Table 13 The impact of digital finance on the investment level of firms.

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

Variables

(1) INVt

(2) INVt+1

(3) INVt+2

DWF

0.316*** (3.567)

0.314*** (3.070)

0.359*** (3.092)

Controls

Yes

Yes

Yes

Constant

−7.086*** (−14.834)

−6.809*** (−12.387)

−6.051*** (−9.603)

Year FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Observations

19,780

15,901

13,209

Adj. R2

0.643

0.602

0.561

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