Research Article
Fiscal Decentralization and Regional Financial Efficiency: An Empirical Analysis of Spatial Durbin Model
Table 5
Robustness test on Spatial Durbin Models (geographical distance weight matrix).
| Independent variables | Dependent variable: sd | Dependent variable: rd | SDM model | DSDM model | SDM model | DSDM model |
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| — | 0.202 (12.76) | — | 0.200 (12.55) | Lnsd or Lnrd | 0.364 (6.36) | 0.348 (5.92) | 0.173 (5.22) | 0.161 (4.58) | Lnpgdp | 0.268 (7.35) | 0.225 (5.78) | 0.242 (6.37) | 0.209 (5.22) | Lnurban | −0.026 (−1.12) | −0.026 (−1.12) | −0.028 (−1.20) | −0.027 (−1.15) | Lnitu | 0.465 (2.46) | 0.478 (2.38) | 0.527 (2.78) | 0.542 (2.69) | Lninternet | −0.295 (−30.38) | −0.300 (−27.99) | −0.292 (−30.05) | −0.298 (−27.71) | Lnifa | −0.484 (−24.79) | −0.427 (−20.24) | −0.472 (−24.48) | −0.417 (−19.88) | Lnprivate | 0.036 (3.12) | 0.035 (2.84) | 0.035 (3.07) | 0.035 (2.88) | WLnsd or WLnrd | −0.264 (−1.49) | −0.418 (−2.25) | −0.277 (−3.70) | −0.241 (−2.76) | WLnpgdp | −0.269 (−4.27) | −0.286 (−4.28) | −0.237 (−3.69) | −0.267 (−3.94) | WLnurban | 0.053 (1.47) | 0.059 (1.67) | 0.059 (1.63) | 0.062 (1.73) | WLnitu | 0.104 (0.20) | −0.085 (−0.16) | −0.205 (−0.39) | −0.290 (−0.51) | WLninternet | 0.217 (8.38) | 0.239 (8.53) | 0.214 (8.31) | 0.235 (8.41) | WLnifa | 0.434 (10.52) | 0.464 (10.54) | 0.433 (11.65) | 0.450 (11.29) | WLnprivate | 0.062 (1.87) | 0.038 (1.06) | 0.081 (2.41) | 0.050 (1.39) | ρ | 0.547 (18.58) | 0.580 (19.38) | 0.541 (18.39) | 0.570 (18.98) | | 0.444 | 0.428 | 0.443 | 0.430 |
log | 659.741 | 665.804 | 665.804 | 659.509 | Observations | 2810 | 2529 | 2810 | 2529 |
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Note: , , and , respectively, represent the significant level of 1%, 5%, and 10%.
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