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

Table 5

Digital financial inclusion’s spatial effects on capital’s diversion from the fictitious to the substantial economy.

Dependent variable	etd	etd	etd	etd	etd
Weight	Geographical adjacency				Economic distance
Column	(1) difi	(2) coverage	(3) usage	(4) digitization	(5) difi
Difi	0.053	0.059	0.048	0.040	0.052
	(0, 015)	(0, 012)	(0, 013)	(0, 015)	(0, 016)
Gdp (%)	2.287	2.352	1.854	2.048	2.253
	(0, 651)	(0, 662)	(0, 590)	(0, 628)	(0, 649)
Finance	51.323	54.060	45.087	60.336	52.469
	(40, 763)	(40, 930)	(41, 402)	(40, 893)	(41, 175)
lnfdi	0.141	0.137	0.007	0.233	0.113
	(0, 758)	(0, 736)	(0, 802)	(0, 733)	(0, 812)
Constant	−36.824	−37.309	−27.950	−36.770	−35.781
	(11, 403)	(11, 253)	(10, 472)	(12, 122)	(13, 101)
W × etd	0.000	−0.001	0.014	0.014	−0.178
	(0, 174)	(0, 174)	(0, 175)	(0, 174)	(0, 204)
W × difi	0.055	0.063	0.032	0.025	0.030
	(0, 065)	(0, 052)	(0, 053)	(0, 065)	(0, 089)
Estimation method	Random effect	Random effect	Random effect	Random effect	Random effect
N	279	279	279	279	279

Note. Under the economic distance weight, the three subdimensions of digital financial inclusion have the same kind of impact on capital’s diversion from the fictitious to the substantial economy. It shall not be repeated here for lack of space. The bracketed figure is a standard deviation. , , and represent that the figure is evident at, respectively, 1%, 5%, and 10% levels.