Table 11 The impact of digital finance on different types of inefficient investment.

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

Variables

(1) OVER

(2) UNDER

DWF

−0.011*** (−2.824)

−0.004*** (−4.492)

Controls

Yes

Yes

Constant

0.115*** (5.743)

0.102*** (24.281)

Year FE

Yes

Yes

Industry FE

Yes

Yes

Observations

6869

12,911

Adj. R2

0.076

0.204

Differences between groups

3.82*

  1. t value after clustering adjustment at the firm level is shown in brackets; * and *** indicate significance at 10% and 1%.
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