Fiscal Decentralization and Regional Financial Efficiency: An Empirical Analysis of Spatial Durbin Model

Table 3

Estimated results of regional financial efficiency under the Spatial Durbin Model (economic-geographic weighting matrix).

Independent variables	Dependent variable: sd		Dependent variable: rd
	SDM model	DSDM model	SDM model	DSDM model
feit-1		0.211; (12.83)		0.212; (12.83)
Lnsd	0.357; (6.26)	0.334; (5.70)
Lnrd			0.153; (4.70)	0.143; (4.08)
Lnpgdp	0.169; (4.62)	0.120; (3.08)	0.138; (3.60)	0.099; (2.44)
Lnurban	−0.050; (−2.37)	−0.044; (−2.09)	−0.050; (−2.37)	−0.045; (−2.15)
Lnitu	0.433; (2.27)	0.438; (2.15)	0.525; (2.73)	0.531; (2.59)
Lninternet	−0.295; (−29.70)	−0.299; (−27.16)	−0.292; (−29.45)	−0.297; (−26.90)
Lnifa	−0.446; (−22.98)	−0.386; (−18.32)	−0.437; (−23.21)	−0.374; (−18.06)
Lnprivate	0.038; (3.22)	0.037; (2.90)	0.039; (3.25)	0.038; (3.02)
WLnsd	0.179; (0.99)	−0.041; (−0.22)
WLnrd			−0.228; (−2.51)	−0.186; (−1.79)
WLnpgdp	0.016; (0.27)	0.064; (1.01)	0.058; (0.96)	0.097; (1.50)
WLnurban	0.097; (2.36)	0.082; (1.98)	0.107; (2.59)	0.089; (2.13)
WLnitu	1.159; (1.93)	0.516; (0.82)	0.615; (1.00)	0.228; (0.35)
WLninternet	0.177; (6.47)	0.181; (6.22)	0.180; (6.66)	0.180; (6.19)
WLnifa	0.237; (5.39)	0.251; (5.32)	0.275; (7.04)	0.260; (6.00)
WLnprivate	0.065; (1.85)	0.045; (1.15)	0.083; (2.32)	0.060; (1.53)
	0.420; (11.65)	0.462; (12.51)	0.429; (12.05)	0.463; (12.66)
	0.448	0.443	0.441	0.438
log	599.812	595.228	595.228	587.624
Observations	2810	2529	2810	2529

Note: the values in parentheses represent the -statistics values of the corresponding estimated coefficients. , , and , respectively represent significance level of 1%, 5%, and 10%.