Table 7. The comprehensive effect of the digital economy on the improvement of total factor productivity and the intermediary effect of technological progress.
| Variable | Comprehensive effect: Dependent variable: total factor productivity (TFP) | Mediating effect Dependent variable: technological progress (TP) | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Estimation method | FGLS | GEE | OLS | FGLS | GEE | OLS |
| DEI | 0.5335*** | 0.3548*** | 0.5335*** | 0.5133*** | 0.1676*** | 0.5133*** |
| (14.41) | (13.11) | (14.07) | (7.61) | (3.49) | (7.43) | |
| TD | 0.0542*** | 0.0120* | 0.0542*** | 0.0563** | -0.0315** | 0.0563** |
| (3.59) | (0.66) | (3.51) | (2.05) | (-0.97) | (2.00) | |
| FD | 0.0611*** | 0.0262** | 0.0611*** | 0.0307* | 0.0038* | 0.0307** |
| (3.48) | (1.92) | (3.40) | (0.96) | (0.16) | (0.94) | |
| IS | 0.0583*** | 0.0011* | 0.05827*** | 0.1336*** | 0.1089*** | 0.1336*** |
| (2.24) | (0.06) | (3.37) | (4.35) | (3.34) | (4.25) | |
| OPEN | 0.1238*** | 0.1189*** | 0.1238*** | 0.0280* | 0.1236** | 0.0280* |
| (3.77) | (3.78) | (3.68) | (0.47) | (2.17) | (0.46) | |
| RD | -0.0555** | 0.02479** | -0.0555** | 0.2328** | 0.2889*** | 0.2328*** |
| (-2.37) | (0.97) | (-2.31) | (5.44) | (6.42) | (5.31) | |
| constant | 19.4279*** | 25.8392*** | 19.4279*** | 12.8311*** | 17.8944*** | 12.8311*** |
| (18.40) | (12.48) | (17.96) | (6.66) | (5.56) | (6.51) | |
| Wald | 1601.69 | 600.74 | - | 692.87 | 280.79 | - |
| R2 | - | - | 0.9108 | - | - | 0.8146 |
| 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.