[Retracted] How Does Digital Finance Affect People’s Income: Evidence from China

Table 15

Sequential tests of the mediating effects of credit: grouped by urban and rural areas.

	Urban			Rural
Models	Equation (8)	Equation (9)	Equation (10)	Equation (8)	Equation (9)	Equation (10)
DF	0.0085	0.9780	0.0073	0.0146	1.2445	0.0118
	(0.0007)	(0.0871)	(0.0018)	(0.0026)	(0.1964)	(0.0036)
Credit			0.0011			0.0023
			(0.0018)			(0.0017)
Individual characteristics variables	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12084	28000	12084	9394	28261	9394
Adjusted R2	0.5705	0.9355	0.5705	0.6617	0.9271	0.6618

Same as Table 6.