Financial Innovation

Table 7 Financial development threshold regression results

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

Variables	(16)	(17)
Variables	PG	PG
DT I(FD_b it ≤ γ₁)	− 0.3608***
DT I(FD_b it ≤ γ₁)	(− 11.0865)
DT I(γ₁ < FD_b it ≤ γ₂)	0.2306***
DT I(γ₁ < FD_b it ≤ γ₂)	(10.4761)
DT I(γ₂ < FD_b it)	0.5281***
DT I(γ₂ < FD_b it)	(54.9052)
DT I(FD_c it ≤ γ)		− 0.5431***
DT I(FD_c it ≤ γ)		(− 14.7498)
DT I(γ₁ < FD_c it ≤ γ₂)		0.5144***
DT I(γ₁ < FD_c it ≤ γ₂)		(48.7860)
DT I(γ < FD_c it)		0.5388***
DT I(γ < FD_c it)		(45.7158)
Control	Yes	Yes
Constant	0.3288***	0.3015***
Constant	(17.6055)	(16.2936)
Observations	33,950	33,950
Number of id	3119	3119
R-squared	0.131	0.133

***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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