Table 2. Benchmark regression results.

variable	(1)	(2)	(3)	(4)	(5)	(6)
	CEI	CEI	CEI	CEI	CEI	CEI
dig	-0.121**	-0.103	-0.223***	-0.166***	-0.186***	-0.395***
	[0.047]	[0.066]	[0.071]	[0.051]	[0.062]	[0.134]
dig2						0.004**
						[0.002]
roa		-1.123	-2.356**	-2.342***	-2.283***	-2.281***
		[0.907]	[0.900]	[0.793]	[0.755]	[0.755]
state		-6.248	-2.71	-2.779	-2.42	-2.387
		[5.025]	[3.809]	[3.750]	[4.739]	[4.748]
bsize		3.789***	0.839	2.026	2.090*	2.101*
		[1.137]	[1.798]	[1.479]	[1.143]	[1.144]
dshare		1.246***	0.503	0.545*	0.681***	0.681***
		[0.254]	[0.317]	[0.289]	[0.234]	[0.236]
bm		-1.447	-88.002**	-90.486**	-85.622**	-85.704**
		[13.275]	[40.327]	[40.134]	[34.862]	[34.886]
dual		-4.936*	-4.869*	-1.59	-1.905	-1.913
		[2.821]	[2.583]	[2.186]	[1.172]	[1.178]
age		0.065	-16.265	-14.867	-19.576	-19.649
		[0.242]	[9.738]	[8.744]	[12.966]	[13.023]
u-test						2.03**
Year FE	yes	yes	yes	yes	yes	Yes
Individual FE	no	no	yes	yes	yes	Yes
City FE	no	no	no	yes	yes	Yes
Industry FE	no	no	no	no	yes	Yes
N	27196	27196	26821	26819	26819	26819
R2	0.001	0.003	0.183	0.189	0.191	0.191

Note

***, ** and * indicate significance level of 1%, 5%and 10%, respectively.