| Appendix C. Robustness Test
In the Table
A3
, we list the heterogeneity test methods used in this article.
Table A3.
Robustness test.
The Type of Robustness Test
Practice in the Text
The Reason
Variable substitution method
Replace the explained variable
with SDROA
There are many ways to measure a variable, in order to
enhance the reliability of the conclusion. We replace the
dependent variable and independent variable respectively
to verify the robustness of the results of this paper.
Replace the core explanatory
variable with Fintech 2
Change sample size
Remove the bank whose
registered place is the
municipality
Because the existence of extreme values in the sample will
affect our results. Therefore, in the robustness test, we need
to eliminate individual outliers, or select the most suitable
sample for our research purposes in the sample to test
whether our conclusions are still robust.
Risks
2021
,
9
, 99
25 of 27
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