Table 15 Robustness check: controlling...

Table 15

Robustness check: controlling for the year of establishment (cohort) of equity agreements

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	0.363***	0.542***	0.599***	0.558***	0.577***
Post*Bank_Equity	(0.131)	(0.156)	(0.189)	(0.184)	(0.185)
Post*Age	−0.100**	−0.103*	−0.144**	−0.150**	−0.154**
Post*Age	(0.048)	(0.060)	(0.069)	(0.067)	(0.066)
Post*Cohort_Equity_Agr	Yes	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.074	0.106	0.116	0.108	0.107
F-stat	1.311	2.737***	3.677***	3.864***	4.118***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.114**	0.221**	0.331**	0.379**	0.473***
Post*Bank_Equity	(0.049)	(0.088)	(0.139)	(0.172)	(0.180)
Post*Age	−0.019	−0.026	−0.048	−0.062	−0.082
Post*Age	(0.013)	(0.021)	(0.032)	(0.040)	(0.053)
Post*Cohort_Equity_Agr	Yes	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.083	0.097	0.072	0.058	0.035
F-stat	1.476	2.463***	2.175**	1.952**	1.250

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	0.363***	0.542***	0.599***	0.558***	0.577***
Post*Bank_Equity	(0.131)	(0.156)	(0.189)	(0.184)	(0.185)
Post*Age	−0.100**	−0.103*	−0.144**	−0.150**	−0.154**
Post*Age	(0.048)	(0.060)	(0.069)	(0.067)	(0.066)
Post*Cohort_Equity_Agr	Yes	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.074	0.106	0.116	0.108	0.107
F-stat	1.311	2.737***	3.677***	3.864***	4.118***
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.114**	0.221**	0.331**	0.379**	0.473***
Post*Bank_Equity	(0.049)	(0.088)	(0.139)	(0.172)	(0.180)
Post*Age	−0.019	−0.026	−0.048	−0.062	−0.082
Post*Age	(0.013)	(0.021)	(0.032)	(0.040)	(0.053)
Post*Cohort_Equity_Agr	Yes	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	257	326	378	416	442
R2	0.083	0.097	0.072	0.058	0.035
F-stat	1.476	2.463***	2.175**	1.952**	1.250

Note(s): Robustness check controlling for the year of establishment of equity agreements through the interaction Post*Cohort_Equity_Agr, where Cohort_Equity_Agr is a factor variable indicating the year of establishment of equity agreements. 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

Source(s): Table was created by the authors

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