Table 3 Correlation matrix.

From: The impact of digital inclusive finance on enterprise digital technology innovation: empirical evidence from the Chinese manufacturing industry

VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(1) lndigital

1

                

(2) lninvention

0.946***

1

               

(3) lnutility

0.817***

0.704***

1

              

(4) DIF

0.150***

0.153***

0.080***

1

             

(5) Breadth

0.176***

0.177***

0.107***

0.985***

1

            

(6) Depth

0.130***

0.133***

0.061***

0.972***

0.930***

1

           

(7) Digi

0.090***

0.098***

0.024**

0.940***

0.891***

0.902***

1

          

(8) size

0.054***

0.067***

0.024***

0.035***

0.028***

0.032***

0.051***

1

         

(9) age

−0.022**

0.011

−0.006

0.027***

0.017*

0.002

0.089***

0.197***

1

        

(10) roe

0.059***

0.063***

0.054***

−0.024**

−0.023**

−0.010

−0.043***

0.049***

−0.055***

1

       

(11) lev

0.117***

0.127***

0.091***

−0.035***

−0.029***

−0.056***

−0.015

0.153***

0.380***

−0.142***

1

      

(12) dual

0.010

0.004

0.034***

0.089***

0.100***

0.086***

0.049***

−0.052***

−0.245***

0.038***

−0.114***

1

     

(13) opion

0.039***

0.040***

0.030***

−0.027***

−0.026***

−0.022**

−0.037***

−0.023**

−0.071***

0.122***

−0.138***

0.015*

1

    

(14) soe

0.032***

0.060***

−0.014

−0.183***

−0.187***

−0.194***

−0.128***

0.107***

0.477***

−0.068***

0.301***

−0.277***

0.015

1

   

(15) board

0.005

0.017*

−0.019**

−0.158***

−0.164***

−0.153***

−0.128***

0.081***

0.176***

0.037***

0.144***

−0.153***

−0.005

0.267***

1

  

(16) indep

0.037***

0.041***

0.030***

0.062***

0.070***

0.051***

0.048***

−0.013

−0.055***

−0.010

−0.029***

0.105***

0.015

−0.085***

−0.559***

1

 

(17) top1

0.001

0.005

−0.031***

−0.080***

−0.073***

−0.078***

−0.086***

0.016*

−0.127***

0.084***

−0.010

−0.002

0.066***

0.103***

−0.032***

0.060***

1

  1. Robust standard errors adjusted for heteroskedasticity are in parentheses; ***, **, and * denote statistically significant levels of two-tailed tests at 1%, 5%, and 10%, respectively.
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