Financial Innovation

Table 14 Financial development threshold regression results of the robustness test

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

Variables	Robustness test 1		Robustness test 2
	(33)	(34)	(35)
	PG	PG	PG
DT I(FD_b it ≤ γ₁)	− 4.1830***
DT I(FD_b it ≤ γ₁)	(− 14.7483)
DT I(γ₁ < FD_b it ≤ γ₂)	3.1920***
DT I(γ₁ < FD_b it ≤ γ₂)	(17.8163)
DT I(γ₂ < FD_b it)	7.7840***
DT I(γ₂ < FD_b it)	(27.2326)
DT I(FD_c it ≤ γ)		− 5.8466***
DT I(FD_c it ≤ γ)		(− 16.8952)
DT I(γ₁ < FD_c it ≤ γ₂)		1.5487***
DT I(γ₁ < FD_c it ≤ γ₂)		(7.9571)
DT I(γ < FD_c it)		2.6868***
DT I(γ < FD_c it)		(18.3217)
DT I(FD_t it ≤ γ)			− 0.5180***
DT I(FD_t it ≤ γ)			(− 12.2459)
DT I(γ₁ < FD_t it ≤ γ₂)			0.6219***
DT I(γ₁ < FD_t it ≤ γ₂)			(51.9724)
DT I(γ < FD_t it)			0.6335***
DT I(γ < FD_t it)			(39.8033)
Control	Yes	Yes	Yes
Constant	0.6726***	0.8742***	0.6363***
Constant	(28.0040)	(39.9384)	(29.6786)
Observations	33,950	33,950	33,950
Number of id	3119	3119	3119
R-squared	0.072	0.050	0.131

***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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