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Financial Innovation

Table 13 Provincial analysis post estimation test results

From: Fintech, regtech, and financial development: evidence from China

Model A

Model B

Chi-sq (1)

P value

Chi-sq (1)

P value

Endogeneity test results1

12.967***

0.0003

8.921***

0.0028

Model A

Model B

Sargan statistic

P value

Sargan statistic

P value

Sargan test for valid instruments2

0.383

0.5357

1.680

0.1950

Model A

Model B

LM statistic

P value

LM statistic

P value

Underidentification test results3

72.085***

0.0000

12.763***

0.0017

  1. 1\({\mathrm{H}}_{0}\) specified endogenous regressors can be treated as exogenous and *** indicates significance at the 1% level
  2. 2\({\mathrm{H}}_{0}\) Instruments are valid, fail to reject \({\mathrm{H}}_{0}\) at the 1% and 5% level, respectively.
  3. 3\({\mathrm{H}}_{0}\) the model is underidentified, and *** indicates significance at the 1% level
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