Independent Variable	LAF	Regression Result
Main variable	CityL	0.15559041^***
	Scale	−0.00147448^***
	City L × Scale	0.00375065^***
Control variable	Size	0.42579368^***
	Cata	−0.0441803^**
	Quick	−0.00293035^***
	LEV	0.0532918^***
	ROI	0.01811415^***
	Growth	−3.107e−06^***
	Loss	0.06244252^***
	Op	−0.23961865^***
Fixed variable	Year	Yes
Fixed variable	Industry	Yes
Sample size and fitting degree	N	10,227
		0.42
	F	129.7