Table 6.
Systematic GMM estimation results for the impact of digital finance on energy efficiency
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| L.EFF | 0.681*** (13.342) | 0.668*** (12.763) | 0.655*** (13.168) | 0.680*** (12.297) | 0.662*** (9.215) |
| DIF | 0.966*** (4.409) | ||||
| DIF2 | − 1.902*** (− 4.043) | ||||
| COV | 0.903*** − 3.16 | ||||
| COV2 | − 1.963*** (− 2.945) | ||||
| DIGI | 1.130** − 2.321 | ||||
| DIGI2 | − 1.763** (− 2.136) | ||||
| INSU | 0.814*** − 2.859 | ||||
| INSU2 | − 0.780*** (− 2.713) | ||||
| CRE | 4.026** (2.405) | ||||
| CRE2 | − 13.103** (− 2.341) | ||||
| tec | − 0.300*** (− 5.481) | − 0.301*** (− 5.330) | − 0.272*** (− 5.098) | − 0.245*** (− 3.734) | − 0.387*** (− 4.421) |
| struct | 106.700** (2.482) | 104.401** (2.402) | 122.425*** (3.048) | 145.689*** (3.28) | 155.822*** (3.177) |
| eco | 0.5 (0.003) | 55.439 (0.272) | 55.828 (0.283) | 225.778 (0.967) | 350.066 (1.13) |
| energy | − 12.991 (− 1.627) | − 11.909 (− 1.443) | − 9.553 (− 1.244) | − 9.298 (− 1.173) | − 1.781 (− 0.168) |
| Constant term | − 0.055 (− 0.553) | − 0.025 (− 0.249) | − 0.137 (− 1.239) | − 0.252* (− 1.712) | − 0.352 (− 1.881) |
| AR(1) | 3.623*** | 3.552*** | − 3.651*** | − 3.477*** | 3.662*** |
| AR(2) | − 1.636 | − 1.444 | 1.121 | 1.263 | − 1.069 |
| Hansen J test | p = 0.356 | p = 0.192 | p = 0.267 | p = 0.651 | p = 0.100 |
Values in parentheses are t-values. The values in AR(1) and AR(2) are z-values
*Significant at the 10% level; ** significant at the 5% level; *** significant at the 1% levels