(1)

(2)

(3)

ECPM

0.064**

(2.50)

0.063***

(2.61)

0.070***

(3.05)

Gender

0.156***

(3.95)

0.089**

(2.37)

Age

0.003*

(1.77)

−0.002

(−1.56)

Education

0.098***

(4.62)

0.004

(0.20)

Compensation

0.305***

(9.84)

−0.014

(−0.42)

PI

0.437***

(17.16)

0.252***

(9.92)

Establish

0.008***

(3.20)

Revenue

0.084***

(8.52)

DTA

0.000

(0.65)

Profit

0.139***

(7.06)

Staff number

0.329***

(11.29)

Industry

Yes

Yes

Yes

Region

Yes

Yes

Yes

Year

Yes

Yes

Yes

R2

0.101

0.194

0.288

N

6158

6158

6158