Table 6.
Replace the regression result of the explained variable.
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| top (total factor productivity) | top (total factor productivity) | top (total factor productivity) | |
| Dig | 0.1192*** | 0.04237*** | 0.03610*** |
| (12.0013) | (5.2177) | (3.4031) | |
| Size | 8.3605*** | 6.7739*** | |
| (35.5350) | (8.9743) | ||
| Lev | 0.1848*** | 0.1967* | |
| (3.8603) | (1.9411) | ||
| Age | 0.02141 | − 0.2403* | |
| (0.7799) | (− 1.6546) | ||
| Shrcr1 | 0.0007152 | 0.001073 | |
| (1.0271) | (0.6882) | ||
| Board | − 0.03695 | 0.01613 | |
| (− 0.7515) | (0.2336) | ||
| Independent | − 0.2368 | − 0.2545 | |
| (− 1.5673) | (− 1.2930) | ||
| Roa | 2.5934*** | 2.3098*** | |
| (25.7024) | (11.5031) | ||
| Year | Not control | Not control | Control |
| Firm | Not control | Not control | Control |
| _cons | 6.5308*** | − 19.355*** | − 13.996*** |
| (263.0051) | (− 28.1331) | (− 5.9093) | |
| N | 2750 | 2750 | 2750 |
| R2 | 0.0548 | 0.4353 | 0.5047 |
T-statistics are shown in parentheses. ***, * indicate 1%, 10% respectively.