Table 10 2SLS results of Innovit and Finagg.

From: Sci-Tech finance, digital economy and high-quality development of regional economy: empirical evidence from 273 cities in China

Variable

Innovit

Finagg

First stage

Second stage

First stage

Second stage

Scifi

Quali

Scifi

Quali

IV

0.041*** (8.550)

 

0.089*** (4.980)

 

Innovit

 

0.564*** (20.087)

  

Finagg

   

17.219*** (5.868)

Control

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

City FE

YES

YES

YES

YES

F test of excluded instruments:

73.160

 

186.890

 

statistic of Cragg-Donald Wald F statistic

1626.950

 

2305.140

 

Kleibergen-Paap Wald rk F statistic

73.160

 

186.890

 

P value of Kleibergen-Paap rk LM statistic

0.039

 

0.093

 
  1. Clustering robustness t-statistics are in parentheses.
  2. ***p < 0.01, **p  < 0.05, *p  < 0.1.
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