Whether Digital Financial Inclusion Can Improve Capital Misallocation or Not: A Study Based on the Moderating Effect of Economic Policy Uncertainty

Table 3

Impact of digital financial inclusion on capital’s diversion from the fictitious to the substantial economy.

Dependent variable	etd	etd	etd	etd
Column	(1) difi	(2) coverage	(3) usage	(4) digitization
Difi	0.049	0.050	0.039	0.032
	(0,017)	(0,018)	(0,016)	(0,012)
Gdp (%)	2.275	2.311	1.839	1.995
	(0,655)	(0,667)	(0,594)	(0,615)
Finance	51.092	49.783	49.659	61.530
	(40,440)	(40,486)	(40,714)	(40,436)
lnfdi	−0.042	−0.015	-0.197	0.197
	(0,730)	(0,730)	(0,739)	(0,733)
Constant	−34.068	−33.690	−25.767	−35.705
	(10,989)	(10,938)	(9,878)	(11,809)
Region	Controlled	Controlled	Controlled	Controlled
Estimation method	Random effect	Random effect	Random effect	Random effect
N	279	279	279	279

Note. The bracketed figure is a standard deviation; , , and represent that the figure is evident at 1%, 5%, and 10% levels, respectively.