Table 5 Robustness tests.

From: Digital finance, industrial structure upgrading, and energy efficiency in China: a provincial-level empirical analysis

 

(1)

EE

(2)

EE

(3)

EE

(4)

EE

(5)

EE

(6)

EE

DFL

0.010***

0.010***

0.010***

0.012***

0.009***

0.010***

 

(3.16)

(3.33)

(2.86)

(4.66)

(4.39)

(4.79)

OIS

0.290**

0.283**

0.218*

0.380**

0.380***

0.295***

 

(2.46)

(2.42)

(1.86)

(2.10)

(6.87)

(4.24)

_cons

−1.222

−0.538

−1.728

−4.163**

1.258*

1.095*

 

(−0.64)

(−0.30)

(−1.07)

(−2.13)

(1.94)

(1.68)

Control variables

YES

YES

YES

YES

YES

YES

Provincial fixed effects

YES

YES

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

YES

YES

Observations

330

300

286

330

330

330

R2

0.849

0.837

0.838

0.831

  
  1. *, **, *** indicate significant at the 10%, 5% and 1% levels, respectively, with t-values in parentheses.
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