Table 4 Digital economy and regulatory...

Table 4

Digital economy and regulatory quality

	OLS	FS (1)	2SLS (1)	FS (2)	2SLS (2)	FS (3)	2SLS (3)
LIT		0.0115				0.0124
LIT		[0.0015]***				[0.0015]***
INST				−0.0232		−0.0307
INST				[0.0056]***		[0.0047]***
REG	0.048		0.108		0.204		0.133
REG	[0.013]***		[0.038]***		[0.072]***		[0.033]***
ln(GDPC)	−0.003		−0.002		−0.001		−0.001
ln(GDPC)	[0.002]*		[0.002]		[0.002]		[0.002]
ln(FD)	0.006		−0.004		−0.021		−0.007
ln(FD)	[0.008]		[0.010]		[0.017]		[0.011]
ln(EXP)	−0.004		−0.008		−0.014		−0.010
ln(EXP)	[0.003]		[0.003]**		[0.005]***		[0.003]***
ln(GINI)	0.037		0.051		0.072		0.058
ln(GINI)	[0.022]*		[0.025]**		[0.032]**		[0.025]**
GRAD	−0.007		−0.009		−0.011		−0.009
GRAD	[0.002]***		[0.002]***		[0.003]***		[0.002]***
POP	0.002		0.004		0.006		0.005
POP	[0.001]*		[0.001]**		[0.002]***		[0.001]***
ln(INC)	−0.000		0.004		0.010		0.006
ln(INC)	[0.002]		[0.003]		[0.005]**		[0.002]**
Adj-R²	0.462		0.459		0.456		0.480
F-test (FS)	–		56.34		17.14		45.12
H-test (p)	–		–		–		0.188
DWH-test (p)	–		0.077		0.010		0.007
Macro FE	Yes		Yes		Yes		Yes
Time FE	Yes		Yes		Yes		Yes
Period	2004–2019		2004–2019		2004–2019		2004–2019
Obs	312		312		312		312

	OLS	FS (1)	2SLS (1)	FS (2)	2SLS (2)	FS (3)	2SLS (3)
LIT		0.0115				0.0124
LIT		[0.0015]***				[0.0015]***
INST				−0.0232		−0.0307
INST				[0.0056]***		[0.0047]***
REG	0.048		0.108		0.204		0.133
REG	[0.013]***		[0.038]***		[0.072]***		[0.033]***
ln(GDPC)	−0.003		−0.002		−0.001		−0.001
ln(GDPC)	[0.002]*		[0.002]		[0.002]		[0.002]
ln(FD)	0.006		−0.004		−0.021		−0.007
ln(FD)	[0.008]		[0.010]		[0.017]		[0.011]
ln(EXP)	−0.004		−0.008		−0.014		−0.010
ln(EXP)	[0.003]		[0.003]**		[0.005]***		[0.003]***
ln(GINI)	0.037		0.051		0.072		0.058
ln(GINI)	[0.022]*		[0.025]**		[0.032]**		[0.025]**
GRAD	−0.007		−0.009		−0.011		−0.009
GRAD	[0.002]***		[0.002]***		[0.003]***		[0.002]***
POP	0.002		0.004		0.006		0.005
POP	[0.001]*		[0.001]**		[0.002]***		[0.001]***
ln(INC)	−0.000		0.004		0.010		0.006
ln(INC)	[0.002]		[0.003]		[0.005]**		[0.002]**
Adj-R²	0.462		0.459		0.456		0.480
F-test (FS)	–		56.34		17.14		45.12
H-test (p)	–		–		–		0.188
DWH-test (p)	–		0.077		0.010		0.007
Macro FE	Yes		Yes		Yes		Yes
Time FE	Yes		Yes		Yes		Yes
Period	2004–2019		2004–2019		2004–2019		2004–2019
Obs	312		312		312		312

Note(s): *p < 0.1; **p < 0.05; ***p < 0.01; standard errors clustered at regional level in brackets; Digital Economy (DE1): PC adoption in businesses; FS: 1st Stage; F-test: F-test on excluded instruments; H-test: Hansen J test on over-identifying restrictions; Durbin–Wu–Hausman-test (DWH): endogeneity test defined as the difference of two Sargan–Hansen statistic

Source(s): Authors’ elaboration

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