(1)
Random Effect
(2)
Individual Fixed Effect
(3)
Time-Fixed Effect
(4)
Two-Way Fixed Effect
Fintech 1
−
0.000451 **
−
0.000779 **
−
0.00186 ***
−
0.00146 **
(
−
2.04)
(
−
1.97)
(
−
3.28)
(
−
2.07)
observations
847
847
847
847
R2
0.272
0.283
0.289
0.303
Note: *** and ** mean significant at the level of 1% and 5%, respectively. Source: own calculations. Software: Stata.
The second test is to select Fintech 2 (the regional Fintech index) to replace Fintech 1
as the proxy variable of regional Fintech development degree. Regression on the above-
mentioned replacement indicators is shown in Table
7
. Similarly, all four models show a
negative correlation between Fintech 1 (regional financial technology development level)
and Z-Score (bank’s risk-taking). Models (1), (2), and (3) show significant correlations. We
believe that the results of the second robustness test also support the basic conclusions of
benchmark regression.
Table 7.
Robustness test: replace the core explanatory variable with Fintech 2.
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