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

Industry

Yes

Sample size and fitting degree

N

10,227

0.42

F

129.7