Table 14 Effect of contractual...

Table 14

Effect of contractual agreements: test of SUTVA assumption (spillover effects)

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	0.132	0.172	0.592	0.251	0.274
Post*Bank_Partner	(0.156)	(0.135)	(0.152)	(0.155)	(0.171)
Post*Age	−0.033	−0.051	−0.061	−0.061	−0.064
Post*Age	(0.053)	(0.037)	(0.041)	(0.042)	(0.042)
Spillover_Partner_Agr	0.048	0.024	0.022	0.066	0.085
Spillover_Partner_Agr	(0.054)	(0.048)	(0.048)	(0.051)	(0.053)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.013	0.025	0.036	0.029	0.029
F-stat	1.078	2.776**	4.778***	4.271***	4.316***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	0.008	0.018	0.064	0.039	0.043
Post*Bank_Partner	(0.047)	(0.042)	(0.06)	(0.091)	(0.125)
Post*Age	−0.010	−0.018	−0.023	−0.022	−0.024
Post*Age	(0.008)	(0.012)	(0.015)	(0.015)	(0.015)
Spillover_Partner_Agr	0.022	0.004	−0.003	0.053	0.017
Spillover_Partner_Agr	(0.029)	(0.018)	(0.018)	(0.035)	(0.024)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.009	0.017	0.024	0.008	0.004
F-stat	0.832	1.876	3.095**	1.095	0.582

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	0.132	0.172	0.592	0.251	0.274
Post*Bank_Partner	(0.156)	(0.135)	(0.152)	(0.155)	(0.171)
Post*Age	−0.033	−0.051	−0.061	−0.061	−0.064
Post*Age	(0.053)	(0.037)	(0.041)	(0.042)	(0.042)
Spillover_Partner_Agr	0.048	0.024	0.022	0.066	0.085
Spillover_Partner_Agr	(0.054)	(0.048)	(0.048)	(0.051)	(0.053)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.013	0.025	0.036	0.029	0.029
F-stat	1.078	2.776**	4.778***	4.271***	4.316***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	0.008	0.018	0.064	0.039	0.043
Post*Bank_Partner	(0.047)	(0.042)	(0.06)	(0.091)	(0.125)
Post*Age	−0.010	−0.018	−0.023	−0.022	−0.024
Post*Age	(0.008)	(0.012)	(0.015)	(0.015)	(0.015)
Spillover_Partner_Agr	0.022	0.004	−0.003	0.053	0.017
Spillover_Partner_Agr	(0.029)	(0.018)	(0.018)	(0.035)	(0.024)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	367	447	502	534	558
R2	0.009	0.017	0.024	0.008	0.004
F-stat	0.832	1.876	3.095**	1.095	0.582

Note(s): Test of spillover effects of contractual agreement (SUTVA assumption) through the additional control variable Spillover_Partner_Agr, a binary variable which, for a specific FinTech observed in a specific year, is equal to 1 when other FinTechs operating in the same market segment are involved in a contractual agreement in the same year. The coefficient of the interaction Post*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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