Research Article
[Retracted] Digital Finance and Firm Exit: Mathematical Model and Empirical Evidence from Industrial Firms
Table 3
Regression results on digital finance and firm exit.
| | Explained variable: firm exit | (1) |
| | Digital finance | −0.043(−1.71) | | TFP | −0.101(−5.98) | | Firm scale | −0.191(−8.33) | | Firm age | −0.194(−12.17) | | Return on assets | 0.021(0.61) | | State ownership | −0.074(−1.16) | | Asset-liability ratio | 0.198(2.70) | | Export density | −0.245(−10.03) | | Government-firm relationship | −0.168(−6.22) | | Industry concentration | 0.146(7.19) | | GDP growth rate | 1.041(1.83) | | Time, industry, and city-fixed effects | Yes | | _cons | 2.658(9.19) | | N | 208381 | | Pseudo R2 | 0.1116 |
|
|
∗∗∗, ∗∗, and ∗ indicate statistical significance at the 1%, 5%, and 10% levels, respectively.
|
