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Financial Innovation

Table 3 Main estimation results

From: Digital finance and renewable energy consumption: evidence from China

Variable

lnREC

Pooled (1)

Random (1)

Fixed (1)

Pooled (2)

Random (2)

Fixed (2)

Pooled (3)

Random (3)

Fixed (3)

lnGDF

1.385*** (0.211)

0.733*** (0.128)

0.968* (0.584)

      

lnBDF

   

1.170*** (0.148)

0.678*** (0.097)

0.632** (0.274)

   

lnDDF

      

1.321*** (0.207)

0.701*** (0.132)

1.289*** (0.486)

lnPGDP

1.426* (0.771)

2.123*** (0.518)

2.492*** (0.931)

1.241 (0.759)

1.948*** (0.494)

2.141** (0.895)

1.642** (0.803)

2.429*** (0.503)

3.191*** (0.955)

lnTP

− 1.032*** (0.203)

− 0.126 (0.193)

0.764*** (0.282)

− 1.004*** (0.198)

− 0.123 (0.187)

0.712*** (0.274)

− 1.115*** (0.218)

− 0.140 (0.196)

0.704** (0.295)

lnCO2

1.312*** (0.248)

0.714** (0.350)

1.021 (0.638)

1.257*** (0.257)

0.613* (0.343)

0.794 (0.533)

1.345*** (0.268)

0.685* (0.352)

0.708 (0.542)

C

− 5.986* (3.181)

− 10.510*** (2.065)

− 17.743*** (4.040)

− 4.564 (3.198)

− 9.290*** (2.010)

− 14.704*** (3.736)

− 6.541* (3.404)

− 11.724*** (2.005)

− 20.437*** (4.026)

N

240

240

240

240

240

240

240

240

240

R2

0.425

0.644

0.895

0.433

0.668

0.899

0.383

0.648

0.902

F-test

  

29.04***

  

30.07***

  

31.81***

Hausman-test

  

49.14***

  

43.58***

  

53.32***

Variable

lnREC

Pooled (4)

Random (4)

Fixed (4)

Pooled (5)

Random (5)

Fixed (5)

Pooled (6)

Random (6)

Fixed (6)

lnPDF

1.153*** (0.180)

0.785*** (0.111)

0.637** (0.259)

      

lnCDF

   

1.120*** (0.221)

0.796*** (0.133)

0.769*** (0.233)

   

lnIDF

      

0.672*** (0.147)

0.217*** (0.069)

0.005 (0.145)

lnPGDP

1.735** (0.809)

2.270*** (0.472)

3.463*** (1.076)

1.881** (0.836)

2.644*** (0.472)

2.857*** (0.942)

1.863** (0.812)

3.089*** (0.498)

2.617** (1.108)

lnTP

− 1.158*** (0.228)

− 0.296 (0.191)

0.727** (0.300)

− 1.184*** (0.227)

− 0.205 (0.195)

0.748*** (0.288)

− 0.993*** (0.205)

− 0.006 (0.200)

0.905*** (0.266)

lnCO2

1.380*** (0.280)

0.747** (0.339)

0.734 (0.487)

1.294*** (0.296)

0.589* (0.348)

0.591 (0.535)

1.325*** (0.267)

0.721** (0.367)

1.356* (0.703)

C

− 6.407* (3.432)

− 10.545*** (1.910)

− 20.700*** (4.455)

− 6.733 (3.539)

− 12.263*** (1.898)

− 17.981*** (3.870)

− 6.862* (3.386)

− 14.498*** (1.969)

− 18.313*** (4.553)

N

240

240

240

240

240

240

240

240

240

R2

0.390

0.669

0.898

0.340

0.668

0.901

0.357

0.642

0.891

F-test

  

32.97***

  

36.03***

  

32.89***

Hausman-test

  

45.34***

  

53.92***

  

63.68***

  1. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively
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