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

Table 8

Robustness test based on system GMM estimation.

Dependent variable	etd	etd	etd	etd
Column	(1) difi	(2) coverage	(3) usage	(4) digitization
Difi	0.031	0.063	0.051	0.025
	(0, 014)	(0, 019)	(0, 009)	(0, 008)
Difi × epu	−0.004	−0.011	−0.005	−0.001
	(0, 002)	(0, 002)	(0, 002)	(0, 003)
Epu	−0.013	−0.028	−0.015	−0.010
	(0, 007)	(0, 007)	(0, 007)	(0, 011)
Gdp (%)	0.745	0.770	1.638	1.135
	(0, 601)	(0, 802)	(0, 231)	(0, 242)
Finance	44.558	301.637	128.663	225.993
	(24, 970)	(26, 093)	(22, 000)	(41, 941)
lnfdi	0.350	−5.332	−2.288	−3.419
	(0, 630)	(0, 807)	(0, 563)	(0, 751)
Constant	−21.826	−3.517	−15.391	−12.645
	(9, 532)	(14, 021)	(6, 554)	(6, 398)
AR(1) prob	0.007	0.008	0.006	0.007
AR(2) prob	0.219	0.207	0.223	0.210
Sargan test	1.000	1.000	1.000	1.000
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.