The Protective Effect of Digital Financial Inclusion on Agricultural Supply Chain during the COVID-19 Pandemic: Evidence from China
Abstract
:1. Introduction
2. Literature Review
2.1. ASC and the COVID-19
2.2. Digital Finance Inclusion in ASC
3. Method and Data
3.1. Theoretical Framework
3.2. Methods
3.2.1. Log-Log Regression Model with Fixed Effects (LL-FE)
3.2.2. Poisson Pseudo-Maximum Likelihood with Fixed Effects (PPML-FE)
3.3. Data
3.3.1. Dependent Variable on Trade
3.3.2. Independent Variable on Digital Financial Inclusion
3.3.3. Other Variable
4. Results
4.1. Baseline Model
4.2. Further Discussion
5. Conclusions
6. Limitations and Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Definition | Obs | Mean | Std. Dev. |
---|---|---|---|---|
Tradei,j | Agricultural products logistics data between region i and region j definited by Section 3.3.1 | 10,300 | 137.94 | 129.98 |
Aggregatei,j | Aggregate index from PKU-IFDI and calculated according to Equation (4) | 10,554 | 256.83 | 17.09 |
Widthi,j | Digital financial inclusion widening sub-index from PKU-IFDI and calculated according to Equation (4) | 10,554 | 248.03 | 20.05 |
Depthi,j | Digital financial inclusion deepening sub-index from PKU-IFDI and calculated according to Equation (4) | 10,554 | 254.92 | 18.06 |
Digitalizationi,j | Financial services digitization sub-index from PKU-IFDI and calculated according to Equation (4) | 10,554 | 289.40 | 10.87 |
Distancei,j | Geographical distance between region i and region j (Unit: km) | 10,300 | 1170.35 | 605.44 |
Easti,j | 1 = Origin or destination in the Eastern Province, 0 = others | 10,682 | 0.60 | 0.49 |
Variable | Trade | Aggregate | Width | Depth | Digitalization | Distance | East |
---|---|---|---|---|---|---|---|
Trade | 1.0000 | ||||||
Aggregate | 0.4297 | 1.0000 | |||||
Width | 0.4903 | 0.9730 | 1.0000 | ||||
Depth | 0.6470 | 0.9302 | 0.8243 | 1.0000 | |||
Digitalization | −0.0550 | 0.8777 | 0.7737 | 0.9013 | 1.0000 | ||
Distance | −0.1916 | 0.0080 | 0.0367 | −0.0392 | −0.0282 | 1.0000 | |
East | 0.0231 | 0.0379 | −0.0290 | 0.1271 | 0.1553 | −0.0420 | 1.0000 |
Dependent Variable: lnTradei,j | Model-1 | Model-2 | Model-3 | Model-4 | Model-5 |
---|---|---|---|---|---|
lnAggregatei,j | 0.8404 ** | ||||
(2.23) | |||||
lnWidthi,j | 0.6967 ** | 0.5398 *** | |||
(2.25) | (3.66) | ||||
lnDepthi,j | 0.7321 ** | 2.513 *** | |||
(2.20) | (3.27) | ||||
lnDigitalizationi,j | 0.1490 | −4.8552 | |||
(0.24) | (−1.13) | ||||
lnDistancei,j | −0.5702 *** | −0.5698 *** | −0.5704 *** | −0.5683 *** | 0.5698 *** |
(−38.28) | (−38.28) | (−38.28) | (−38.14) | (−38.26) | |
Constant | 3.9632 * | 4.7821 *** | 4.5706 ** | 7.7687 ** | 19.0293 *** |
(1.90) | (2.80) | (2.49) | (2.18) | (4.24) | |
Regioni Fixed effect | yes | yes | yes | yes | yes |
Regionj Fixed effect | yes | yes | yes | yes | yes |
Adj R-squared | 0.4988 | 0.4988 | 0.4988 | 0.4986 | 0.4994 |
F-value | 732.74 *** | 732.79 *** | 732.68 *** | 729.93 *** | 370.29 *** |
obs | 10,295 | 10,295 | 10,295 | 10,295 | 10,295 |
Dependent Variable: Tradei,j | Model-6 | Elasticity Calculated by Model-6 1 | Model-7 | Model-8 | Model-9 | Model-10 |
---|---|---|---|---|---|---|
Aggregatei,j | 0.0063 * | 1.6311 | ||||
(1.95) | ||||||
Widthi,j | 0.0049 * | 0.0002 ** | ||||
(1.72) | (2.11) | |||||
Depthi,j | 0.0065 *** | 0.0170 *** | ||||
(2.68) | (2.88) | |||||
Digitalizationi,j | 0.0045 | −0.0183 | ||||
(1.17) | (0.05) | |||||
Distancei,j | −0.0005 *** | −0.6159 | −0.0005 *** | −0.0005 *** | −0.0006 *** | −0.0005 *** |
(−21.61) | (−21.53) | (−21.70) | (−21.23) | (−21.91) | ||
Constant | 3.9773 *** | 4.3923 *** | 3.9442 *** | 4.3087 *** | 6.5240 *** | |
(4.77) | (5.86) | (6.36) | (3.89) | (4.61) | ||
Regioni Fixed effect | yes | yes | yes | yes | yes | |
Regionj Fixed effect | yes | yes | yes | yes | yes | |
Pseudo R-squared | 0.4287 | 0.4286 | 0.4289 | 0.4283 | 0.4295 | |
Wald test | 471.82 *** | 468.81 *** | 480.69 *** | 450.79 *** | 513.82 *** | |
obs | 10,611 | 10,611 | 10,611 | 10,611 | 10,611 |
Dependent Variable: lnTradei,j | Model-11 | Model-12 | Model-13 | Model-14 | Model-15 East = 1 | Model-16 East = 0 |
---|---|---|---|---|---|---|
lnAggregatei,j | 2.1601 *** | |||||
(4.78) | ||||||
lnWidthi,j | 1.1404 *** | |||||
(2.98) | ||||||
lnDepthi,j | 1.9708 ** | |||||
(5.51) | ||||||
lnDigitalizationi,j | 3.2856 *** | 2.3340 *** | −0.6922 | |||
(4.34) | (3.09) | (−0.49) | ||||
east | 10.7849 *** | 3.0403 * | 16.2590 *** | 29.1555 *** | ||
(5.14) | (1.82) | (9.32) | (7.33) | |||
east*lnindexi,j | −1.9345 *** | −0.3026 * | −2.9329 *** | −1.1433 *** | ||
(−5.13) | (−1.80) | (−9.31) | (−7.33) | |||
lnDistancei,j | −0.5755 *** | −0.5752 *** | −0.5623 *** | −0.5752 *** | −0.6140 *** | −0.5871 *** |
(−37.90) | (−37.83) | (−36.99) | (−37.92) | (−24.92) | (−20.72) | |
Constant | −3.3530 | 2.3443 | −2.3407 | −9.9495 ** | 22.2242 *** | 12.5714 |
(−1.34) | (1.11) | (1.18) | (−2.32) | (5.19) | (1.57) | |
Regioni Fixed effect | yes | yes | yes | yes | yes | yes |
Regionj Fixed effect | yes | yes | yes | yes | yes | yes |
Adj R-squared | 0.5001 | 0.4990 | 0.5031 | 0.5012 | 0.5137 | 0.5700 |
F-value | 374.34 *** | 367.71 *** | 391.63 *** | 380.58 *** | 320.90 *** | 249.90 *** |
obs | 10,295 | 10,295 | 10,295 | 10,295 | 6404 | 3891 |
Dependent Variable: Tradei,j | Model-16 | Model-17 | Model-18 | Model-19 | Model-20 East = 1 | Model-21 East = 0 |
---|---|---|---|---|---|---|
Aggregatei,j | 0.0072 * | |||||
(1.72) | ||||||
Widthi,j | 0.0040 | |||||
(0.98) | ||||||
Depthi,j | 0.0083 *** | |||||
(3.04) | ||||||
Digitalizationi,j | 0.0074 * | 0.0078 ** | −0.2993 | |||
(1.75) | (2.04) | (−0.81) | ||||
east | 0.5585 | −0.2107 | 1.3161 ** | 2.1438 * | ||
(0.82) | (−0.36) | (2.43) | (1.90) | |||
east*indexi,j | −0.0025 | 0.0003 | −0.0056 *** | −0.0039 ** | ||
(−0.99) | (0.16) | (−2.66) | (−2.00) | |||
Distancei,j | −0.0005 *** | −0.0005 *** | −0.0005 *** | −0.0005 *** | −0.0008 *** | −0.0006 *** |
(−21.35) | (−21.22) | (−21.14) | (−20.93) | (−24.92) | (−8.88) | |
Constant | −3.828 *** | 4.6743 *** | −3.5828 *** | 3.5297 *** | 8.1093 *** | 4.1406 ** |
(−3.57) | (4.59) | (5.18) | (2.87) | (7.28) | (1.98) | |
Regioni Fixed effect | yes | yes | yes | yes | yes | yes |
Regionj Fixed effect | yes | yes | yes | yes | yes | yes |
Pseudo R-squared | 0.4296 | 0.4294 | 0.4304 | 0.4296 | 0.4789 | 0.4857 |
Wald test | 477.29 *** | 468.08 *** | 510.20 *** | 457.60 *** | 372.39 *** | 80.45 *** |
obs | 10,611 | 10,611 | 10,611 | 10,611 | 6626 | 4349 |
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Fang, D.; Zhang, X. The Protective Effect of Digital Financial Inclusion on Agricultural Supply Chain during the COVID-19 Pandemic: Evidence from China. J. Theor. Appl. Electron. Commer. Res. 2021, 16, 3202-3217. https://doi.org/10.3390/jtaer16070174
Fang D, Zhang X. The Protective Effect of Digital Financial Inclusion on Agricultural Supply Chain during the COVID-19 Pandemic: Evidence from China. Journal of Theoretical and Applied Electronic Commerce Research. 2021; 16(7):3202-3217. https://doi.org/10.3390/jtaer16070174
Chicago/Turabian StyleFang, Da, and **aoke Zhang. 2021. "The Protective Effect of Digital Financial Inclusion on Agricultural Supply Chain during the COVID-19 Pandemic: Evidence from China" Journal of Theoretical and Applied Electronic Commerce Research 16, no. 7: 3202-3217. https://doi.org/10.3390/jtaer16070174