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Financial Innovation

Table 8 Sargan test results

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

Model 1 (\({\mathbf{F}\mathbf{D}}_{(\mathbf{D})}\))

Model 2 (\({\mathbf{F}\mathbf{D}}_{(\mathbf{A})}\))

Model 3 (\({\mathbf{F}\mathbf{D}}_{(\mathbf{s})}\))

Sargan statistic

P value

Sargan statistic

P value

Sargan statistic

P value

0.916

0.3385

0.078

0.7800

3.340

0.0676

  1. \({\mathrm{H}}_{0}\) instruments are valid (fail to reject \({\mathrm{H}}_{0}\)) at the 1% and 5% levels, respectively
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