Table 6.
Heterogeneity effects for sub-indexes of digital finance.
| (1) | (2) | (3) | |
|---|---|---|---|
| CBI*Post13 | −0.0329** | ||
| (0.0131) | |||
| UDI*Post13 | −0.0545*** | ||
| (0.0161) | |||
| DLI*Post13 | −0.0074 | ||
| (0.0052) | |||
| Baseline controls | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Province-by-year FE | Yes | Yes | Yes |
| Adjusted R2 | 0.9767 | 0.9771 | 0.9765 |
| N | 1921 | 1921 | 1921 |
**, ***
represent the significant levels of 5%, and 1%, respectively. Parentheses indicate standard errors clustered at the city level. The baseline control variables are consistent with column (4) in Table 2.