Table 6 Heterogeneity of vertical differences
From: Impact of green digital finance on sustainable development: evidence from China’s pilot zones
Variable | eqd | |||
|---|---|---|---|---|
First, second-tier cities | Third-tier cities | Fourth-tier cities | Fifth-tier cities | |
gdf-1 | 0.0363 | 0.0457 | 0.0272** | 0.2487*** |
(0.0348) | (0.0391) | (0.0109) | (0.0543) | |
ifi | 0.8435** | 0.0539 | 0.5096*** | 0.8530*** |
(0.3508) | (0.2400) | (0.1770) | (0.1996) | |
pop | 0.4288* | 0.1058 | 0.1970 | 0.5669*** |
(0.2532) | (0.2062) | (0.1432) | (0.1794) | |
inv | − 0.1501 | − 0.0752 | 0.0861*** | 0.0672*** |
(0.0950) | (0.0464) | (0.0275) | (0.0235) | |
gov | − 0.1548 | 0.1266* | 0.1204** | 0.0019 |
(0.1832) | (0.1186) | (0.0500) | (0.0421) | |
inl | − 0.0058 | − 0.0048 | − 0.0004 | 0.0006 |
(0.0048) | (0.0025) | (0.0016) | (0.0015) | |
Constant | 4.6123 | 1.6323 | − 2.4290* | − 3.256 |
(3.1368) | (2.1564) | (1.0456) | (1.1147) | |
Firm | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Observations | 294 | 420 | 492 | 504 |
Adjusted R2 | 0.6690 | 0.6642 | 0.7709 | 0.6276 |