Table 5

Direct effect of Fintech on environmental quality (ecological efficiency – sdi)

Low quantilesMiddle quantilesHigh quantiles
PCSEq10q20q30q40q50q60q70q80q90
fin0.0152**0.00550.00980.0120*0.0142**0.0161***0.0177***0.0193***0.0211***0.0238***
(0.0068)(0.0100)(0.0081)(0.0072)(0.0065)(0.0062)(0.0060)(0.0061)(0.0063)(0.0070)
urb−0.0038***−0.0016−0.0029**−0.0031***−0.0035***−0.0040***−0.0043***−0.0047***−0.0051***−0.0056***
(0.0007)(0.0016)(0.0013)(0.0011)(0.0009)(0.0008)(0.0007)(0.0006)(0.0006)(0.0006)
une−0.0021−0.0061−0.0044−0.0035−0.0025−0.0018−0.0011−0.00050.00030.0013
(0.0036)(0.0068)(0.0054)(0.0047)(0.0040)(0.0035)(0.0032)(0.0029)(0.0027)(0.0027)
lngdp0.5346***0.6322***0.5892***0.5671***0.5446***0.5260***0.5097***0.4932***0.4750***0.4480***
(0.0324)(0.0560)(0.0459)(0.0407)(0.0376)(0.0365)(0.0369)(0.0386)(0.0411)(0.0480)
lngdp2−0.0379***−0.0455***−0.0421***−0.0404***−0.0387***−0.0372***−0.0359***−0.0346***−0.0332***−0.0311***
(0.0021)(0.0039)(0.0032)(0.0028)(0.0025)(0.0023)(0.0023)(0.0023)(0.0024)(0.0028)
rne−0.0050***−0.0044***−0.0047***−0.0048***−0.0049***−0.0050***−0.0051***−0.0052***−0.0053***−0.0055***
(0.0034)(0.0006)(0.0005)(0.0004)(0.0004)(0.0003)(0.0003)(0.0003)(0.0003)(0.0004)
_cons−0.8052***−1.2714***−1.0660***−0.9600***−0.8531***−0.7645***−0.6864***−0.6076***−0.5208***−0.3919*
(0.1459)(0.2632)(0.2145)(0.1899)(0.1752)(0.1699)(0.1720)(0.1801)(0.1933)(0.2257)
R-squared0.8976         
Obs220220220220220220220220220220

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

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