Research on the Stock Correlation Network Entropy and Its Influencing Factors in the Chinese Interbank Market

Table 6

Robustness test by adjusting the network entropy parameters.

Variables	HR	HR	HT	HT
	FE	FE	FE	FE
	(1)	(2)	(3)	(4)
C	0.011	0.053	0.135	0.209
	(21.59)	(21.16)	(21.61)	(21.23)
D	0.011	0.068	0.137	0.268
	(34.07)	(40.71)	(34.12)	(40.93)
Roa	0.009	0.058	0.113	0.229
	(2.09)	(2.75)	(2.09)	(2.73)
RV	−0.003	−0.017	−0.031	−0.065
	(−4.74)	(−5.88)	(−4.72)	(−5.82)
Size	0.000	0.001	0.001	0.003
	(1.00)	(1.38)	(1.00)	(1.36)
Age	−0.000	−0.000	−0.000	−0.001
	(−0.10)	(−0.38)	(−0.09)	(−0.36)
Constant	2.725	2.501	11.790	4.926
	(12.80)	(24.94)	(4.58)	(12.42)
Observations	1,920	1,920	1,920	1,920
R-squared	0.226	0.192	0.229	0.202
Hausman test
Chi-square	17.23	25.80	17.12	25.35

Note. , , and indicate 10%, 5%, and 1% significant, respectively; T-statistics are reported in the parentheses.