Table 4

Direct effect of Fintech on environmental degradation (ecological footprint – ecf)

Low quantilesMiddle quantilesHigh quantiles
PCSEq10q20q30q40q50q60q70q80q90
fin−0.4411***−0.4569***−0.4520***−0.4463***−0.4423***−0.4397***−0.4358***−0.4337***−0.4308***−0.4264***
(0.0643)(0.0777)(0.0674)(0.0607)(0.0608)(0.0630)(0.0691)(0.0736)(0.0807)(0.0931)
urb0.0165**0.01200.0134*0.0150**0.0162**0.0169**0.0181**0.0187*0.0195*0.0208*
(0.0076)(0.0078)(0.0071)(0.0071)(0.0076)(0.0081)(0.0091)(0.0097)(0.0106)(0.0122)
une−0.0827**−0.1085***−0.1005***−0.0911***−0.0848**−0.0805**−0.0741*−0.0706−0.0659−0.0587
(0.0375)(0.0398)(0.0355)(0.0333)(0.0344)(0.0362)(0.0402)(0.0430)(0.0470)(0.0537)
lngdp−2.3094***−2.2296***−2.2544***−2.2833***−2.3029***−2.3162***−2.3360***−2.3468***−2.3613***−2.3836***
(0.3455)(0.7215)(0.6098)(0.4941)(0.4314)(0.3999)(0.3756)(0.3750)(0.3886)(0.4371)
lngdp20.2096***0.1966***0.2006***0.2053***0.2085***0.2107***0.2139***0.2156***0.2180***0.2216***
(0.0236)(0.0487)(0.0414)(0.0339)(0.0298)(0.0278)(0.0263)(0.0263)(0.0272)(0.0302)
rne−0.0169***−0.0157***−0.0161***−0.0165***−0.0168***−0.0170***−0.0173***−0.0175***−0.0177***−0.0180***
(0.0034)(0.0043)(0.0037)(0.0032)(0.0031)(0.0034)(0.0032)(0.0033)(0.0035)(0.0040)
_cons7.1849***6.8615**6.9620***7.0792***7.1586***7.2126***7.2925***7.3364***7.3954***7.4856***
(1.4855)(2.8208)(2.3878)(1.9612)(1.7533)(1.6654)(1.6319)(1.6645)(1.7609)(2.0035)
R-squared0.9106         
Obs220220220220220220220220220220

Note(s): Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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