The effect of FinTech development on digital finance to SMEs with macroeconomic control variables
| MMQR | ||||||
|---|---|---|---|---|---|---|
| DFSit | Location | Scale | Q(0.25) | Q(0.50) | Q(0.75) | 2SLS |
| Panel D: | ||||||
| FINTECHit | 2.596*** (0.445) | 0.836*** (0.278) | 1.883*** (0.524) | 2.663*** (0.446) | 3.391*** (0.499) | 2.596*** (0.405) |
| GDPGit | 0.075 (0.052) | −0.033 (0.033) | 0.103* (0.061) | 0.072 (0.052) | 0.043 (0.059) | 0.075 (0.047) |
| TRADEit | −0.027*** (0.005) | −0.009*** (0.003) | −0.020*** (0.006) | −0.028*** (0.005) | −0.035*** (0.006) | −0.027*** (0.006) |
| INFit | 0.027** (0.011) | −0.002 (0.007) | 0.028** (0.012) | 0.027** (0.011) | 0.026** (0.012) | 0.027** (0.011) |
| Constant | −0.954 (2.266) | −1.322 (1.417) | 0.174 (2.652) | −1.061 (2.261) | −2.212 (2.544) | −0.954 (2.174) |
| Panel E: | ||||||
| FINTECHit | 2.387*** (0.420) | 0.813*** (0.241) | 1.698*** (0.483) | 2.412*** (0.426) | 3.162*** (0.466) | 2.387*** (0.402) |
| INSTit | 0.264*** (0.076) | −0.095** (0.044) | 0.345*** (0.087) | 0.261*** (0.076) | 0.173** (0.084) | 0.264*** (0.079) |
| GDPGit | 0.067 (0.052) | −0.040 (0.030) | 0.101* (0.059) | 0.066 (0.052) | 0.029 (0.057) | 0.067 (0.046) |
| TRADEit | −0.034*** (0.005) | −0.003 (0.003) | −0.031*** (0.006) | −0.034*** (0.005) | −0.037*** (0.006) | −0.034*** (0.006) |
| INFit | 0.033*** (0.010) | −0.005 (0.006) | 0.038*** (0.012) | 0.033*** (0.010) | 0.028** (0.011) | 0.033*** (0.011) |
| Constant | 0.534 (2.187) | −1.543 (1.254) | 1.842 (2.511) | 0.485 (2.189) | −0.937 (2.406) | 0.534 (2.176) |
| Panel F: | ||||||
| FINTECHit | 2.425*** (0.417) | 0.819*** (0.241) | 1.756*** (0.476) | 2.445*** (0.423) | 3.196*** (0.463) | 2.425*** (0.401) |
| FINTECHit × INSTit | 0.339* (0.192) | −0.076 (0.111) | 0.401* (0.218) | 0.337* (0.192) | 0.267 (0.212) | 0.339* (0.183) |
| INSTit | −1.368 (0.897) | 0.276 (0.519) | −1.593 (1.020) | −1.361 (0.897) | −1.108 (0.990) | −1.368 (0.884) |
| GDPGit | 0.0734 (0.051) | −0.042 (0.030) | 0.107* (0.058) | 0.072 (0.051) | 0.0342 (0.057) | 0.0734 (0.046) |
| TRADEit | −0.033*** (0.005) | −0.004 (0.003) | −0.030*** (0.006) | −0.033*** (0.005) | −0.037*** (0.006) | −0.033*** (0.006) |
| INFit | 0.036*** (0.012) | −0.005 (0.006) | 0.040*** (0.012) | 0.036*** (0.011) | 0.032*** (0.012) | 0.036*** (0.011) |
| Constant | 0.238 (2.160) | −1.533 (1.250) | 1.489 (2.456) | 0.199 (2.164) | −1.207 (2.387) | 0.238 (2.171) |
| Observations | 251 | 251 | 251 | 251 | 251 | 251 |
| MMQR | ||||||
|---|---|---|---|---|---|---|
| Location | Scale | Q(0.25) | Q(0.50) | Q(0.75) | 2SLS | |
| 2.596 | 0.836 | 1.883 | 2.663 | 3.391 | 2.596 | |
| 0.075 (0.052) | −0.033 (0.033) | 0.103 | 0.072 (0.052) | 0.043 (0.059) | 0.075 (0.047) | |
| −0.027 | −0.009 | −0.020 | −0.028 | −0.035 | −0.027 | |
| 0.027 | −0.002 (0.007) | 0.028 | 0.027 | 0.026 | 0.027 | |
| Constant | −0.954 (2.266) | −1.322 (1.417) | 0.174 (2.652) | −1.061 (2.261) | −2.212 (2.544) | −0.954 (2.174) |
| 2.387 | 0.813 | 1.698 | 2.412 | 3.162 | 2.387 | |
| 0.264 | −0.095 | 0.345 | 0.261 | 0.173 | 0.264 | |
| 0.067 (0.052) | −0.040 (0.030) | 0.101 | 0.066 (0.052) | 0.029 (0.057) | 0.067 (0.046) | |
| −0.034 | −0.003 (0.003) | −0.031 | −0.034 | −0.037 | −0.034 | |
| 0.033 | −0.005 (0.006) | 0.038 | 0.033 | 0.028 | 0.033 | |
| Constant | 0.534 (2.187) | −1.543 (1.254) | 1.842 (2.511) | 0.485 (2.189) | −0.937 (2.406) | 0.534 (2.176) |
| 2.425 | 0.819 | 1.756 | 2.445 | 3.196 | 2.425 | |
| 0.339 | −0.076 (0.111) | 0.401 | 0.337 | 0.267 (0.212) | 0.339 | |
| −1.368 (0.897) | 0.276 (0.519) | −1.593 (1.020) | −1.361 (0.897) | −1.108 (0.990) | −1.368 (0.884) | |
| 0.0734 (0.051) | −0.042 (0.030) | 0.107 | 0.072 (0.051) | 0.0342 (0.057) | 0.0734 (0.046) | |
| −0.033 | −0.004 (0.003) | −0.030 | −0.033 | −0.037 | −0.033 | |
| 0.036 | −0.005 (0.006) | 0.040 | 0.036 | 0.032 | 0.036 | |
| Constant | 0.238 (2.160) | −1.533 (1.250) | 1.489 (2.456) | 0.199 (2.164) | −1.207 (2.387) | 0.238 (2.171) |
| Observations | 251 | 251 | 251 | 251 | 251 | 251 |
Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1
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