Heckman two-step test results
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| If_Digital | Explore | Exploit | Balance | |
| Digital | 0.184*** (0.027) | 0.081*** (0.025) | 0.062*** (0.014) | |
| IMR | −0.307*** (0.081) | −0.386*** (0.087) | −0.104*** (0.040) | |
| IV | 1.517*** (0.071) | |||
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 20,938 | 20,938 | 20,938 | 20,938 |
| Adjusted R2 | 0.3388 (Pseudo R2) | 0.240 | 0.295 | 0.148 |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| 0.184*** (0.027) | 0.081*** (0.025) | 0.062*** (0.014) | ||
| −0.307*** (0.081) | −0.386*** (0.087) | −0.104*** (0.040) | ||
| 1.517*** (0.071) | ||||
| Control variable | Control | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes | Yes |
| Sample size | 20,938 | 20,938 | 20,938 | 20,938 |
| Adjusted | 0.3388 ( | 0.240 | 0.295 | 0.148 |
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