Table 18 Diff-in-diff robustness check:...

Table 18

Diff-in-diff robustness check: effect of contractual agreements with banks on FinTechs' website traffic (Model 2b) for the time window (−1, 4)

Time intervals	−1 to 0	−1 to 1	−1 to 2	−1 to 3	−1 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Partner	0.004	0.059	0.143	0.135	0.164
Post*Bank_Partner	(0.113)	(0.101)	(0.109)	(0.114)	(0.120)
Post*Age	−0.036	−0.044**	−0.050**	−0.048**	−0.050**
Post*Age	(0.024)	(0.022)	(0.022)	(0.022)	(0.022)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	207	287	342	374	398
R2	0.035	0.031	0.029	0.018	0.015
F-stat	1.748	2.809*	3.401**	2.331*	2.104
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	−0.038	−0.031	0.004	−0.018	−0.005
Post*Bank_Partner	(0.028)	(0.035)	(0.046)	(0.068)	(0.089)
Post * Age	−0.013***	−0.017***	−0.018***	−0.014*	−0.012
Post * Age	(0.005)	(0.006)	(0.006)	(0.008)	(0.009)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	207	287	342	374	398
R2	0.086	0.034	0.018	0.002	0.001
F-stat	4.564**	3.109**	2.118	0.229	0.117

Time intervals	−1 to 0	−1 to 1	−1 to 2	−1 to 3	−1 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Partner	0.004	0.059	0.143	0.135	0.164
Post*Bank_Partner	(0.113)	(0.101)	(0.109)	(0.114)	(0.120)
Post*Age	−0.036	−0.044**	−0.050**	−0.048**	−0.050**
Post*Age	(0.024)	(0.022)	(0.022)	(0.022)	(0.022)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	207	287	342	374	398
R2	0.035	0.031	0.029	0.018	0.015
F-stat	1.748	2.809*	3.401**	2.331*	2.104
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Partner	−0.038	−0.031	0.004	−0.018	−0.005
Post*Bank_Partner	(0.028)	(0.035)	(0.046)	(0.068)	(0.089)
Post * Age	−0.013***	−0.017***	−0.018***	−0.014*	−0.012
Post * Age	(0.005)	(0.006)	(0.006)	(0.008)	(0.009)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	207	287	342	374	398
R2	0.086	0.034	0.018	0.002	0.001
F-stat	4.564**	3.109**	2.118	0.229	0.117

Note(s): 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 (−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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