Table 6. Robustness test results...

Table 6.

Robustness test results

Variables	Coefficient	Standard error	z-value	p-value
Technology level	0.022***	0.005	4.600	0.000
Regulatory quality	0.021**	0.011	1.960	0.050
Financial literacy	0.277***	0.066	4.180	0.000
Age	−0.485	0.329	−1.470	0.141
Urbanization rate	0.004	0.157	0.030	0.979
Capital ratio	−0.172*	0.102	−1.690	0.092
Social stability	−0.003	0.007	−0.400	0.688
Digital finance	0.500	0.416	1.200	0.230
Gross national income per capita	−0.007	0.015	−0.450	0.656
W × level of technology	−0.007	0.031	−0.220	0.825
W × regulatory quality	0.069	0.105	0.650	0.514
W × financial literacy	0.005	0.369	0.010	0.988
W × age	−5.275	1.243	−4.240	0.000
W × urbanization rate	−0.475	0.582	−0.820	0.414
W × capital ratio	−1.012	0.867	−1.170	0.243
W × social stability	−0.101	0.045	−2.240	0.025
W × digital finance	4.841	2.049	2.360	0.018
W × gross national income per capita	0.426	0.085	5.020	0.000
Observations	228
R²	0.174

Variables	Coefficient	Standard error	z-value	p-value
Technology level	0.022***	0.005	4.600	0.000
Regulatory quality	0.021**	0.011	1.960	0.050
Financial literacy	0.277***	0.066	4.180	0.000
Age	−0.485	0.329	−1.470	0.141
Urbanization rate	0.004	0.157	0.030	0.979
Capital ratio	−0.172*	0.102	−1.690	0.092
Social stability	−0.003	0.007	−0.400	0.688
Digital finance	0.500	0.416	1.200	0.230
Gross national income per capita	−0.007	0.015	−0.450	0.656
W × level of technology	−0.007	0.031	−0.220	0.825
W × regulatory quality	0.069	0.105	0.650	0.514
W × financial literacy	0.005	0.369	0.010	0.988
W × age	−5.275	1.243	−4.240	0.000
W × urbanization rate	−0.475	0.582	−0.820	0.414
W × capital ratio	−1.012	0.867	−1.170	0.243
W × social stability	−0.101	0.045	−2.240	0.025
W × digital finance	4.841	2.049	2.360	0.018
W × gross national income per capita	0.426	0.085	5.020	0.000
Observations	228
R²	0.174

Notes: ***, ** and * represent 1, 5 and 10% significance levels, respectively

Source: Authors’ own creation

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