Table 7 Digital economy and regulatory...

Table 7

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	0.438		1.280		0.510		1.080
REG	[0.072]***		[0.215]***		[0.258]**		[0.182]***
ln(GDPC)	0.038		0.051		0.039		0.047
ln(GDPC)	[0.009]***		[0.012]***		[0.009]***		[0.011]***
ln(FD)	−0.175		−0.317		−0.187		−0.288
ln(FD)	[0.041]***		[0.062]***		[0.057]***		[0.056]***
ln(EXP)	−0.026		−0.080		−0.030		−0.069
ln(EXP)	[0.015]*		[0.023]***		[0.023]		[0.021]***
ln(GINI)	0.336		0.525		0.353		0.424
ln(GINI)	[0.155]**		[0.190]***		[0.159]**		[0.176]**
GRAD	0.047		0.024		0.045		0.025
GRAD	[0.008]***		[0.009]***		[0.010]***		[0.009]***
POP	0.009		0.032		0.011		0.025
POP	[0.006]		[0.007]***		[0.007]		[0.006]***
ln(INC)	0.078		0.135		0.083		0.122
ln(INC)	[0.012]***		[0.016]***		[0.019]***		[0.014]***
Adj-R²	0.908		0.867		0.799		0.879
F-test (FS)	–		56.34		17.14		45.12
H-test (p)	–		–		–		0.313
DWH-test (p)			0.000		0.077		0.000
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	0.438		1.280		0.510		1.080
REG	[0.072]***		[0.215]***		[0.258]**		[0.182]***
ln(GDPC)	0.038		0.051		0.039		0.047
ln(GDPC)	[0.009]***		[0.012]***		[0.009]***		[0.011]***
ln(FD)	−0.175		−0.317		−0.187		−0.288
ln(FD)	[0.041]***		[0.062]***		[0.057]***		[0.056]***
ln(EXP)	−0.026		−0.080		−0.030		−0.069
ln(EXP)	[0.015]*		[0.023]***		[0.023]		[0.021]***
ln(GINI)	0.336		0.525		0.353		0.424
ln(GINI)	[0.155]**		[0.190]***		[0.159]**		[0.176]**
GRAD	0.047		0.024		0.045		0.025
GRAD	[0.008]***		[0.009]***		[0.010]***		[0.009]***
POP	0.009		0.032		0.011		0.025
POP	[0.006]		[0.007]***		[0.007]		[0.006]***
ln(INC)	0.078		0.135		0.083		0.122
ln(INC)	[0.012]***		[0.016]***		[0.019]***		[0.014]***
Adj-R²	0.908		0.867		0.799		0.879
F-test (FS)	–		56.34		17.14		45.12
H-test (p)	–		–		–		0.313
DWH-test (p)			0.000		0.077		0.000
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 (DE4): degree of Internet use 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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