Mechanism tests
| Variable | Electric power consumption | Total factor productivity | Business digitization | |||
|---|---|---|---|---|---|---|
| I | II | III | IV | V | VI | |
| GD | −0.028 (−0.81) | 0.097 (1.04) | 0.014 (0.46) | |||
| GDP | −1.006*** (−7.11) | −0.984*** (−6.43) | −0.386** (−2.20) | −0.397** (−2.25) | 0.631 (0.66) | 0.744 (0.74) |
| GDP_squared | 0.022*** (7.67) | 0.021*** (6.99) | 0.009*** (2.72) | 0.010*** (2.81) | −0.010 (−0.55) | −0.013 (−0.63) |
| TP | 0.069*** (3.52) | 0.071*** (3.59) | 0.107*** (4.75) | 0.102*** (4.31) | 0.243 (1.44) | 0.248 (1.45) |
| UR | −0.287*** (−4.28) | −0.253*** (−3.69) | −0.151* (−1.91) | −0.137* (−1.71) | −0.510 (−0.94) | −0.399 (−0.67) |
| SI | −0.201*** (−3.35) | −0.197*** (−3.27) | −0.148** (−2.37) | −0.150** (−2.38) | −0.117 (−0.87) | −0.124 (−0.89) |
| FDI | 0.116 (1.58) | 0.115 (1.57) | 0.196** (2.49) | 0.199** (2.52) | −0.059 (−0.44) | −0.041 (−0.29) |
| FFEC | 0.352*** (9.57) | 0.338*** (9.12) | 0.360*** (9.07) | 0.354*** (8.87) | 0.240** (2.27) | 0.242** (2.21) |
| EPC | 0.060*** (7.93) | −0.042*** (−5.00) | ||||
| GD × EPC | 0.009*** (3.54) | |||||
| TFP | 0.003** (2.13) | −0.040* (−1.88) | ||||
| GD × TFP | 0.007** (2.06) | |||||
| BD | 0.203** (2.46) | −0.196** (−2.39) | ||||
| GD × BD | 0.195** (2.23) | |||||
| Constant | 14.467*** (8.33) | 14.023*** (7.46) | 7.377*** (3.41) | 7.495*** (3.44) | −7.439 (−0.56) | −9.107 (−0.66) |
| R-squared | 0.438 | 0.442 | 0.308 | 0.311 | 0.288 | 0.293 |
| Observations | 1,231 | 1,231 | 871 | 871 | 110 | 110 |
| Country FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| Variable | Electric power consumption | Total factor productivity | Business digitization | |||
|---|---|---|---|---|---|---|
| I | V | |||||
| −0.028 (−0.81) | 0.097 (1.04) | 0.014 (0.46) | ||||
| −1.006 | −0.984 | −0.386 | −0.397 | 0.631 (0.66) | 0.744 (0.74) | |
| GDP_squared | 0.022 | 0.021 | 0.009 | 0.010 | −0.010 (−0.55) | −0.013 (−0.63) |
| 0.069 | 0.071 | 0.107 | 0.102 | 0.243 (1.44) | 0.248 (1.45) | |
| −0.287 | −0.253 | −0.151 | −0.137 | −0.510 (−0.94) | −0.399 (−0.67) | |
| −0.201 | −0.197 | −0.148 | −0.150 | −0.117 (−0.87) | −0.124 (−0.89) | |
| 0.116 (1.58) | 0.115 (1.57) | 0.196 | 0.199 | −0.059 (−0.44) | −0.041 (−0.29) | |
| 0.352 | 0.338 | 0.360 | 0.354 | 0.240 | 0.242 | |
| 0.060 | −0.042 | |||||
| GD × EPC | 0.009 | |||||
| 0.003 | −0.040 | |||||
| GD × TFP | 0.007 | |||||
| 0.203 | −0.196 | |||||
| GD × BD | 0.195 | |||||
| Constant | 14.467 | 14.023 | 7.377 | 7.495 | −7.439 (−0.56) | −9.107 (−0.66) |
| 0.438 | 0.442 | 0.308 | 0.311 | 0.288 | 0.293 | |
| Observations | 1,231 | 1,231 | 871 | 871 | 110 | 110 |
| Country | ||||||
| Year | ||||||
t-Statistics are in parenthesis; ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively