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The result of heterogeneity test for industry competition.
| (1) |
(2) |
|
|---|---|---|
|
High level of industry competition |
Low level of industry competition |
|
| fin | fin | |
| digital | −0.0047*** | −0.0021* |
| (-3.7029) | (-1.7289) | |
| Control | Yes | Yes |
| Firm effects | Yes | Yes |
| Year effects | Yes | Yes |
| Observations | 13,319 | 14,524 |
| R2 | 0.6319 | 0.6515 |
