 0.214*** |
| (0.0206) | (0.0229) | |||
| age |
| 0.129*** |
| −0.0542*** |
| (0.0114) | (0.00668) | |||
| growth |
| −0.00420 |
| −0.0204*** |
| (0.00332) | (0.00432) | |||
| lever |
| −0.0942*** |
| 0.223*** |
| (0.0278) | (0.0261) | |||
| indep |
| −0.271*** |
| 0.385*** |
| (0.0731) | (0.0841) | |||
| top1 |
| 0.00118** |
| 0.00152*** |
| (0.000585) | (0.000366) | |||
| Constant | 2.799*** | 2.345*** | 2.753*** | 2.130*** |
| (0.00860) | (0.0650) | (0.00952) | (0.0692) | |
| 行业 | NO | NO | YES | YES |
| 省份 | NO | NO | YES | YES |
| 年份 | YES | YES | YES | YES |
| 企业 | YES | YES | NO | NO |
| Observations | 33,153 | 33,153 | 33,462 | 33,462 |
| R-squared | 0.792 | 0.793 | 0.466 | 0.470 |