Table 12 Heterogeneous impact of different dimensions of digital finance.

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

Variables

(1) INVEFF

(2) INVEFF

(3) INVEFF

COVER

−0.002** (−2.321)

  

USAGE

 

−0.006*** (−5.649)

 

DIGIT

  

−0.003** (−1.970)

Controls

Yes

Yes

Yes

Constant

0.089*** (12.034)

0.091*** (12.308)

0.088*** (11.955)

Year FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Observations

19,780

19,780

19,780

Adj. R2

0.076

0.077

0.076

  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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