Scientific Programming

Research Article

Internet Penetration and Regional Financial Development in China: Empirical Evidence Based on Chinese Provincial Panel Data

Table 4

Internet development level and regional financial development level. Panel A: financial industry/GDP ratio and Internet development level. Panel B: per capital financial output and Internet development level.


	Mixed OLS model			Regional fixed effect model
	1	2	3	4	5	6

Financial industry/GDP (panel A)
Intercept	0.0583	0.0821	0.0066	‒0.1116	‒0.1181	‒0.1204
Intercept	0.0421	0.0334	0.0395	0.0456	0.0348	0.0370
Internet penetration rate	0.0708	0.0346	0.0811	0.0305	0.0332	0.0304
Internet penetration rate	0.0092	0.0091	0.0084	0.0073	0.0074	0.0070
Education level (average)	0.0119	—	—	‒0.0030	—	—
Education level (average)	0.0069			0.0064
Education level (above college)	—	0.0241	—	—	‒0.0036	—
Education level (above college)		0.0031			0.0023
Education level (high school or above)	—	—	‒0.0053	—	—	‒0.0055
Education level (high school or above)			0.0051			0.0043
Per capital GDP	‒0.0385	‒0.0442	‒0.0329	‒0.0291	‒0.0274	‒0.0284
Per capital GDP	0.0061	0.0052	0.0059	0.0061	0.0061	0.0060
Resident per capital disposable income	‒0.0257	‒0.0002	‒0.0394	0.0268	0.0255	0.0255
Resident per capital disposable income	0.0098	0.0087	0.0098	0.0106	0.0105	0.0106
Household consumption level	0.0710	0.0561	0.0768	0.0197	0.0194	0.0202
Household consumption level	0.0096	0.0087	0.0098	0.0091	0.0090	0.0091

R²	0.8932	0.8875	0.8645	0.9201	0.9322	0.9343
Observations	270	270	270	270	270	270
Per capital financial output (panel B)

Intercept	7.4225	6.9715	5.1117	‒9.8075	‒7.4869	‒9.3250
Intercept	1.7959	1.4045	1.7200	2.1683	1.6563	1.7146
Internet penetration rate	1.8474	0.3975	2.4158	1.7442	1.8052	1.6059
Internet penetration rate	0.3946	0.3837	0.3662	0.3495	0.3508	0.3255
Education level (average)	1.1347	—	—	‒0.8797	—	—
Education level (average)	0.2962			0.3063
Education level (above college)	—	1.1976	—	—	‒0.3539	—
Education level (above college)		0.1294			0.1112
Education level (high school or above)	—	—	0.3850	—	—	‒0.9029
Education level (high school or above)			0.2204			0.1979
Per capital GDP	‒0.8719	‒0.9853	‒0.6505	‒0.8573	‒0.8126	‒0.8295
Per capital GDP	0.2583	0.2178	0.2588	0.2896	0.2902	0.2786
Resident per capital disposable income	‒1.4952	‒0.6199	−1.9383	2.2381	2.2571	2.1082
Resident per capital disposable income	0.4190	0.3659	0.4270	0.5056	0.5014	0.4911
Household consumption level	2.2649	1.6721	2.3892	‒0.7806	‒0.8772	‒0.7420
Household consumption level	0.4101	0.3664	0.4256	0.4345	0.4309	0.4215

R²	0.9653	0.9443	0.9343	0.5604	0.6032	0.5843
Observations	270	270	270	270	270	270

Note. (1) ^∗, ^∗∗, and ^∗∗∗ indicate significance at the levels of 10%, 5%, and 1%, respectively; (2) the standard error is presented below the coefficient.