Table 13 Financial development threshold value robustness test
| Â | Threshold variable | Threshold number | F-statistics | Prob | Threshold value [Confidence interval] | Critical value (F test) | ||
|---|---|---|---|---|---|---|---|---|
10% | 5% | 1% | ||||||
Robustness test 1 | FDb | Single | 477.44*** | 0.000 | 0.9238 [0.9119 0.9313] | 9.030 | 10.508 | 15.672 |
Double | 232.32*** | 0.000 | 1.9479 [2.9294 2.9492] | 8.675 | 10.779 | 13.700 | ||
FDc | Single | 478.70*** | 0.000 | 0.2402 [0.2297 0.2419] | 11.965 | 14.341 | 22.998 | |
Double | 45.50*** | 0.000 | 0.7003 [0.6845 0.7173] | 10.204 | 11.852 | 14.086 | ||
Robustness test 2 | FDt | Single | 380.13*** | 0.000 | 0.0447 [0.0444 0.0449] | 11.597 | 13.286 | 16.080 |
Double | 114.43*** | 0.000 | 0.2127 [0.2116 0.2162] | 11.102 | 12.845 | 18.987 | ||