The Internet-Based Business Model and Corporate Risk-Taking: An Empirical Study from the Information Empowerment Perspective

Table 5

Endogeneity reduction.

Variables	(1)	(2)	(3)	(4)	(5)
	RISK1	RISK2	RISK1	RISK1	RISK1
INT1	0.005	0.010	0.009
	(1.87)	(1.85)	(2.37)
Treat × Post				0.041
				(3.32)
Treat				−0.009
				(−1.68)
Post
	Lambda			0.095
			(2.95)
Treat × Year2015					−0.014
					(−1.22)
Treat × Year2016					−0.011
					(−0.88)
Treat × Year2017					0.042
					(3.13)
Treat × Year2018					0.007
					(2.34)
Constant	1.007	1.890	0.282	0.441	0.433
	(5.34)	(5.33)	(1.97)	(5.20)	(5.10)
Firm	Yes	Yes	NO	NO	NO
Year/Ind/Region	Yes	Yes	Yes	Yes	Yes
Controls	Yes	Yes	Yes	Yes	Yes
N	10036	10036	10036	10036	10036
R^2	0.397	0.397	0.401	0.095	0.095