Table 4 Regression result.

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

Baseline regression

 

(1)

(2)

(3)

Variables

lndigital

lninvention

lnutility

DIF

0.554***

0.498***

0.353***

 

(10.12)

(10.46)

(8.19)

size

0.054***

0.049***

0.016*

 

(4.80)

(5.01)

(1.78)

age

−0.113***

−0.071***

0.011

 

(−6.20)

(−4.47)

(0.74)

roe

1.336***

1.161***

0.844***

 

(11.74)

(11.72)

(9.41)

lev

0.737***

0.643***

0.458***

 

(11.47)

(11.49)

(9.04)

dual

−0.040

−0.022

0.022

 

(−1.63)

(−1.02)

(1.14)

opion

0.356***

0.318***

0.214***

 

(4.87)

(5.00)

(3.71)

soe

0.241***

0.246***

0.030

 

(8.21)

(9.62)

(1.30)

board

0.545***

0.527***

0.172***

 

(6.65)

(7.38)

(2.66)

indep

1.194***

1.263***

0.409**

 

(4.81)

(5.85)

(2.09)

top1

−0.094

−0.057

−0.212***

 

(−1.16)

(−0.81)

(−3.31)

Constant

−3.193***

−3.207***

−1.283***

 

(−10.96)

(−12.65)

(−5.58)

Year/Industry

Yes

Yes

Yes

r2_a

0.337

0.299

0.241

Observations

11,401

11,401

11,401

Dimension regression

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

VARIABLES

lndigital

lninvention

lnutility

lndigital

lninvention

lnutility

lndigital

lninvention

lnutility

Breadth

0.459***

0.411***

0.317***

      
 

(11.07)

(11.37)

(9.69)

      

Depth

   

0.288***

0.279***

0.141***

   
    

(5.88)

(6.54)

(3.65)

   

DigI

      

0.138**

0.083

0.008

       

(2.00)

(1.39)

(0.16)

Constant

−3.153***

−3.169***

−1.279***

−2.996***

−3.048***

−1.119***

−2.798***

−2.833***

−0.995***

 

(−10.88)

(−12.56)

(−5.59)

(−10.26)

(−12.00)

(−4.86)

(−9.63)

(−11.20)

(−4.35)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year/Industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

r2_a

0.338

0.300

0.243

0.333

0.295

0.237

0.331

0.292

0.237

Observations

11,401

11,401

11,401

11,401

11,401

11,401

11,401

11,401

11,401

  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.
Back to article page