Table 4 Heterogeneity analysis at the industry level.

\({x}_{i,c,t-1}\)

0.455^*** (0.003)

0.466^*** (0.003)

0.450^*** (0.003)

0.497^*** (0.003)

0.474^*** (0.002)

0.455^*** (0.004)

\({{CrossDensity}}_{i,c,t-1}\)

0.750^*** (0.051)

0.608^*** (0.056)

0.574^*** (0.042)

0.410^*** (0.050)

0.566^*** (0.041)

0.869^*** (0.073)

\({H}_{c,t-1}\)

0.066^*** (0.009)

0.051^*** (0.010)

0.095^*** (0.006)

0.105^*** (0.008)

0.068^*** (0.007)

0.061^*** (0.011)

\({{Co\_HL}}_{c,t-1}\)

0.127^*** (0.017)

0.147^*** (0.018)

0.095^*** (0.013)

0.116^*** (0.016)

0.112^*** (0.013)

0.197^*** (0.023)

\({{H}_{c,t-1}{CrossDensity}}_{i,c,t-1}\)

−0.101^*** (0.034)

−0.244^* (0.139)

−0.164^*** (0.028)

−0.084^** (0.035)

−0.111^*** (0.027)

−0.305^*** (0.043)

\({{{Co\_HL}}_{c,t-1}{CrossDensity}}_{i,c,t-1}\)

−0.152^*** (0.053)

−0.211^*** (0.058)

−0.290^*** (0.043)

−0.243^** (0.125)

−0.240^*** (0.042)

−0.179^*** (0.074)

Population

−0.007 (0.017)

−0.022 (0.019)

0.024^* (0.014)

0.005 (0.014)

0.007 (0.014)

0.032 (0.034)

GDP

−0.064^*** (0.009)

−0.105^*** (0.010)

0.003 (0.007)

−0.047^*** (0.008)

−0.046^*** (0.007)

−0.018 (0.016)

FTD

−0.036^*** (0.009)

−0.055^*** (0.010)

0.001 (0.007)

−0.029^*** (0.008)

−0.034^*** (0.007)

0.029^** (0.013)

Marketization

0.012 (0.008)

0.007 (0.009)

−0.030^*** (0.007)

−0.018^** (0.007)

0.004 (0.007)

0.018 (0.015)

Industry stock

−0.072^*** (0.003)

−0.061^*** (0.003)

−0.042^*** (0.002)

−0.076^*** (0.003)

−0.059^*** (0.002)

−0.021^*** (0.005)

Industry size

0.018^*** (0.003)

−0.028^*** (0.003)

−0.028^*** (0.003)

−0.025^*** (0.004)

0.002 (0.002)

−0.019 (0.019)

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Region FE

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.958^*** (0.198)

2.937^*** (0.231)

0.446^*** (0.166)

1.730^*** (0.197)

0.869^*** (0.168)

0.035 (0.489)

N

152064

128304

195624

173712

229680

72600

R²

0.370

0.351

0.311

0.344

0.335

0.439

Adjusted R²

0.368

0.349

0.309

0.341

0.333

0.435