Table 7.

Systematic GMM estimates of the impact of digital finance on energy efficiency in different regions

Variables	East	Middle	West
L.EFF	0.698***	0.241*	0.684**
	9.599	2.249	9.203
DFI	0.883*	1.259**	1.146*
	1.915	2.955	2.026
DFI2	− 1.887**	− 2.224*	− 2.375*
	(− 2.100)	(− 2.417)	(− 2.162)
tec	− 0.217**	− 0.824**	− 0.239**
	(− 2.367)	(− 3.187)	(− 2.577)
stuct	63.862	201.567*	49.837
	0.894	1.854	0.685
eco	172.583	69.913	242.629
	0.463	0.156	0.638
energy	− 36.901	− 25.517*	− 47.954
	(− 1.033)	(− 2.263)	(− 1.317)
Constant term	0.049*	0.085	0.069
	0.243	0.388	0.334
AR(1)	1.192	1.131	1.075
AR(2)	1.573	− 0.360	1.517
Hansen J test	p = 0.530	p = 0.921	p = 0.683

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% level