HIC Impact on Firm Efficiency: Evidence from Regression Analysis with Fixed Effects

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.