A dataset of 600 book titles published in April-May 2019 was used to examine the impact of public library holdings or lending on sales to new books. For each title, we examined the monthly number of copies sold, monthly holdings and loans, monthly indicators of demand, monthly used book supply and used book prices, consignment status over the same period, and e-book publication status over the same period for 11 months immediately after publication, using the entire country as a unit. Using this panel data, a fixed-effects model regression analysis was conducted with the number of copies sold as the objective variable and the other variables as explanatory variables. The results of the analysis showed that using the average value as the standard, the estimated average monthly decrease in new book sales was 0.06 copies per month for every increase of one copy held in the previous month, and the estimated average monthly decrease was 0.08 copies per month for every increase of one copy checked out in the previous month. In addition, declining demand and increasing used book supply also had a negative impact on the number of new books sold. No specific library impact on high-demand titles was observed.
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