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

Table 7

Robustness test of capital’s diversion from the fictitious to the substantial economy index.

Dependent variable	etd2	etd2	etd2	etd2
Column	(1) difi	(2) coverage	(3) usage	(4) digitization
Difi	0.020	0.021	0.016	0.012
	(0, 002)	(0, 002)	(0, 002)	(0, 002)
Difi × epu	−0.001	−0.001	−0.001	−0.001
	(0, 001)	(0, 001)	(0, 001)	(0, 001)
Epu	−0.004	−0.004	−0.003	−0.008
	(0, 002)	(0, 002)	(0, 002)	(0, 003)
Gdpr	0.138	0.146	−0.017	0.069
	(0, 055)	(0, 056)	(0, 051)	(0, 053)
Finance	2.321	2.333	0.002	5.061
	(3, 705)	(3, 659)	(3, 899)	(3, 641)
lnfdi	−0.109	−0.111	−0.134	−0.005
	(0, 072)	(0, 070)	(0, 077)	(0, 069)
Constant	−3.537	−3.213	−0.563	−4.816
	(1, 182)	(1, 137)	(1, 148)	(1, 308)
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, respectively, 1%, 5%, and 10% levels.