OLS

OP

(1)

(2)

(3)

(4)

(5)

(6)

ECPM

0.243^***

(9.77)

0.152^***

(6.35)

0.072^***

(3.17)

0.368^***

(13.08)

0.253^***

(8.56)

0.101^***

(3.29)

Gender

0.103^***

(3.06)

0.042

(1.34)

0.191^***

(4.77)

0.058

(1.38)

Age

0.003^**

(2.02)

−0.004^***

(−2.87)

0.007^***

(3.97)

−0.005^***

(−2.68)

Education

0.110^***

(5.98)

0.024

(1.34)

0.095^***

(4.19)

0.023

(0.97)

Compensation

0.351^***

(12.60)

0.064^**

(2.25)

0.461^***

(13.41)

−0.013

(−0.31)

PI

0.499^***

(20.88)

0.285^***

(12.00)

0.636^***

(22.08)

0.349^***

(11.07)

Revenue

0.052^***

(6.33)

0.109^***

(8.82)

Establish

0.009^***

(3.90)

0.011^***

(3.60)

DTA

−0.001

(−1.09)

−0.000

(−0.20)

Profit

0.000

(1.40)

0.216^***

(8.78)

Staff number

0.418^***

(16.18)

0.504^***

(13.54)

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Region

Yes

Yes

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

R²

0.135

0.246

0.334

Pseudo R²

0.010

0.069

0.152

N

6158

6158

6158

6158

6158

6158