The effect of digital finance on SMEs on entrepreneurship with macroeconomic variables
| MMQR | ||||||
|---|---|---|---|---|---|---|
| ENTit | Location | Scale | Q(0.25) | Q(0.50) | Q(0.75) | 2SLS |
| Panel D: | ||||||
| DFSit | 0.115*** (0.042) | 0.007 (0.026) | 0.109** (0.051) | 0.115*** (0.041) | 0.121*** (0.043) | 0.115*** (0.043) |
| GDPGit | −0.073 (0.047) | −0.060** (0.030) | −0.025 (0.058) | −0.078* (0.046) | −0.127*** (0.049) | −0.073** (0.032) |
| TRADEit | 0.015*** (0.005) | 0.006* (0.003) | 0.010 (0.006) | 0.015*** (0.005) | 0.020*** (0.005) | 0.015*** (0.004) |
| INFit | −0.009 (0.012) | −0.001 (0.008) | −0.009 (0.015) | −0.009 (0.012) | −0.010 (0.013) | −0.009 (0.007) |
| Constant | −2.410*** (0.720) | 0.847* (0.456) | −3.087*** (0.884) | −2.342*** (0.715) | −1.643** (0.746) | −2.410*** (0.665) |
| Panel E: | ||||||
| DFSit | 0.063 (0.708) | −0.024 (0.717) | 0.083 (1.291) | 0.063 (0.695) | 0.045 (0.174) | 0.063* (0.033) |
| INSTit | 0.495 (0.951) | −0.079 (0.964) | 0.561 (1.671) | 0.494 (0.899) | 0.434* (0.226) | 0.495*** (0.044) |
| GDPGit | −0.049 (0.871) | −0.058 (0.882) | −0.001 (1.545) | −0.049 (0.831) | −0.093 (0.209) | −0.049** (0.025) |
| TRADEit | −0.001 (0.070) | −0.001 (0.070) | −0.0002 (0.128) | −0.001 (0.069) | −0.001 (0.017) | −0.001 (0.003) |
| INFit | 0.007 (0.167) | −0.002 (0.169) | 0.009 (0.307) | 0.007 (0.165) | 0.006 (0.041) | 0.007 (0.005) |
| Constant | −0.994 (12.00) | 1.384 (12.16) | −2.143 (20.83) | −0.979 (11.21) | 0.061 (2.817) | −0.994* (0.521) |
| Panel F: | ||||||
| DFSit | 0.065 (0.042) | −0.028 (0.032) | 0.087* (0.045) | 0.066 (0.042) | 0.044 (0.052) | 0.063* (0.033) |
| DFSit × INSTit | −0.031 (0.133) | 0.073 (0.100) | −0.091 (0.142) | −0.034 (0.132) | 0.024 (0.167) | −0.003 (0.014) |
| INSTit | 0.644 (0.639) | −0.428 (0.481) | 0.999 (0.680) | 0.659 (0.634) | 0.316 (0.798) | 0.525*** (0.149) |
| GDPGit | −0.049 (0.052) | −0.057 (0.039) | −0.001 (0.055) | −0.047 (0.051) | −0.093 (0.064) | −0.049** (0.025) |
| TRADEit | −0.001 (0.004) | −0.001 (0.003) | −0.0002 (0.004) | −0.001 (0.004) | −0.001 (0.005) | −0.001 (0.004) |
| INFit | 0.007 (0.012) | −0.001 (0.008) | 0.008 (0.011) | 0.007 (0.011) | 0.006 (0.013) | 0.007 (0.006) |
| Constant | −1.005 (0.704) | 1.415*** (0.530) | −2.178*** (0.751) | −1.054 (0.691) | 0.077 (0.864) | −0.986* (0.524) |
| Observations | 179 | 179 | 179 | 179 | 179 | 179 |
| MMQR | ||||||
|---|---|---|---|---|---|---|
| Location | Scale | Q(0.25) | Q(0.50) | Q(0.75) | 2SLS | |
| 0.115 | 0.007 (0.026) | 0.109 | 0.115 | 0.121 | 0.115 | |
| −0.073 (0.047) | −0.060 | −0.025 (0.058) | −0.078 | −0.127 | −0.073 | |
| 0.015 | 0.006 | 0.010 (0.006) | 0.015 | 0.020 | 0.015 | |
| −0.009 (0.012) | −0.001 (0.008) | −0.009 (0.015) | −0.009 (0.012) | −0.010 (0.013) | −0.009 (0.007) | |
| Constant | −2.410 | 0.847 | −3.087 | −2.342 | −1.643 | −2.410 |
| 0.063 (0.708) | −0.024 (0.717) | 0.083 (1.291) | 0.063 (0.695) | 0.045 (0.174) | 0.063 | |
| 0.495 (0.951) | −0.079 (0.964) | 0.561 (1.671) | 0.494 (0.899) | 0.434 | 0.495 | |
| −0.049 (0.871) | −0.058 (0.882) | −0.001 (1.545) | −0.049 (0.831) | −0.093 (0.209) | −0.049 | |
| −0.001 (0.070) | −0.001 (0.070) | −0.0002 (0.128) | −0.001 (0.069) | −0.001 (0.017) | −0.001 (0.003) | |
| 0.007 (0.167) | −0.002 (0.169) | 0.009 (0.307) | 0.007 (0.165) | 0.006 (0.041) | 0.007 (0.005) | |
| Constant | −0.994 (12.00) | 1.384 (12.16) | −2.143 (20.83) | −0.979 (11.21) | 0.061 (2.817) | −0.994 |
| 0.065 (0.042) | −0.028 (0.032) | 0.087 | 0.066 (0.042) | 0.044 (0.052) | 0.063 | |
| −0.031 (0.133) | 0.073 (0.100) | −0.091 (0.142) | −0.034 (0.132) | 0.024 (0.167) | −0.003 (0.014) | |
| 0.644 (0.639) | −0.428 (0.481) | 0.999 (0.680) | 0.659 (0.634) | 0.316 (0.798) | 0.525 | |
| −0.049 (0.052) | −0.057 (0.039) | −0.001 (0.055) | −0.047 (0.051) | −0.093 (0.064) | −0.049 | |
| −0.001 (0.004) | −0.001 (0.003) | −0.0002 (0.004) | −0.001 (0.004) | −0.001 (0.005) | −0.001 (0.004) | |
| 0.007 (0.012) | −0.001 (0.008) | 0.008 (0.011) | 0.007 (0.011) | 0.006 (0.013) | 0.007 (0.006) | |
| Constant | −1.005 (0.704) | 1.415 | −2.178 | −1.054 (0.691) | 0.077 (0.864) | −0.986 |
| Observations | 179 | 179 | 179 | 179 | 179 | 179 |
Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1
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