Table 9.

Regression results of intermediate effects.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	tfp	GI	tfp	CSR	tfp	JSTICKY	tfp
Dig	0.03842***	0.02839**	0.03727***	1.2161**	0.03736***	− 0.05297*	0.03779***
	(3.7616)	(1.9662)	(3.6668)	(2.3659)	(3.6472)	(− 1.6867)	(3.7104)
Size	10.918***	− 0.8966	10.955***	54.198***	10.871***	− 0.7573	10.909***
	(11.9706)	(− 1.3836)	(12.0619)	(2.5872)	(11.9128)	(− 0.5066)	(11.9897)
Lev	0.3417***	− 0.01468	0.3423***	− 4.3881	0.3455***	− 0.02395	0.3414***
	(3.8974)	(− 0.1556)	(3.9145)	(− 1.2991)	(3.9335)	(− 0.0947)	(3.8908)
Age	− 0.1319	0.2500*	− 0.1420	0.6681	− 0.1325	− 0.01939	− 0.1322
	(− 1.0366)	(1.7616)	(− 1.1150)	(0.1281)	(− 1.0307)	(− 0.0618)	(− 1.0341)
Shrcr1	0.0004051	− 0.001094	0.0004493	0.02957	0.0003793	− 0.001993	0.0003813
	(0.2667)	(− 0.8172)	(0.2972)	(0.4919)	(0.2499)	(− 0.6068)	(0.2533)
Board	− 0.01624	− 0.03642	− 0.01477	− 4.1348	− 0.01263	0.4290**	− 0.01113
	(− 0.2676)	(− 0.3623)	(− 0.2466)	(− 1.1012)	(− 0.2093)	(2.4531)	(− 0.1837)
Independent	− 0.1873	0.09033	− 0.1910	− 16.409	− 0.1730	0.3509	− 0.1831
	(− 1.0568)	(0.3136)	(− 1.0983)	(− 1.6401)	(− 0.9763)	(0.6304)	(− 1.0379)
Roa	2.5193***	0.2064	2.5110***	78.220***	2.4510***	− 1.8530***	2.4972***
	(14.1142)	(1.3734)	(14.0796)	(11.9084)	(13.0949)	(− 3.2841)	(14.0385)
GI			0.04040***
			(3.1696)
CSR					0.0008728*
					(1.6536)
JSTICKY							− 0.01193*
							(− 1.8818)
Year	Control	Control	Control	Control	Control	Control	Control
Firm	Control	Control	Control	Control	Control	Control	Control
_cons	− 24.624***	2.3450	− 24.719***	− 130.17*	− 24.511***	2.1652	− 24.599***
	(− 9.0508)	(1.1502)	(− 9.1304)	(− 1.9441)	(− 9.0131)	(0.4879)	(− 9.0709)
N	2750	2750	2750	2750	2750	2750	2750
R2	0.6357	0.02147	0.6374	0.2621	0.6364	0.01778	0.6366

T-statistics are shown in parentheses. ***, ** and * indicate 1%, 5% and 10% respectively.