Table 10.

Digital finance, ESG performance and innovation.

	Path a		Path c
	Model 1	Model 2	Model 3	Model 4
	Innovationt	Innovationt+1	Innovationt	Innovationt+1
DF	0.861*** (4.168)	0.549** (2.343)	0.785*** (3.816)	0.495** (2.116)
ESG			2.631*** (8.379)	2.240*** (6.091)
Controls	Yes	Yes	Yes	Yes
Constant	−2.420*** (−4.307)	−2.089*** (−3.217)	−2.853*** (−5.082)	−2.467*** (−3.793)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
N	7964	6607	7964	6607
R2	0.169	0.154	0.178	0.159

Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.