Table 4.

PSM method

 (1)(2)
VariableDigital1Digital2
CR−0.283*** (−9.19)−0.053*** (−4.50)
ControlsYESYES
Year FEYESYES
Industry FEYESYES
Observations16,62216,622
R-squared0.4390.260
Notes:

This table reports the results of PSM Method. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively

Source(s): Authors’ own work
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