Digital Economy’s Spatial Implications on Urban Innovation and Its Threshold: Evidence from China

Table 3

Results of spatial econometric analysis for impact of the digital economy on urban economy.

Variable	OLS	SAR	SEM	SDM
				RE	Individual-FE	Year-FE	Individual-year-FE
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
DE	1.691∗∗∗	0.564∗∗∗	1.157∗∗∗	1.102∗∗∗	0.961∗∗∗	1.414∗∗∗	0.961∗∗∗
	(8.37)	(3.46)	(6.52)	(6.21)	(5.47)	(6.75)	(5.19)
lnED	0.118∗∗∗	0.056∗∗	0.115∗∗∗	0.157∗∗∗	0.114∗∗∗	0.130∗∗∗	0.114∗∗∗
	(3.78)	(1.99)	(3.41)	(4.86)	(3.35)	(3.92)	(3.18)
lnPS	0.111	−0.191∗∗	−0.177∗∗	0.096∗∗∗	−0.119	0.050∗∗	−0.119
	(1.26)	(−2.37)	(−2.19)	(3.48)	(−1.51)	(2.23)	(−1.43)
lnFII	0.002	−0.013	−0.016	−0.018∗	−0.008	−0.046∗∗∗	−0.008
	(0.15)	(−1.39)	(−1.64)	(−1.82)	(−0.89)	(−3.43)	(−0.84)
lnIL	−0.002	0.010	0.014	0.018	0.014	0.059∗∗∗	0.014
	(−0.12)	(0.89)	(1.15)	(1.62)	(1.28)	(4.74)	(1.22)
lnWL	0.365∗∗∗	0.137∗∗∗	0.466∗∗∗	0.355∗∗∗	0.408∗∗∗	0.101∗	0.408∗∗∗
	(6.73)	(3.43)	(10.33)	(7.08)	(8.16)	(1.90)	(7.74)
lnRC	0.251∗∗	0.260∗∗∗	0.199∗∗	0.149∗	0.208∗∗	0.320∗∗∗	0.208∗∗
	(2.42)	(2.75)	(2.10)	(1.86)	(2.31)	(5.54)	(2.19)
UL	0.005∗∗∗	0.004∗∗	0.007∗∗∗	0.007∗∗∗	0.006∗∗∗	0.005∗∗∗	0.006∗∗∗
	(3.00)	(2.30)	(4.21)	(5.94)	(3.61)	(6.55)	(3.43)
lnFD	0.150∗∗∗	0.107∗∗∗	0.229∗∗∗	0.316∗∗∗	0.205∗∗∗	0.392∗∗∗	0.205∗∗∗
	(3.68)	(3.07)	(6.15)	(10.11)	(5.73)	(14.73)	(5.44)
lnFOI	0.022∗	0.026∗∗	0.012	0.034∗∗∗	0.015	0.113∗∗∗	0.015
	(1.78)	(2.33)	(1.03)	(2.97)	(1.31)	(12.17)	(1.25)
Wx_DE				−0.338	0.671∗	1.928∗∗∗	0.671∗
				(−0.95)	(1.87)	(3.73)	(1.78)
Wx_lnED				−0.195∗∗∗	−0.194∗∗∗	−0.075	−0.194∗∗∗
				(−2.93)	(−2.85)	(−0.87)	(−2.70)
Wx_lnPS				0.030	1.257∗∗∗	−0.088	1.257∗∗∗
				(0.47)	(5.74)	(−1.60)	(5.45)
Wx_lnFII				0.046∗∗	0.045∗∗	−0.025	0.045∗∗
				(2.27)	(2.19)	(−0.80)	(2.08)
Wx_lnIL				−0.064∗∗	−0.058∗	−0.016	−0.058∗
				(−2.13)	(−1.88)	(−0.46)	(−1.78)
Wx_lnWL				−0.366∗∗∗	−0.303∗∗∗	0.676∗∗∗	−0.303∗∗∗
				(−4.03)	(−3.07)	(5.13)	(−2.91)
Wx_lnRC				−0.019	0.804∗∗∗	0.281∗∗	0.804∗∗∗
				(−0.10)	(2.90)	(2.20)	(2.75)
Wx_UL				−0.002	−0.006∗	−0.001	−0.006
				(−0.86)	(−1.69)	(−0.31)	(−1.60)
Wx_lnFD				−0.221∗∗∗	−0.408∗∗∗	−0.382∗∗∗	−0.408∗∗∗
				(−3.23)	(−4.85)	(−6.00)	(−4.60)
Wx_lnFOI				0.008	0.029	−0.096∗∗∗	0.029
				(0.33)	(1.07)	(−4.32)	(1.01)
Rho/lambda		0.640∗∗∗	0.743∗∗∗	0.748∗∗∗	0.696∗∗∗	0.695∗∗∗	0.696∗∗∗
		(26.87)	(30.77)	(34.34)	(29.14)	(30.07)	(27.64)
Individual-FE	Yes	Yes	Yes	No	Yes	No	Yes
Year-FE	Yes	Yes	Yes	No	No	Yes	Yes
Adj. R-sq	0.7090	0.6858	0.6904	0.6902	0.7102	0.6837	0.7102
N	3370	3033	3033	3370	3370	3370	3033

Note. ∗∗∗, ∗∗, and ∗ represent the significance level at the 1%, 5%, and 10% levels, respectively. The numbers in brackets are the test values t.