Results of eliminating the impacts of COVID-19
| Variables | (1) |
|---|---|
| BT_Adoption | |
| AI | 0.072** |
| (2.13) | |
| Compete | 0.042** |
| (2.45) | |
| Create | 0.067** |
| (2.09) | |
| HHI | −0.055*** |
| (−4.80) | |
| Subsidy | 0.001*** |
| (3.53) | |
| DFI | 0.039*** |
| (2.86) | |
| Size | 0.008*** |
| (4.36) | |
| ROA | −0.037 |
| (−1.29) | |
| Cash | −0.032* |
| (−1.80) | |
| Growth | −0.004** |
| (−2.11) | |
| Lev | −0.014 |
| (−1.35) | |
| MTB | 0.001 |
| (0.66) | |
| Netloss | 0.000 |
| (0.08) | |
| Top1 | −0.049*** |
| (−4.91) | |
| Agescale | −0.001 |
| (−0.89) | |
| SOE | −0.010*** |
| (−2.93) | |
| HTT | −0.000 |
| (−0.00) | |
| Big4 | 0.005 |
| (0.67) | |
| Constant | −0.203*** |
| (−4.56) | |
| Year fixed effect | YES |
| Industry fixed effect | YES |
| N | 19,472 |
| Adj_R2 | 0.093 |
| Variables | (1) |
|---|---|
| 0.072** | |
| (2.13) | |
| 0.042** | |
| (2.45) | |
| 0.067** | |
| (2.09) | |
| −0.055*** | |
| (−4.80) | |
| 0.001*** | |
| (3.53) | |
| 0.039*** | |
| (2.86) | |
| 0.008*** | |
| (4.36) | |
| −0.037 | |
| (−1.29) | |
| −0.032* | |
| (−1.80) | |
| −0.004** | |
| (−2.11) | |
| −0.014 | |
| (−1.35) | |
| 0.001 | |
| (0.66) | |
| 0.000 | |
| (0.08) | |
| −0.049*** | |
| (−4.91) | |
| −0.001 | |
| (−0.89) | |
| −0.010*** | |
| (−2.93) | |
| −0.000 | |
| (−0.00) | |
| 0.005 | |
| (0.67) | |
| −0.203*** | |
| (−4.56) | |
| YES | |
| YES | |
| 19,472 | |
| 0.093 |
Note(s): *** indicates significance at the 1% level (p < 0.01); ** indicates significance at the 5% level (p < 0.05); * indicates significance at the 10% level (p < 0.1). Standard errors are adjusted for firm-level clustering. Variable definitions are presented in Appendix III
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