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

Table 4

Decomposition of direct effect, indirect effect, and total effect under SDM model.

Independent variables	Dependent variable: sd			Dependent variable: sd
	Direct effect	Indirect effect	Total effect	Direct effect	Indirect effect	Total effect
Lnsd	0.368; (7.50)	0.560; (1.95)	0.928; (3.10)
Lnrd				0.146; (5.29)	−0.283; (−1.95)	−0.137; (−1.92)
Lnpgdp	0.175; (4.35)	0.132; (1.53)	0.307; (3.59)	0.145; (3.46)	0.187; (2.18)	0.332; (3.92)
Lnurban	−0.046; (−2.07)	0.127; (2.00)	0.081; (1.30)	−0.045; (−2.04)	0.146; (2.26)	0.101; (1.58)
Lnitu	0.486; (2.75)	2.321; (2.37)	2.807; (2.92)	0.559; (3.15)	1.488; (1.51)	2.047; (2.11)
Lninternet	−0.291; (−30.55)	0.086; (1.90)	−0.205; (−4.32)	−0.288; (−30.29)	0.091; (2.00)	−0.197; (−4.10)
Lnifa	−0.441; (−22.60)	0.087; (1.49)	−0.353; (−5.94)	−0.430; (−22.54)	0.154; (2.83)	−0.276; (−4.94)
Lnprivate	0.041; (3.19)	0.134; (2.35)	0.175; (2.85)	0.042; (3.27)	0.166; (2.83)	0.208; (3.30)

Note: , , and , respectively, represent the significant level of 1%, 5%, and 10%.