Table 7

Indirect effect of Fintech on environmental degradation (ecological footprint – ecf), mediated by nrr

Low quantilesMiddle quantilesHigh quantiles
PCSEq10q20q30q40q50q60q70q80q90
fin−0.2861***−0.2297***−0.2494***−0.2616***−0.2731***−0.2886***−0.2997***−0.3091***−0.3241***−0.3377***
(0.0525)(0.0615)(0.0545)(0.0539)(0.0557)(0.0616)(0.0678)(0.0739)(0.0852)(0.0962)
nrr0.0451***0.0564***0.0525***0.0500***0.0477***0.0446***0.0424***0.0405***0.0375***0.0347***
(0.0066)(0.0094)(0.0082)(0.0076)(0.0073)(0.0072)(0.0074)(0.0077)(0.0084)(0.0092)
urb0.0310***0.0295***0.0300***0.0303***0.0306***0.0310***0.0313***0.0316***0.0320***0.0324***
(0.0061)(0.0076)(0.0068)(0.0068)(0.0071)(0.0079)(0.0088)(0.0096)(0.0110)(0.0124)
une−0.1416***−0.1530***−0.1490***−0.1466***−0.1442***−0.1411***−0.1388***−0.1369***−0.1338***−0.1312**
(0.3510)(0.0335)(0.0294)(0.0290)(0.0304)(0.0345)(0.0386)(0.0427)(0.0498)(0.0567)
lngdp−1.7769***−1.1850*−1.3919**−1.5193***−1.6402***−1.8030***−1.9197***−2.0186***−2.1758***−2.3184***
(0.3510)(0.6435)(0.5541)(0.4978)(0.4560)(0.4186)(0.4059)(0.4057)(0.4251)(0.4584)
lngdp20.1641***0.1157***0.1326***0.1431***0.1529***0.1663***0.1758***0.1839***0.1968***0.2084***
(0.0231)(0.0435)(0.0375)(0.0336)(0.0306)(0.0279)(0.0269)(0.0267)(0.0277)(0.0297)
rne−0.0104***−0.0126***−0.0118***−0.0114***−0.0109***−0.0103***−0.0099***−0.0096***−0.0090***−0.0085**
(0.0029)(0.0032)(0.0028)(0.0026)(0.0024)(0.0024)(0.0025)(0.0027)(0.0030)(0.0034)
_cons4.8597***2.69403.45093.9171*4.3600**4.9553***5.3825***5.7445***6.3200***6.8413***
(1.5353)(2.6268)(2.2693)(2.0593)(1.9168)(1.8150)(1.8084)(1.8480)(1.9873)(2.1757)
R-squared0.9284         
Obs220220220220220220220220220220

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

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