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

Table 7.

Estimated results of financial technology channels.

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

DJ	0.1014***	0.0120***	0.0803***	0.0060***	0.0286***
	(0.0158)	(0.0034)	(0.0150)	(0.0020)	(0.0070)
FinTech			1.1759***		1.6259***
			(0.1240)		(0.1616)

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	0.9891	0.7270	0.9909	0.7780
Panel B
	(1)	(2)	(3)	(4)	(5)
Variables	Deco	FinTech	Deco	FinTech	Deco

rDJ	0.1036***	0.0125***	0.0819***	0.0058***	0.0274***
	(0.0143)	(0.0031)	(0.0135)	(0.0019)	(0.0067)
FinTech			1.1622***		1.6207***
			(0.1235)		(0.1619)

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	0.9891	0.7264	0.9909	0.7782
Panel C
	(1)	(2)	(3)	(4)	(5)
Variables	fDeco	FinTech	fDeco	FinTech	fDeco

DJ	0.0890***	0.0120***	0.0843***	0.0060***	0.0425***
	(0.0174)	(0.0034)	(0.0173)	(0.0020)	(0.0084)
FinTech			0.2491**		0.9739***
			(0.1208)		(0.1898)

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	0.9891	0.6477	0.9909	0.7160