Research on the Role and Mechanism of Digital Finance in Improving the Performance of Industrial Green Innovation

Table 2

Estimation results of the impact of digital finance on industrial green innovation performance and its decomposition indicators.

	(1) GMM	(2) GMM	(3) GMM
Explained variable	Gip	ec	tc
L.Gip	0.1789 (0.0075)
L.ec		-0.2679 (0.0043)
L.tc			-0.2367 (0.0050)
Dif	0.3033 (0.0388)	0.1014 (0.0280)	0.0947 (0.0114)
Inf	-7.1873 (0.7181)	-0.5472 (0.3724)	-4.3279 (0.3237)
Env	-1.0746 (0.1020)	-2.1739 (0.1773)	0.0164 (0.0310)
Ind	-0.0666 (0.0055)	-0.0750 (0.0062)	-0.0004 (0.0011)
Scale	0.6123 (0.0475)	0.7003 (0.0460)	-0.0028 (0.0276)
FDI	1.0636 (0.0805)	0.3052 (0.0571)	0.4669 (0.0521)
Soe	-0.3501 (0.2474)	-1.2271 (0.2056)	0.0701 (0.1420)
Constant	-8.7041 (0.9133)	-8.3765 (0.8435)	1.0082 (0.5224)
Sargan	0.6745	0.8082	0.6582
AR(2)	0.5856	0.7394	0.3293

Note: the coefficient values in brackets are standard errors; , , and are significant at the level of 1%, 5%, and 10%, respectively; the same below.