Table 6 Estimation results of the digital finance effect.

From: How do Taoist thoughts influence big data technological innovation? Empirical evidence from China

 

(1)

(2)

(3)

(4)

(5)

Variables

DTCH

DEFN

DTCH

DEFN

DTCH

Panel A

TAO

0.0913***

0.0083***

0.0765***

0.0067***

0.0966***

 

(0.0221)

(0.0031)

(0.0207)

(0.0018)

(0.0170)

DEFN

  

1.8810***

 

2.1016***

   

(0.3151)

 

(0.2325)

Year/Province/Control variable

Yes

Yes

Yes

Yes

Yes

Observations

1900

1900

1900

1900

1900

Number of cities

231

231

231

231

231

R2

0.7888

0.9905

0.8007

0.9912

0.8031

 

(1)

(2)

(3)

(4)

(5)

Variables

rDTCH

DEFN

rDTCH

DEFN

rDTCH

Panel B

TAO

0.1632***

0.0083***

0.1481***

0.0067***

0.1574***

 

(0.0272)

(0.0031)

(0.0256)

(0.0018)

(0.0211)

DEFN

  

1.8449***

 

2.4424***

   

(0.3523)

 

(0.2697)

Year/Province/Control variable

Yes

Yes

Yes

Yes

Yes

Observations

1900

1900

1900

1900

1900

Number of cities

231

231

231

231

231

R2

0.8322

0.8400

0.8400

0.9912

0.8412

 

(1)

(2)

(3)

(4)

(5)

Variables

DTCH

DEFN

DTCH

DEFN

DTCH

Panel C

rTAO

2.2629***

0.1613**

1.9657***

0.2948***

1.7585***

 

(0.5858)

(0.0798)

(0.5584)

(0.0499)

(0.5335)

DEFN

  

1.9019***

 

2.2098***

   

(0.3149)

 

(0.2324)

Year/Province/Control variable

Yes

Yes

Yes

Yes

Yes

Observations

1900

1900

1900

1900

1900

Number of cities

231

231

231

231

231

R2

0.7873

0.9904

0.7999

0.9910

0.8025

  1. Note: The validity of the instrumental variables has been confirmed.
  2. Note: ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively. Robust two-way clustered standard errors are reported in parentheses, and R2 is the overall R2 value.
Back to article page