Table 3.

Estimation results of the instrumental variable method.

Variables	2sls		ERM
	First stage	Second stage	First stage	Second stage
	(1)	(2)	(3)	(4)
Digital Literacy		0.302*** (0.068)		0.088*** (0.019)
Tool variables	0.457*** (0.021)		0.777*** (0.018)
Control variables	Control	Control	Control	Control
F-test	231.37***		231.37***
DWH test		14.348***
Correlation coefficient of the residual term				−0.135*** (0.031)
Observations	3,013	3,013	3,013	3,013

Robust standard errors are shown in parentheses. ^***, ^**, and ^* denote the significance of regression coefficients at the 1, 5, and 10% levels, respectively. The Durbin–Wu–Hausman test (DWH test) is usually used to test whether the independent variables are endogenous.