Table 4 Influence of fintech on dimensions of financial development
From: Fintech, regtech, and financial development: evidence from China
Variables | Model 1 Criterion (\({\mathrm{FD}}_{(\mathrm{D})}\)) | Model 2 Criterion (\({\mathrm{FD}}_{(\mathrm{A})}\)) | Model 3 Criterion (\({\mathrm{FD}}_{(\mathrm{S})}\)) | |||
|---|---|---|---|---|---|---|
FE | IV-2SLS | FE | IV-2SLS | FE | IV-2SLS | |
Fintechi,t-1 | 0.184*** (0.000) | 0.450*** (0.000) | 0.306*** (0.000) | 0.757*** (0.000) | 0.241*** (0.000) | 0.437*** (0.000) |
Finregi,t-1 | 0.007 (0.155) | − 0.040*** (0.006) | − 0.009 (0.219) | − 0.091*** (0.001) | 0.003 (0.564) | − 0.031** (0.045) |
Fintechi,t-1 × Finregi,t-1 | − 0.005 (0.854) | 0.223*** (0.002) | 0.064* (0.084) | 0.455*** (0.001) | 0.0004 (0.988) | 0.163** (0.028) |
GDPpci,t-1 | 0.385*** (0.000) | 0.275*** (0.000) | 0.426*** (0.000) | 0.246*** (0.000) | 0.297*** (0.000) | 0.211*** (0.000) |
\(\mathrm{F}\) OPi,t-1 | − 0.014*** (0.008) | − 0.012*** (0.000) | − 0.011 (0.150) | − 0.008 (0.110) | − 0.016*** (0.003) | − 0.014*** (0.000) |
\(\mathrm{I}\) NDi,t-1 | − 0.234*** (0.000) | − 0.140*** (0.000) | − 0.212** (0.038) | − 0.046 (0.429) | − 0.240*** (0.000) | − 0.171*** (0.000) |
City FE | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Year FE | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Observations | 2,210 | 1932 | 2,210 | 1932 | 2,210 | 1932 |
F Statistic | 1181.94*** | 1462.74*** | 693.55*** | 574.25*** | 1371.37*** | 1225.77*** |
R2 | 0.882 | 0.842 | 0.752 | 0.675 | 0.871 | 0.819 |