Financial Innovation

Table 9 Financial development threshold regression results of eastern and non-eastern regions

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

Variables	Eastern		Non-Eastern
	(18)	(19)	(20)
	PG	PG	PG
DT I(FD_b it ≤ γ₁)	− 0.4714***		− 1.4568**
DT I(FD_b it ≤ γ₁)	(− 9.7293)		(− 2.5204)
DT I(γ₁ < FD_b it ≤ γ₂)	− 0.1054***		− 3.3469***
DT I(γ₁ < FD_b it ≤ γ₂)	(− 3.3951)		(− 4.5181)
DT I(γ₂ < FD_b it)	0.5164***		0.5526***
DT I(γ₂ < FD_b it)	(52.9095)		(5.0776)
DT I(FD_c it ≤ γ)		− 0.5522***
DT I(FD_c it ≤ γ)		(− 14.6606)
DT I(γ₁ < FD_c it ≤ γ₂)		0.5105***
DT I(γ₁ < FD_c it ≤ γ₂)		(47.6832)
DT I(γ < FD_c it)		0.5357***
DT I(γ < FD_c it)		(44.7272)
Control	Yes	Yes	Yes
Constant	0.3243***	0.3167***	0.8701***
Constant	(16.9272)	(16.6300)	(4.7139)
Observations	32,394	32,394	511
Number of new id	3004	3004	84
R-squared	0.130	0.134	0.152

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

Back to article page