Table 10 Heterogeneity analysis.

From: Digital financial development and inefficient investment: a study based on the dual perspectives of resource and governance effects

Variables

(1) Low

(2) High

(3) Non-state-owned

(4) State-owned

DWF

−0.001 (−0.107)

−0.009*** (−3.524)

−0.007*** (−3.431)

−0.001 (−0.550)

Controls

Yes

Yes

Yes

Yes

Constant

0.091*** (8.181)

0.089*** (8.809)

0.073*** (7.022)

0.088*** (8.849)

Year FE

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Observations

8526

11254

12243

7537

Adj. R2

0.075

0.084

0.076

0.096

Differences between groups

5.23**

4.47**

  1. t value after clustering adjustment at the firm level is shown in brackets; ** and *** indicate significance at 5% and 1%.
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