Table 3 Robustness test results I.

From: Digital financial inclusion and agricultural modernization development in China—a study based on the perspective of agricultural mechanization services

Variables

(1) Alternative explanatory variable (L.lnDFI)

(2) Alternative explanatory variable (L2.lnDFI)

(3) Eliminate municipalities

(4) Winsorizing

(5) Add control variables

lnDFI

  

0.065***

0.058***

0.058***

   

(4.040)

(4.029)

(3.453)

L.lnDFI

0.055***

    
 

(3.602)

    

L2.lnDFI

 

0.043***

   
  

(2.879)

   

Constant

0.870

1.409*

0.011

0.363

−0.062

 

(1.396)

(1.950)

(0.023)

(0.617)

(−0.134)

Control variables

Yes

Yes

Yes

Yes

Yes

R-squared

0.106

0.124

0.116

0.090

0.209

Regional effect

Yes

Yes

Yes

Yes

Yes

Clustering to provinces

Yes

Yes

Yes

Yes

Yes

Obs.

330

300

316

360

360

  1. Note: (i) ***p<0.01, **p < 0.05, *p < 0.1; (ii) t-values in parentheses; (iii) standard errors are cluster robust standard errors.
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