Table 9

Indirect effect of Fintech on environmental quality (ecological efficiency – sdi), mediated by nrr

Low quantilesMiddle quantilesHigh quantiles
PCSEq10q20q30q40q50q60q70q80q90
fin0.0212***0.00120.00920.01380.0198***0.0226***0.0271***0.0303***0.0342***0.0392***
(0.0065)(0.0118)(0.0097)(0.0084)(0.0069)(0.0063)(0.0056)(0.0054)(0.0054)(0.0061)
nrr0.0017**0.00060.00110.00130.0017*0.0018**0.0021***0.0023***0.0025***0.0028***
(0.0007)(0.0017)(0.0014)(0.0012)(0.0010)(0.0009)(0.0007)(0.0007)(0.0006)(0.0008)
urb−0.0032***−0.0013−0.0021*−0.0025**−0.0031***−0.0033***−0.0038***−0.0041***−0.0044***−0.0049***
(0.0006)(0.0015)(0.0012)(0.0010)(0.0008)(0.0008)(0.0006)(0.0005)(0.0005)(0.0005)
une−0.0044−0.0099−0.0077−0.0065−0.00482−0.0040−0.0028−0.0019−0.00080.0005
(0.0036)(0.0064)(0.0053)(0.0046)(0.0039)(0.0035)(0.0031)(0.0029)(0.0028)(0.0029)
lngdp0.5552***0.6255***0.5975***0.5813***0.5603***0.5502***0.5345***0.5233***0.5096***0.4921***
(0.0.0326)(0.0521)(0.0435)(0.0390)(0.0348)(0.0337)(0.0333)(0.0341)(0.0363)(0.0403)
lngdp2−0.0397***−0.0454***−0.0431***−0.0418***−0.0401***−0.0392***−0.0379***−0.0370***−0.0359***−0.0344***
(0.0022)(0.0036)(0.0030)(0.0026)(0.0023)(0.0022)(0.0021)(0.0021)(0.0022)(0.0024)
rne−0.0047***−0.0048***−0.0048***−0.0048***−0.0047***−0.0047***−0.0047***−0.0047***−0.0046***−0.0046***
(0.0003)(0.0006)(0.0004)(0.0004)(0.0003)(0.0003)(0.0002)(0.0003)(0.0003)(0.0003)
_cons−0.8953***−1.2107***−1.0853***−1.0126***−0.9182***−0.8730***−0.8025***−0.7522***−0.6906***−0.6121***
(0.1458)(0.2465)(0.2037)(0.1811)(0.1597)(0.1536)(0.1510)(0.1541)(0.1643)(0.1835)
R-squared0.9012         
Obs220220220220220220220220220220

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

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