Table 4. Robustness checks Variables M1...

Table 4.

Robustness checks

Variables	M1	M2	M3	M4	M5	M6
Short	−0.4718*** (0.0000)	−0.4718*** (0.0000)	−0.3327*** (0.0113)	−0.3302*** (0.0090)	−0.3083*** (0.0030)	−0.3014*** (0.0074)
digital	0.0627*** (0.0169)	0.0627*** (0.0169)	0.0294*** (0.0022)	0.0822*** (0.0151)	0.0471*** (0.0032)	0.0158*** (0.0012)
$S h o r t \times d i g i t a l$	0.0792*** (0.0070)	0.0792*** (0.0070)	0.0952*** (0.0243)	0.0758*** (0.0063)	0.0674*** (0.0047)	0.0501*** (0.0055)
Cons	0.3876*** (0.0169)	0.3876*** (0.0169)	0.0244*** (0.1700)	0.4849 *** (0.0192)	0.3628 *** (0.0059)	0.4178*** (0.0783)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	No	Yes
Company	Yes	Yes	Yes	Yes	No	Yes
Industry-year	No	No	No	No	Yes	No
Observations	35,635	35,635	26,367	8,777	35,635	35,635
Within $R^{2}$	0.0029	0.0029	0.0033	0.0043	0.0051
Pseudo R²						0.0640

Variables	M1	M2	M3	M4	M5	M6
Short	−0.4718*** (0.0000)	−0.4718*** (0.0000)	−0.3327*** (0.0113)	−0.3302*** (0.0090)	−0.3083*** (0.0030)	−0.3014*** (0.0074)
digital	0.0627*** (0.0169)	0.0627*** (0.0169)	0.0294*** (0.0022)	0.0822*** (0.0151)	0.0471*** (0.0032)	0.0158*** (0.0012)
$S h o r t \times d i g i t a l$	0.0792*** (0.0070)	0.0792*** (0.0070)	0.0952*** (0.0243)	0.0758*** (0.0063)	0.0674*** (0.0047)	0.0501*** (0.0055)
Cons	0.3876*** (0.0169)	0.3876*** (0.0169)	0.0244*** (0.1700)	0.4849 *** (0.0192)	0.3628 *** (0.0059)	0.4178*** (0.0783)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	No	Yes
Company	Yes	Yes	Yes	Yes	No	Yes
Industry-year	No	No	No	No	Yes	No
Observations	35,635	35,635	26,367	8,777	35,635	35,635
Within $R^{2}$	0.0029	0.0029	0.0033	0.0043	0.0051
Pseudo R²						0.0640

Notes:

Control variables are in Table 1. *, ** 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

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