Table 3.
Baseline regression analysis.
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| Digital | −0.331*** (0.035) | −0.203*** (0.046) | −0.157*** (0.055) |
| Industry | −0.400*** (0.080) | −0.610*** (0.095) | |
| Fdi | 0.000 (0.008) | 0.006 (0.007) | |
| Expenditure | 1.462*** (0.529) | 1.729** (0.692) | |
| Market | −0.033 (0.032) | 0.008 (0.037) | |
| Financial | −3.394 (2.166) | −7.451*** (2.473) | |
| Pgdp | 0.029 (0.018) | 0.030 (0.019) | |
| Education | −0.131 (0.169) | −0.107 (0.178) | |
| Individual fixed effects | No | No | Yes |
| Year fixed effects | No | No | Yes |
| Constant term | 0.877*** (0.093) | 2.253* (1.293) | 2.172 (1.364) |
| N | 300 | 300 | 300 |
| R 2 | 0.334 | 0.213 | 0.386 |
Note: ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively; standard errors are in parentheses.