Higher-order joint fixed effects
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Explore | Exploit | Balance | |
| Digital | 0.243*** (0.029) | 0.153*** (0.027) | 0.081*** (0.014) |
| Constant term | 0.222 (0.300) | 0.677*** (0.295) | 1.137*** (0.131) |
| Control variable | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes |
| Industry*year fixed effect | Yes | Yes | Yes |
| Sample size | 20,976 | 20,976 | 20,976 |
| Adjusted R2 | 0.230 | 0.286 | 0.144 |
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| 0.243*** (0.029) | 0.153*** (0.027) | 0.081*** (0.014) | |
| Constant term | 0.222 (0.300) | 0.677*** (0.295) | 1.137*** (0.131) |
| Control variable | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes |
| Industry*year fixed effect | Yes | Yes | Yes |
| Sample size | 20,976 | 20,976 | 20,976 |
| Adjusted | 0.230 | 0.286 | 0.144 |
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