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. 2023 Dec 1;9(12):e22846. doi: 10.1016/j.heliyon.2023.e22846

Table 6.

Estimation results of financial decentralization channels.

Panel A
	(1)	(2)	(3)	(4)	(5)
Variables	Deco	Fd	Deco	Fd	Deco

DJ	0.1014***	0.0071***	0.0455***	0.0046***	0.0227***
	(0.0158)	(0.0010)	(0.0096)	(0.0007)	(0.0070)
Fd			6.5803***		5.4191***
			(1.0407)		(0.8383)

Individual	YES	YES	YES	YES	YES
Province	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES

Observations	1840	1840	1840	1840	1840
N	229	229	229	229	229
R²	0.6731	0.7255	0.8466	0.7853	0.8532
Panel B
	(1)	(2)	(3)	(4)	(5)
Variables	Deco	Fd	Deco	Fd	Deco

rDJ	0.1036***	0.0051***	0.0466***	0.0044***	0.0219***
	(0.0143)	(0.0009)	(0.0090)	(0.0007)	(0.0067)
Fd			6.5358***		5.4001***
			(1.0400)		(0.8413)

Individual	YES	YES	YES	YES	YES
Province	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES

Observations	1840	1840	1840	1840	1840
N	229	229	229	229	229
R²	0.6729	0.7261	0.8460	0.7854	0.8532
Panel C
	(1)	(2)	(3)	(4)	(5)
Variables	fDeco	Fd	fDeco	Fd	fDeco

DJ	0.0890***	0.0071***	0.0319***	0.0046***	0.0218***
	(0.0174)	(0.0010)	(0.0090)	(0.0007)	(0.0063)
Fd			8.1161***		8.3279***
			(1.0375)		(0.7407)

Individual	YES	YES	YES	YES	YES
Province	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES

Observations	1840	1840	1840	1840	1840
N	229	229	229	229	229
R²	0.6331	0.7255	0.8683	0.7853	0.8719

Note: all instrumental variables pass the validity test.