(1)
Random Effect
(2)
Individual Fixed Effect
(3)
Time-Fixed Effect
(4)
Two-Way Fixed Effect
Fintech 2
−
0.00108 **
−
0.00154 *
−
0.00113 **
−
0.00102
(
−
2.22)
(
−
1.87)
(
−
2.03)
(
−
1.13)
observations
828
828
828
828
R2
0.154
0.158
0.174
0.184
Note: ** and * mean significant at the level of 5% and 10%, respectively. Source: own calculations. Software: Stata.
The third test is to remove 10 banks whose registered places are municipalities (Beijing,
Shanghai, Tianjin, and Chongqing), and the results after the regression are shown in Table
8
. It can be seen that the four models all show a significant negative correlation between
Fintech 1 (regional financial technology development level) and Z-Score (bank risk-taking).
The results of the third robustness test also support the basic conclusions of benchmark
regression.
Table 8.
Robustness test: remove the bank whose registered place is the municipality.
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