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. 2023 Feb 22;73:102210. doi: 10.1016/j.techsoc.2023.102210

Table 3.

The result of benchmark regression.

$V a r i a b l e s$	$l n L I F$			$l n D E A$
$V a r i a b l e s$	(1) $O L S$	(2) $F E$	(3) $R E$	(4) $O L S$	(5) $F E$	(6) $R E$
$l n D I G$	0.0197*** (10.1300)	0.0187*** (18.3193)	0.0195*** (20.6744)	−0.0338*** (−3.6841)	−0.0648*** (−17.0538)	−0.0588*** (−16.3367)
$l n S A N$	0.0939*** (19.9681)	0.0296*** (4.3675)	0.0456*** (7.1513)	−0.1769*** (−7.9949)	−0.2073*** (−8.2038)	−0.2110*** (−8.6587)
$l n L A B$	0.0184* (1.6721)	0.0335* (1.7348)	0.0455** (2.5478)	−0.0510 (−0.9819)	−0.0213 (−0.2968)	−0.0549 (−0.7991)
$l n F I N$	0.0279*** (9.4523)	0.0013 (0.6701)	0.0019 (0.9819)	−0.0798*** (−5.7482)	−0.0087 (−1.1930)	−0.0083 (−1.1216)
$l n T F$	0.0068 (1.6213)	0.0105*** (3.0096)	0.0097*** (2.7974)	−0.0720*** (−3.6594)	−0.0139 (−1.0704)	−0.0224* (−1.7295)
$l n H E P$	0.0032 (0.6457)	−0.0133*** (−3.2879)	−0.0132*** (−3.2775)	0.1961*** (8.3156)	0.1333*** (8.8771)	0.1377*** (9.1771)
$l n U R B$	−0.0092 (−1.3665)	0.1717*** (10.4516)	0.1151*** (8.4242)	−0.0810** (−2.5621)	−0.2720*** (−4.4443)	−0.3002*** (−5.5112)
$l n P G D P$	0.0093*** (3.0131)	0.0076 (1.4818)	0.0069 (1.5264)	−0.0871*** (−5.9861)	0.1796*** (9.4098)	0.1319*** (7.4627)
$C o n s t a n t$	3.5461*** (63.6154)	3.1453*** (30.9507)	3.2579*** (36.0155)	4.1424*** (15.7896)	2.4724*** (6.5305)	3.1307*** (8.8632)
$R - s q u a r e d$	0.7089	0.7070	0.7038	0.5050	0.5620	0.5593
$F t e s t$	0.0000			0.0000
$H a n s e n t e s t$		0.0000			0.0000

Note: "***", "**", and "*" mean significance at the level of 0.01, 0.05, and 0.1, respectively; t value in parehtheses.