Table 10 Financial development threshold value test of SMEs and non-SMEs
Sample | Threshold variable | Threshold number | F-statistics | Prob | Threshold value [Confidence interval] | Critical value (F test) | ||
|---|---|---|---|---|---|---|---|---|
10% | 5% | 1% | ||||||
SMEs | FDb | Single | 294.74*** | 0.000 | 0.8858 [0.8846 0.8924] | 13.044 | 15.307 | 19.724 |
Double | 54.62*** | 0.000 | 1.0478 [1.0386 1.0504] | 12.288 | 14.183 | 18.489 | ||
FDc | Single | 15.78** | 0.023 | 0.1499 [0.1469 0.1552] | 11.718 | 13.647 | 17.501 | |
Double | 559.68*** | 0.000 | 0.2331 [0.2277 0.2418] | 14.014 | 17.051 | 20.503 | ||
Non-SMEs | FDb | Single | 93.26*** | 0.000 | 0.9057 [0.9005 0.9113] | 11.592 | 14.421 | 17.886 |
Double | 26.86*** | 0.000 | 2.0874 [2.0681 2.1018] | 11.197 | 12.895 | 17.199 | ||
FDc | Single | 38.73*** | 0.000 | 1.6585 [1.5436 1.6719] | 10.550 | 12.087 | 16.495 | |
Double | 15.51** | 0.013 | 0.2418 [0.2046 0.2554] | 9.914 | 10.984 | 18.632 | ||