Robustness test for using the ratio of digital vocabulary frequencies
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | DT | DT | DT | DT | DT | DT |
| PAA | 1.571*** (0.308) | −20.383*** (6.822) | −0.090 (0.650) | |||
| PAA2 | 1.266** (0.619) | 50.054*** (13.452) | 1.529 (1.165) | |||
| NP | 0.164*** (0.025) | 0.352*** (0.041) | ||||
| PAA × NP | 2.090*** (0.663) | |||||
| PAA2 × NP | −4.923*** (1.310) | |||||
| MP | 1.120*** (0.054) | 1.154*** (0.025) | ||||
| PAA × MP | −1.646*** (0.438) | |||||
| PAA2 × MP | 3.498*** (0.815) | |||||
| PBA | −0.607 (0.516) | −79.287*** (13.397) | 1.339** (0.623) | |||
| PBA2 | −2.484* (1.448) | −40.077*** (5.051) | 9.271*** (1.829) | |||
| PBA × NP | 3.717*** (0.484) | |||||
| PBA2 × NP | 7.719*** (1.287) | |||||
| PBA × MP | −0.108 (0.280) | |||||
| PBA2 × MP | −1.189* (0.628) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −7.808*** (0.372) | −8.118*** (0.648) | 2.009*** (0.727) | −6.874*** (0.643) | −8.949*** (0.691) | 2.575*** (0.411) |
| Adjusted R2 | 0.126 | 0.144 | 0.229 | 0.142 | 0.162 | 0.245 |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| 1.571 | −20.383 | −0.090 (0.650) | ||||
| 1.266 | 50.054 | 1.529 (1.165) | ||||
| 0.164 | 0.352 | |||||
| 2.090 | ||||||
| −4.923 | ||||||
| 1.120 | 1.154 | |||||
| −1.646 | ||||||
| 3.498 | ||||||
| −0.607 (0.516) | −79.287 | 1.339 | ||||
| −2.484 | −40.077 | 9.271 | ||||
| 3.717 | ||||||
| 7.719 | ||||||
| −0.108 (0.280) | ||||||
| −1.189 | ||||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −7.808 | −8.118 | 2.009 | −6.874 | −8.949 | 2.575 |
| Adjusted | 0.126 | 0.144 | 0.229 | 0.142 | 0.162 | 0.245 |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
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