In column (1), we present the regression results after controlling for individual and time fixations. The coefficient of HIC on efficiency is positive and statistically significant at the 10% level, suggesting that HIC can potentially enhance input-output efficiency in firms. However, it is important to note that there may be other specific factors, such as industry characteristics and regional policies, that could influence the results. To address this concern, we include regional and industry fixed effects in column (2). Even under these more stringent conditions, the coefficient of HIC on efficiency remains significantly positive

将下面改写的学术、精炼一点Column 1 shows the regression results of controlling the effects of individual fixation and time fixation where the coefficient of HIC to efficiency is positive and it has passed the sign

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