Table 2. Baseline results M1 M2 M3 M4 M5... | Emerald Publishing

Table 2.

Baseline results

	M1	M2	M3	M4	M5
Panel A
short	−0.3189*** (0.0523)	−0.3143*** (0.0511)	−0.3364*** (0.0419)	−0.3456*** (0.0365)	−0.3518*** (0.0302)
Cons	0.6315*** (0.0134)	0.83392*** (0.0170)	0.2702 *** (0.0145)	0.8367*** (0.0326)	0.2879*** (0.0018)
Control variables	No	No	Yes	Yes	Yes
Year-FE	Yes	No	No	Yes	Yes
Company-FE	Yes	Yes	No	No	Yes
Observations	35,635	35,635	35,635	35,635	35,635
Within $R^{2}$	0.0008	0.0506	0.0572	0.0591	0.0494
Panel B
short	−0.3312*** (0.0523)	−0.2587*** (0.0561)	−0.2773*** (0.0408)	−0.2242*** (0.00398)	−0.2794*** (0.0335)
digital	0.0034*** (0.0009)	0.0023** (0.0009)	0.0015* (0.0008)	0.0024*** 0.0008	0.0018*** (0.0004)
$s h o r t \times d i g i t a l$	0.0196*** (0.0056)	0.0227*** (0.0058)	0.0184*** (0.0047)	0.0157*** (0.0098)	0.2747*** (0.0085)
Cons	−3.9327 *** (0.1699)	0.5822*** (0.0142)	0.4334 *** (0.0116)	0.2813*** (0.0098)	0.2747*** (0.0085)
Control variables	No	No	Yes	Yes	Yes
Year-FE	Yes	No	No	Yes	Yes
Company-FE	Yes	Yes	No	No	Yes
Observations	35,635	35,635	35,635	35,635	35,635
Within $R^{2}$	0.0594	0.0478	0.0571	0.0619	0.0494

	M1	M2	M3	M4	M5
Panel A
short	−0.3189*** (0.0523)	−0.3143*** (0.0511)	−0.3364*** (0.0419)	−0.3456*** (0.0365)	−0.3518*** (0.0302)
Cons	0.6315*** (0.0134)	0.83392*** (0.0170)	0.2702 *** (0.0145)	0.8367*** (0.0326)	0.2879*** (0.0018)
Control variables	No	No	Yes	Yes	Yes
Year-FE	Yes	No	No	Yes	Yes
Company-FE	Yes	Yes	No	No	Yes
Observations	35,635	35,635	35,635	35,635	35,635
Within $R^{2}$	0.0008	0.0506	0.0572	0.0591	0.0494
Panel B
short	−0.3312*** (0.0523)	−0.2587*** (0.0561)	−0.2773*** (0.0408)	−0.2242*** (0.00398)	−0.2794*** (0.0335)
digital	0.0034*** (0.0009)	0.0023** (0.0009)	0.0015* (0.0008)	0.0024*** 0.0008	0.0018*** (0.0004)
$s h o r t \times d i g i t a l$	0.0196*** (0.0056)	0.0227*** (0.0058)	0.0184*** (0.0047)	0.0157*** (0.0098)	0.2747*** (0.0085)
Cons	−3.9327 *** (0.1699)	0.5822*** (0.0142)	0.4334 *** (0.0116)	0.2813*** (0.0098)	0.2747*** (0.0085)
Control variables	No	No	Yes	Yes	Yes
Year-FE	Yes	No	No	Yes	Yes
Company-FE	Yes	Yes	No	No	Yes
Observations	35,635	35,635	35,635	35,635	35,635
Within $R^{2}$	0.0594	0.0478	0.0571	0.0619	0.0494

Notes:

*, ** and ***indicate statistical significance at the 10, 5 and 1% levels, respectively. The standard errors are corrected for clustering at the firm level

Source: This table is offered by authors