Table 8 Diff-in-diff baseline results:...

Table 8

Diff-in-diff baseline results: effect of equity agreements with banks on FinTechs' website traffic (Model 2a) for different time intervals

Time intervals	−4 to 0	−4 to 1	−4 to 2	−4 to 3	−4 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Equity	0.346***	0.533***	0.589***	0.564***	0.586***
Post*Bank_Equity	(0.132)	(0.153)	(0.176)	(0.171)	(0.171)
Post*Age	−0.083**	−0.089*	−0.131**	−0.144**	−0.149**
Post*Age	(0.042)	(0.054)	(0.060)	(0.059)	(0.058)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.055	0.092	0.102	0.092	0.091
F-stat	4.989***	11.99***	16.336***	16.478***	17.471***
Treated pre-treatment average (*): 13.270
Control pre-treatment average (*): 8.838
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.109**	0.219**	0.321**	0.368**	0.451**
Post*Bank_Equity	(0.047)	(0.087)	(0.134)	(0.166)	(0.221)
Post*Age	−0.017*	−0.023	−0.045	−0.059*	−0.073
Post*Age	(0.010)	(0.019)	(0.028)	(0.036)	(0.045)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.054	0.059	0.043	0.033	0.021
F-stat	4.916***	7.529***	6.564***	5.577***	3.681**
Treated pre-treatment average (*): 5.228
Control pre-treatment average (*): 0.759

Time intervals	−4 to 0	−4 to 1	−4 to 2	−4 to 3	−4 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Equity	0.346***	0.533***	0.589***	0.564***	0.586***
Post*Bank_Equity	(0.132)	(0.153)	(0.176)	(0.171)	(0.171)
Post*Age	−0.083**	−0.089*	−0.131**	−0.144**	−0.149**
Post*Age	(0.042)	(0.054)	(0.060)	(0.059)	(0.058)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.055	0.092	0.102	0.092	0.091
F-stat	4.989***	11.99***	16.336***	16.478***	17.471***
Treated pre-treatment average (*): 13.270
Control pre-treatment average (*): 8.838
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.109**	0.219**	0.321**	0.368**	0.451**
Post*Bank_Equity	(0.047)	(0.087)	(0.134)	(0.166)	(0.221)
Post*Age	−0.017*	−0.023	−0.045	−0.059*	−0.073
Post*Age	(0.010)	(0.019)	(0.028)	(0.036)	(0.045)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.054	0.059	0.043	0.033	0.021
F-stat	4.916***	7.529***	6.564***	5.577***	3.681**
Treated pre-treatment average (*): 5.228
Control pre-treatment average (*): 0.759

Note(s): The coefficient of the interaction Post*Bank_Equity (β₃) measures the effect of equity agreements with banks on the website traffic of treated FinTech firms compared to control units and can only be estimated when considering also post-treatment periods. All the specifications include firm fixed effects, time fixed effects and the interaction Post*Age. The columns show the results of separate panel regressions for each time interval, with the dummy Post equal to 1 in the years when we want to evaluate the effect of strategic alliances with banks and 0 in pre-treatment period (−4 to −1). Standard errors are clustered at firm level. Significance levels: *, **, *** for 10%, 5% and 1%, respectively

(*) Pre-treatment average of the dependent variable for treated and control FinTech firms

Source(s): Table was created by the authors

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