Table 2 Analysis of the effect of ICT and finance on economic diversification.

C

0.213***

(0.000)

1.053***

(0.000)

0.0219**

(0.021)

0.0203***

(0.004)

FIXEDBB

0.000117

(0.938)

0.00103

(0.361)

0.000201

(0.255)

0.000160

(0.361)

FIXEDTSP

0.00272***

(0.000)

0.00197

(0.271)

0.000388***

(0.003)

0.000311**

(0.045)

ICTGIMPOT

0.00268**

(0.017)

− 0.000540

(0.548)

0.000495**

(0.024)

0.000488***

(0.009)

INTUSE

0.000648**

(0.014)

0.000189

(0.367)

− 0.0000447

(0.158)

− 0.0000674*

(0.060)

MOBUSE

− 0.000325***

(0.000)

0.000175**

(0.0249)

− 0.00000798

(0.398)

0.00000288

(0.779)

SINTERNET

0.0000016

(0.342)

− 0.000000427

(0.698)

0.000000169

(0.126)

0.000000133

(0.380)

FINDEV

0.000247**

(0.049)

0.000737***

(0.001)

− 0.00000218

(0.945)

–

FININC

0.0000589

(0.920)

− 0.00676***

(0.000)

–

0.0000188

(0.793)

RLAW

− 0.039751***

(0.000)

− 0.0263***

(0.000)

− 0.00162

(0.129)

− 0.00108

(0.333)

LogGEXP

0.018894***

(0.000)

0.0152***

(0.000)

0.00339***

(0.001)

0.00326***

(0.001)

TROPEN

0.000543***

(0.000)

− 0.0000459

(0.624)

0.0000314

(0.101)

0.0000172

(0.421)

PSE

0.000320***

(0.000)

0.0000952

(0.456)

0.0000556***

(0.009)

0.0000399**

(0.045)

LogL

− 0.0228***

(0.000)

− 0.0533***

(0.0004)

− 0.00306***

(0.000)

− 0.00309***

(0.000)

LogK

0.0000579

(0.987)

− 0.010016**

(0.0141)

− 0.000589

(0.484)

− 0.000511

(0.492)

INF

− 0.000269

(0.185)

− 0.000173

(0.266)

− 0.0000818**

(0.039)

− 0.0000876**

(0.031)

HHI(− 1)

–

–

0.877***

(0.000)

0.892***

(0.000)

R-squared

0.4644

0.8030

AR(1) = − 3.32 (0.001)

AR(1) = − 3.38 (0.001)

Adj. R-squared

0.4533

0.7888

AR(2) = 1.04(0.298)

AR(2) = 1.05(0.295)

F-statistic

41.848***

(0.000)

55.124***

(0.000)

WT = 133,368.84*** (0.000)

WT = 465,030.24***

(0.000)

Durbin–Wat. stat

0.212

0.559

Instr. rank = 51

Instr. rank = 51

Hausman test

–

46.39(0.000)***

HT = 12.05 (0.797)

HT = 11.52 (0.828)