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Financial Innovation

Table 3 Pesaran CD test for weak cross-sectional dependence

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

Model 1 (\({FD}_{(D)}\))

Model 2 (\({FD}_{(A)}\))

Model 3 (\({FD}_{(s)}\))

CD statistic

P value

CD statistic

P value

CD statistic

P value

170.408***

0.0000

191.208***

0.0000

207.533***

0.0000

  1. \({H}_{0}\) errors are weakly cross-sectionally dependent. \(CD\sim N\left(\mathrm{0,1}\right).\)
  2. ***Significance at the 1% level
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