Table 8. Results of threshold effect test.
| Explanatory Variables | Threshold Variables | Number of Threshold | F Value | P Value | Number of BS | Critical Value | ||
|---|---|---|---|---|---|---|---|---|
| 1% | 5% | 10% | ||||||
| The Digital Economy | Consumer Demand | Single | 9.31*** a | 0.000 | 300 | 6.582 | 4.757 | 4.048 |
| Double | 7.80*** | 0.023 | 300 | 9.652 | 6.749 | 5.642 | ||
| Triple | 5.35 | 0.673 | 300 | 23.804 | 17.324 | 10.789 | ||
| Consumption Supply | Single | 15.45*** | 0.000 | 300 | 11.384 | 9.295 | 8.553 | |
| Double | 6.59 | 0.383 | 300 | 12.247 | 10.854 | 9.573 | ||
| Triple | 4.73 | 0.451 | 300 | 22.559 | 12.074 | 7.221 | ||
a *,**,*** indicate a significance level of 10%, 5% and 1%, respectively.