Definition of variables in the datasets
| Variable | Description |
|---|---|
| Online visibility measures | |
| Google_PageRank | Ordinal categorical variable assuming a value ranging between 0 and 10 |
| G_Trends | Yearly average of Google Trends |
| G_Trends_Growth | Yearly Google Trends growth indicator. It assumes the value of 1 until the FinTech firstly register a positive yearly average Google Trends score (base year). In subsequent years, it measures the increase or decrease compared to the base year |
| Bank-FinTech relationships | |
| Equity_Agr | Binary variable equal 1 if the FinTech has had at least a shareholder bank |
| Partner_Agr | Binary variable equal 1 if the FinTech has previously established a contractual agreement with at least one bank |
| Bank | Binary variable equal 1 for treated FinTechs (with equity or contractual agreements with at least a bank) |
| FinTechs' features | |
| Blog | Binary variable equal 1 when the FinTech includes a blog/forum on their website |
| Social | Binary variable equal 1 when the FinTech includes external link to social media platforms |
| Customer | Categorical variable with three levels: “Business”, “Consumer” and “All” |
| Product | Categorical variable with five levels: “Payments”, “Financing”, “Investments”, “Insurance” and “Diversified” |
| Age | FinTechs' years of business activity |
| ROA (*) | The ratio of EBIT to total assets multiplied by 100 |
| Revenues (*) | Logarithm of revenues |
| Efficiency (*) | The ratio of EBIT to operating costs |
| Leverage (*) | The ratio of debt to total assets |
| Intangibles (*) | Incidence of intangibles on total assets |
| Size (*) | Logarithm of total assets |
| Variable | Description |
|---|---|
| Google_PageRank | Ordinal categorical variable assuming a value ranging between 0 and 10 |
| G_Trends | Yearly average of Google Trends |
| G_Trends_Growth | Yearly Google Trends growth indicator. It assumes the value of 1 until the FinTech firstly register a positive yearly average Google Trends score (base year). In subsequent years, it measures the increase or decrease compared to the base year |
| Equity_Agr | Binary variable equal 1 if the FinTech has had at least a shareholder bank |
| Partner_Agr | Binary variable equal 1 if the FinTech has previously established a contractual agreement with at least one bank |
| Bank | Binary variable equal 1 for treated FinTechs (with equity or contractual agreements with at least a bank) |
| Blog | Binary variable equal 1 when the FinTech includes a blog/forum on their website |
| Social | Binary variable equal 1 when the FinTech includes external link to social media platforms |
| Customer | Categorical variable with three levels: “Business”, “Consumer” and “All” |
| Product | Categorical variable with five levels: “Payments”, “Financing”, “Investments”, “Insurance” and “Diversified” |
| Age | FinTechs' years of business activity |
| ROA (*) | The ratio of EBIT to total assets multiplied by 100 |
| Revenues (*) | Logarithm of revenues |
| Efficiency (*) | The ratio of EBIT to operating costs |
| Leverage (*) | The ratio of debt to total assets |
| Intangibles (*) | Incidence of intangibles on total assets |
| Size (*) | Logarithm of total assets |
Note(s): (*) Variables ONLY employed for propensity score matching (PSM)
Source(s): Table was created by the authors
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