Financial Innovation

Table 11 Financial development threshold regression results for SMEs and non-SMEs

From: The power of financial support in accelerating digital transformation and corporate innovation in China: evidence from banking and capital markets

Variables	SMEs		Non-SMEs
	(21)	(22)	(23)	(24)
	PG	PG	PG	PG
DT I(FD_b it ≤ γ₁)	− 0.3269***		− 0.2299***
DT I(FD_b it ≤ γ₁)	(− 8.1826)		(− 4.4714)
DT I(γ₁ < FD_b it ≤ γ₂)	0.2852***		0.3526***
DT I(γ₁ < FD_b it ≤ γ₂)	(10.2364)		(22.4891)
DT I(γ₂ < FD_b it)	0.6243***		0.3196***
DT I(γ₂ < FD_b it)	(49.9548)		(13.3133)
DT I(FD_c it ≤ γ)		− 0.6634***		− 0.0442
DT I(FD_c it ≤ γ)		(− 11.8398)		(− 0.4715)
DT I(γ₁ < FD_c it ≤ γ₂)		− 0.4068***		0.3640***
DT I(γ₁ < FD_c it ≤ γ₂)		(− 7.4945)		(22.5858)
DT I(γ < FD_c it)		0.6131***		0.3235***
DT I(γ < FD_c it)		(49.6211)		(17.6410)
Control	Yes	Yes	Yes	Yes
Constant	0.2412***	0.2301***	0.5329***	0.5092***
Constant	(10.2126)	(9.8603)	(17.4958)	(16.7261)
Observations	21,463	21,463	12,487	12,487
Number of new id	1627	1627	1492	1492
R-squared	0.160	0.170	0.084	0.074

***p < 0.01, **p < 0.05, *p < 0.1. To save space, we do not list the regression results for the controls separately

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