Table 4 Empirical results of benchmark regression.

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

 

(1)

(2)

(3)

(4)

(5)

VARIABLES

Nationwide

Nationwide

Eastern Region

Central region

Western Region

Scifi

0.312*** (2.924)

0.295*** (3.528)

0.199* (1.796)

0.289*** (2.746)

0.169 (0.675)

Gov

 

−0.079*** (−8.771)

−0.111*** (−4.960)

−0.084*** (−7.130)

−0.081*** (−3.711)

Open

 

−0.004 (−1.638)

−0.016 (−1.545)

0.002 (0.572)

−0.002 (−0.830)

Hum

 

−0.015*** (−3.974)

−0.042*** (−4.216)

−0.001 (−0.170)

−0.006**

Pop

 

0.160* (1.831)

0.251** (2.154)

0.037 (0.576)

0.048 (0.793)

Inter

 

−0.011 (−1.239)

0.021 (0.720)

−0.024* (−1.769)

−0.006 (-0.716)

Constant

0.144*** (19.399)

0.228** (2.049)

0.019 (0.084)

0.421*** (4.065)

0.380*** (4.648)

Time FE

NO

YES

YES

YES

YES

City FE

NO

YES

YES

YES

YES

Observations

3276

3276

1032

1368

876

R-squared

0.781

0.810

0.836

0.798

0.806

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