Scientific Programming

Research Article

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

Table 7

Robustness test based on the spatial econometric model.


Robustness test	Financial industry	Per capital financial output	Per capital account opening	Securities trading/per capital disposable income	Stock trading volume/per capital disposable income

Intercept	0.0217	‒5.1793	7.5696	‒36.9791	24.9292
Intercept	0.0402	2.0890	1.8449	4.2087	14.1119
Internet penetration in neighboring provinces	0.0363	1.3026	‒2.4712	‒3.8923	‒2.8614
Internet penetration in neighboring provinces	0.0041	0.2118	0.6679	1.5236	0.9044
Education level (average)	‒0.0075	‒0.6679	0.7729	1.3074	2.1835
Education level (average)	0.0051	0.2640	0.2135	0.4872	0.7544
Per capital GDP	‒0.0242	‒0.8442	‒0.2473	‒0.7723	2.7930
Per capital GDP	0.0050	0.2588	0.1635	0.3729	0.7510
Per capital disposable income	0.0200	2.0762	‒1.8382	—	—
Per capital disposable income	0.0092	0.4774	0.4105
Per capital property holding level	—	—	—	4.0885	‒6.0615
Per capital property holding level				0.9365	1.5541
Household consumption level	0.0037	‒1.0500	2.3904	0.1964	2.2876
Household consumption level	0.0077	0.4013	0.3063	0.6987	1.2026

R²	0.9709	0.9830	0.8503	0.5155	0.9315
Observations	270	270	232	232	270

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