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Table 1.

Impact on entrepreneurial activity by pre-MP activity

	Dependent variables
Pre-MP activity	Agriculture^d (1)	Informal^d (2)	Formal^d (3)	Income (4)
Agriculture^d	−0.1275^***	0.0852^***	0.0008	2998.1578^***
	(−6.5412)	(4.4491)	(0.1277)	(2.8294)
Informal^d	0.0016	0.0648^***	0.0091	4175.3053^**
	(0.0882)	(2.9864)	(1.5550)	(2.3724)
Formal^d	0.0533	−0.2035^*	0.0515	10100.00
	(1.0125)	(−1.7579)	(0.4777)	(0.6050)

	Dependent variables
Pre-MP activity	Agriculture^d (1)	Informal^d (2)	Formal^d (3)	Income (4)
Agriculture^d	−0.1275^***	0.0852^***	0.0008	2998.1578^***
	(−6.5412)	(4.4491)	(0.1277)	(2.8294)
Informal^d	0.0016	0.0648^***	0.0091	4175.3053^**
	(0.0882)	(2.9864)	(1.5550)	(2.3724)
Formal^d	0.0533	−0.2035^*	0.0515	10100.00
	(1.0125)	(−1.7579)	(0.4777)	(0.6050)

Note:Reported are coefficients on the interaction term MP^d × Post-2013^d. t-statistics are in parentheses. Each row is a regression in sub-samples that split by households’ pre-MP period activities. Regressions include time and household fixed effects, municipality × year dummies, as well as household control variables. As the space is limited here, coefficients on control variables are available upon request from the authors. The superscript “d” indicates a dummy variable. MP = mobile payment.

^***Statistically significant at the 1 percent level; ^**statistically significant at the 5 percent level; ^*statistically significant at the 10 percent level.

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