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%.