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 | Â | 8.3605*** | 6.7739*** |
| Â | (35.5350) | (8.9743) | |
Lev | Â | 0.1848*** | 0.1967* |
| Â | (3.8603) | (1.9411) | |
Age |  | 0.02141 | − 0.2403* |
|  | (0.7799) | (− 1.6546) | |
Shrcr1 | Â | 0.0007152 | 0.001073 |
| Â | (1.0271) | (0.6882) | |
Board |  | − 0.03695 | 0.01613 |
|  | (− 0.7515) | (0.2336) | |
Independent |  | − 0.2368 | − 0.2545 |
|  | (− 1.5673) | (− 1.2930) | |
Roa | Â | 2.5934*** | 2.3098*** |
| Â | (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 |
