Table 3
Robustness test.
| Variables | EC |
lnEC |
lnEC |
|---|---|---|---|
| (1) | (2) | (3) | |
| lnBC | −0.6145*** (0.2277) | −0.4363** (0.2196) | |
| DigiInno | −0.7837 (2.8236) | −0.1118*** (0.0223) | −0.7673 (0.5860) |
| Lev | −6.5204 (5.0725) | −1.2999*** (0.1128) | −5.8690** (2.8036) |
| ROA | −8.9691 (7.5731) | −2.7268*** (0.3069) | 3.7514 (4.3534) |
| Cashflow | −0.6739 (0.4747) | −0.6885*** (0.2267) | 0.9236 (1.3587) |
| Top1 | 0.0819 (0.4393) | −0.2992*** (0.0932) | 0.0497 (0.2032) |
| ListAge | −0.6145*** (0.2277) | −0.1915*** (0.0262) | −0.4363** (0.2196) |
| Cons | 2.6261 (1.7283) | 1.8386*** (0.0864) | 0.3598 (0.7928) |
| Year FE | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes |
| City FE | No | No | Yes |
| N | 28,321 | 22,337 | 28,321 |
| R2 | 0.0199 | 0.2352 | 0.0088 |
Note: ***p < 0.01, **p < 0.05, *p < 0.1, the results end at the fourth decimal place. Endogeneity test.
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