Table 12 Effect of contractual...

Table 12

Effect of contractual agreements: test of parallel trend assumption (PTA)

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_Partner	0.336	0.401	0.486	0.467	0.482
Post*Bank_Partner	(0.281)	(0.262)	(0.371)	(0.381)	(0.374)
Pre*Bank_Partner	0.340	0.327	0.304	0.302	0.293
Pre*Bank_Partner	(0.223)	(0.223)	(0.226)	(0.227)	(0.229)
Post*Age	−0.037	−0.054	−0.065	−0.065	−0.068
Post*Age	(0.037)	(0.038)	(0.042)	(0.042)	(0.042)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.023	0.032	0.039	0.030	0.027
F-stat	1.970	3.639**	5.238***	4.377***	4.107***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	0.084	0.100	0.133	0.101	0.102
Post*Bank_Partner	(0.086)	(0.086)	(0.092)	(0.106)	(0.122)
Pre*Bank_Partner	0.106	0.101	0.084	0.082	0.076
Pre*Bank_Partner	(0.088)	(0.088)	(0.090)	(0.094)	(0.100)
Post*Age	−0.012	−0.019	−0.024	−0.024	−0.025*
Post*Age	(0.011)	(0.013)	(0.015)	(0.015)	(0.015)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.019	0.023	0.026	0.006	0.004
F-stat	1.618	2.668**	3.510**	0.813	0.613

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_Partner	0.336	0.401	0.486	0.467	0.482
Post*Bank_Partner	(0.281)	(0.262)	(0.371)	(0.381)	(0.374)
Pre*Bank_Partner	0.340	0.327	0.304	0.302	0.293
Pre*Bank_Partner	(0.223)	(0.223)	(0.226)	(0.227)	(0.229)
Post*Age	−0.037	−0.054	−0.065	−0.065	−0.068
Post*Age	(0.037)	(0.038)	(0.042)	(0.042)	(0.042)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.023	0.032	0.039	0.030	0.027
F-stat	1.970	3.639**	5.238***	4.377***	4.107***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	0.084	0.100	0.133	0.101	0.102
Post*Bank_Partner	(0.086)	(0.086)	(0.092)	(0.106)	(0.122)
Pre*Bank_Partner	0.106	0.101	0.084	0.082	0.076
Pre*Bank_Partner	(0.088)	(0.088)	(0.090)	(0.094)	(0.100)
Post*Age	−0.012	−0.019	−0.024	−0.024	−0.025*
Post*Age	(0.011)	(0.013)	(0.015)	(0.015)	(0.015)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.019	0.023	0.026	0.006	0.004
F-stat	1.618	2.668**	3.510**	0.813	0.613

Note(s): Test of PTA through the additional interaction term Pre*Bank_Partner. The coefficient of the interaction Pre*Bank_Partner (β₃) measures the effect of contractual 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

Source(s): Table was created by the authors

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