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

Table 19

Sequential tests of the mediating effects of credit: grouped by industry.

	Tertiary industry			Primary and secondary industries
Models	Equation (8)	Equation (9)	Equation (10)	Equation (8)	Equation (9)	Equation (10)
DF	0.0048	0.9351	0.0042	0.0128	1.0982	0.0079
	(0.0009)	(0.1040)	(0.0017)	(0.0014)	(0.1508)	(0.0020)
Credit			0.0005			0.0043
			(0.0016)			(0.0014)
Individual characteristic variables	Yes	Yes	Yes	Yes	Yes	Yes
Observations	3151	7349	3151	14373	42664	14373
Adjusted R2	0.1983	0.8509	0.1982	0.6311	0.9239	0.6318

Same as Table 6.