Variable

(1)

(2)

(3)

(4)

(5)

(6)

ECPM

0.071***

(3.15)

0.071***

(3.13)

0.074***

(3.26)

0.072***

(3.18)

0.073***

(3.24)

0.069***

(3.07)

Gender

0.041

(1.28)

0.043

(1.34)

0.045

(1.42)

0.047

(1.47)

0.045

(1.43)

0.043

(1.35)

Age

−0.003**

(−2.34)

−0.003**

(−2.41)

−0.003**

(−2.53)

−0.004***

(−2.59)

−0.004**

(−2.56)

−0.003**

(−2.33)

Education

0.025

(1.39)

0.023

(1.25)

0.021

(1.14)

0.017

(0.96)

0.019

(1.05)

0.023

(1.26)

Compensation

−0.003

(−0.12)

−0.003

(−0.11)

−0.002

(−0.07)

0.002

(0.06)

−0.002

(−0.07)

0.001

(0.04)

PI

0.273***

(11.49)

0.275***

(11.55)

0.273***

(11.45)

0.273***

(11.44)

0.275***

(11.57)

0.269***

(11.26)

Establish

0.009***

(3.74)

0.008***

(3.70)

0.009***

(3.74)

0.009***

(3.78)

0.008***

(3.73)

0.009***

(3.88)

Revenue

0.081***

(8.84)

0.081***

(8.84)

0.081***

(8.88)

0.081***

(8.88)

0.081***

(8.87)

0.081***

(8.87)

DTA

−0.000

(−0.05)

−0.000

(−0.04)

0.000

(0.08)

0.000

(0.06)

0.000

(0.00)

0.000

(0.02)

Profit

0.158***

(8.68)

0.158***

(8.66)

0.158***

(8.68)

0.157***

(8.58)

0.157***

(8.59)

0.158***

(8.66)

Staff number

0.380***

(14.00)

0.379***

(13.94)

0.381***

(14.04)

0.382***

(14.07)

0.382***

(14.06)

0.381***

(14.01)

Buddhism

0.024***

(3.15)

0.027

(1.54)

Taoism

0.016***

(2.74)

0.004

(0.30)

Christian

0.054**

(2.56)

0.017

(0.58)

Muslim

0.013*

(1.66)

0.021**

(2.41)

Catholicism

0.002

(0.16)

−0.026*

(−1.83)

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Region

Yes

Yes

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

R2

0.343

0.342

0.342

0.342

0.342

0.344

N

6158

6158

6158

6158

6158

6158