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

Table 6

Moderating effect of economic policy uncertainty.

Dependent variable	etd	etd	etd	etd
Column	(1) difi	(2) coverage	(3) usage	(4) digitization
Difi	0.082	0.086	0.066	0.046
	(0, 031)	(0, 032)	(0, 030)	(0, 026)
Difi × epu	−0.016	−0.017	−0.014	−0.009
	(0, 010)	(0, 009)	(0, 008)	(0, 011)
Epu	−0.053	−0.051	−0.046	−0.042
	(0, 030)	(0, 028)	(0, 025)	(0, 041)
Gdpr	2.500	2.526	2.098	2.294
	(0, 670)	(0, 683)	(0, 610)	(0, 642)
Finance	49.022	48.182	47.892	58.036
	(40, 402)	(40, 441)	(40, 717)	(40, 475)
lnfdi	0.240	0.206	0.174	0.403
	(0, 749)	(0, 743)	(0, 770)	(0, 750)
Constant	−49.733	−48.340	−41.529	−48.281
	(14, 133)	(13, 508)	(13, 031)	(16, 213)
Region	Controlled	Controlled	Controlled	Controlled
Estimation method	Random effect	Random effect	Random effect	Random effect
N	279	279	279	279

Note. Considering the differences of variable magnitude, we divide the EPU index (representing economic policy uncertainty) by 100 upon introducing the interaction values. The bracketed figure is a standard deviation. , , and represent that the figure is evident at, respectively, 1%, 5%, and 10% levels.