Table 6. The regression results of the digital economy index and its infrastructure sub-index, industry sub-index, and integration sub-index.
| variable | Dependent variable: total factor productivity (TFP) | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Estimation method | FGLS | GEE | OLS | |||
| DEI | 0.4551***(10.88) | 0.2933***(12.64) | 0.4551***(10.58) | |||
| INF | 0.2452***(10.13) | |||||
| DIND | 0.0773**(1.23) | |||||
| FUSE | 0.3458***(7.88) | |||||
| TP | 0.1527*** | 0.2306*** | 0.3678*** | 0.2377*** | 0.3132*** | 0.1527*** |
| (3.55) | (5.60) | (6.68) | (5.17) | (8.20) | (3.45) | |
| TD | 0.0456*** | 0.0553*** | 0.0492** | 0.01857** | 0.0159* | 0.0456** |
| (3.11) | (3.65) | (2.51) | (1.10) | (1.04) | (3.02) | |
| FD | 0.0565*** | 0.0712*** | 0.0504** | 0.0129* | 0.0226** | 0.0565*** |
| (3.34) | (4.05) | (2.24) | (0.66) | (2.03) | (3.25) | |
| IS | 0.0379** | -0.0359** | 0.0454** | -0.0249** | 0.0276* | 0.0379** |
| (-2.20) | (-2.02) | (2.18) | (-1.28) | (1.73) | (2.14) | |
| OPEN | 0.1195*** | 0.1909*** | 0.1976*** | 0.1619*** | 0.0668** | 0.1195*** |
| (3.78) | (6.14) | (4.18) | (4.66) | (2.44) | (3.68) | |
| RD | -0.0910*** | -0.0986*** | -0.1067*** | -0.0791*** | -0.0634*** | -0.0910*** |
| (-3.69) | (-3.88) | (-3.26) | (-2.83) | (-2.68) | (-3.59) | |
| constant | 17.4683*** | 19.8441*** | 19.7913*** | 18.9658*** | 21.3497*** | 17.4683*** |
| (15.13) | (17.26) | (11.51) | (14.89) | (12.50) | (14.72) | |
| Wald | 1748.93 | 1638.11 | 922.44 | 1351.01 | 914.74 | - |
| R2 | - | - | - | - | - | 0.9171 |
| N | 150 | 150 | 150 | 150 | 150 | 150 |
Note: The Z statistic values are in parentheses, and
***, **, * indicate significance at the levels of 1%, 5%, and 10%, respectively. The same applies to the following table.