Appendix E. Wald Test
We performed a Wald test of the benchmark regression model. Table
A5
shows the
test results of the core explanatory variable being Fintech 1; Table
A6
shows the test results
of the core explanatory variable being Fintech 2. When the core explanatory variable is
Fintech 1, the
p
-value of the Wald Test in the benchmark model is less than 0.01, which
means it is significant at the 1% level, thus rejecting the null hypothesis.
Table A5.
Wald test (Fintech 1).
Explained Variable
F-Value
p
-Value
Z-Score
15.55
0.0000
SDROA
30.58
0.0018
Source: own calculations. Software: Stata.
When the core explanatory variable is Fintech 2, the
p
-value of the Wald Test in the
benchmark model is less than 0.01, which means it is significant at the 1% level, thus
rejecting the null hypothesis.
Table A6.
Wald test (Fintech 2).
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