Table 7. The effect of FinTech...

Table 7.

The effect of FinTech development on entrepreneurship with macroeconomic variables

	MMQR
ENT_it	Location	Scale	Q(0.25)	Q(0.50)	Q(0.75)	2SLS
Panel D:
FINTECH_it	0.706** (0.292)	−0.287 (0.180)	0.935*** (0.348)	0.695** (0.291)	0.457 (0.308)	0.706** (0.284)
GDPG_it	−0.059 (0.050)	−0.064** (0.031)	−0.008 (0.060)	−0.062 (0.050)	−0.115** (0.053)	−0.059* (0.033)
TRADE_it	0.013*** (0.005)	0.004 (0.003)	0.010* (0.006)	0.013*** (0.005)	0.017*** (0.005)	0.013*** (0.004)
INF_it	−0.008 (0.012)	0.001 (0.007)	−0.009 (0.014)	−0.008 (0.012)	−0.008 (0.013)	−0.008 (0.007)
Constant	−4.610*** (1.704)	2.517** (1.048)	−6.612*** (2.042)	−4.514*** (1.700)	−2.427 (1.811)	−4.610*** (1.545)
Panel E:
FINTECH_it	0.408 (0.268)	−0.336* (0.181)	0.692** (0.271)	0.398 (0.268)	0.153 (0.331)	0.408* (0.218)
INST_it	0.496*** (0.049)	−0.069** (0.033)	0.554*** (0.050)	0.494*** (0.049)	0.444*** (0.061)	0.496*** (0.044)
GDPG_it	−0.041 (0.050)	−0.063* (0.034)	0.012 (0.051)	−0.042 (0.050)	−0.088 (0.062)	−0.041 (0.025)
TRADE_it	−0.001 (0.003)	−0.002 (0.002)	0.0002 (0.003)	−0.002 (0.003)	−0.003 (0.004)	−0.001 (0.003)
INF_it	0.008 (0.009)	−0.001 (0.006)	0.009 (0.009)	0.008 (0.009)	0.007 (0.011)	0.008 (0.005)
Constant	−2.301 (1.553)	2.872*** (1.050)	−4.728*** (1.586)	−2.220 (1.553)	−0.120 (1.917)	−2.301* (1.191)
Panel F:
FINTECH_it	0.411 (0.280)	−0.328 (0.201)	0.684*** (0.264)	0.411 (0.278)	0.159 (0.367)	0.411* (0.220)
FINTECH_it × INST_it	0.013 (0.116)	0.0305 (0.083)	−0.013 (0.109)	0.013 (0.116)	0.036 (0.154)	0.013 (0.098)
INST_it	0.434 (0.564)	−0.214 (0.404)	0.613 (0.527)	0.434 (0.564)	0.270 (0.745)	0.434 (0.475)
GDPG_it	−0.040 (0.053)	−0.062 (0.038)	0.011 (0.050)	−0.040 (0.053)	−0.088 (0.069)	−0.040 (0.025)
TRADE_it	−0.001 (0.002)	−0.002 (0.003)	0.0001 (0.003)	−0.001 (0.004)	−0.003 (0.005)	−0.001 (0.003)
INF_it	0.008 (0.009)	−0.001 (0.007)	0.009 (0.009)	0.008 (0.009)	0.008 (0.012)	0.008 (0.006)
Constant	−2.321 (1.630)	2.826** (1.168)	−4.677*** (1.553)	−2.320 (1.613)	−0.150 (2.116)	−2.321* (1.205)
Observations	179	179	179	179	179	179

	MMQR
ENT_it	Location	Scale	Q(0.25)	Q(0.50)	Q(0.75)	2SLS
Panel D:
FINTECH_it	0.706** (0.292)	−0.287 (0.180)	0.935*** (0.348)	0.695** (0.291)	0.457 (0.308)	0.706** (0.284)
GDPG_it	−0.059 (0.050)	−0.064** (0.031)	−0.008 (0.060)	−0.062 (0.050)	−0.115** (0.053)	−0.059* (0.033)
TRADE_it	0.013*** (0.005)	0.004 (0.003)	0.010* (0.006)	0.013*** (0.005)	0.017*** (0.005)	0.013*** (0.004)
INF_it	−0.008 (0.012)	0.001 (0.007)	−0.009 (0.014)	−0.008 (0.012)	−0.008 (0.013)	−0.008 (0.007)
Constant	−4.610*** (1.704)	2.517** (1.048)	−6.612*** (2.042)	−4.514*** (1.700)	−2.427 (1.811)	−4.610*** (1.545)
Panel E:
FINTECH_it	0.408 (0.268)	−0.336* (0.181)	0.692** (0.271)	0.398 (0.268)	0.153 (0.331)	0.408* (0.218)
INST_it	0.496*** (0.049)	−0.069** (0.033)	0.554*** (0.050)	0.494*** (0.049)	0.444*** (0.061)	0.496*** (0.044)
GDPG_it	−0.041 (0.050)	−0.063* (0.034)	0.012 (0.051)	−0.042 (0.050)	−0.088 (0.062)	−0.041 (0.025)
TRADE_it	−0.001 (0.003)	−0.002 (0.002)	0.0002 (0.003)	−0.002 (0.003)	−0.003 (0.004)	−0.001 (0.003)
INF_it	0.008 (0.009)	−0.001 (0.006)	0.009 (0.009)	0.008 (0.009)	0.007 (0.011)	0.008 (0.005)
Constant	−2.301 (1.553)	2.872*** (1.050)	−4.728*** (1.586)	−2.220 (1.553)	−0.120 (1.917)	−2.301* (1.191)
Panel F:
FINTECH_it	0.411 (0.280)	−0.328 (0.201)	0.684*** (0.264)	0.411 (0.278)	0.159 (0.367)	0.411* (0.220)
FINTECH_it × INST_it	0.013 (0.116)	0.0305 (0.083)	−0.013 (0.109)	0.013 (0.116)	0.036 (0.154)	0.013 (0.098)
INST_it	0.434 (0.564)	−0.214 (0.404)	0.613 (0.527)	0.434 (0.564)	0.270 (0.745)	0.434 (0.475)
GDPG_it	−0.040 (0.053)	−0.062 (0.038)	0.011 (0.050)	−0.040 (0.053)	−0.088 (0.069)	−0.040 (0.025)
TRADE_it	−0.001 (0.002)	−0.002 (0.003)	0.0001 (0.003)	−0.001 (0.004)	−0.003 (0.005)	−0.001 (0.003)
INF_it	0.008 (0.009)	−0.001 (0.007)	0.009 (0.009)	0.008 (0.009)	0.008 (0.012)	0.008 (0.006)
Constant	−2.321 (1.630)	2.826** (1.168)	−4.677*** (1.553)	−2.320 (1.613)	−0.150 (2.116)	−2.321* (1.205)
Observations	179	179	179	179	179	179

Notes:

Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1

Source: Authors’ own work

[ViewLarge]

Sharing Unavailable