Robustness check: Model 1 implementing Size as an alternative measure of online visibility
| Dependent variable: Size | |||||
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | |
| Intercept | −0.001 | −1.232*** | 0.088 | −1.129*** | −1.265*** |
| (0.098) | (0.297) | (0.112) | (0.344) | (0.288) | |
| Equity_Agr | 1.218*** | 0.977*** | 0.909*** | ||
| (0.194) | (0.176) | (0.166) | |||
| Partner_Agr | 0.624*** | 0.46** | 0.286* | ||
| (0.202) | (0.177) | (0.149) | |||
| Blog | −0.161 | −0.058 | −0.13 | ||
| (0.201) | (0.213) | (0.199) | |||
| Social | 0.751*** | 0.693*** | 0.695*** | ||
| (0.194) | (0.2) | (0.193) | |||
| Customer: business | 0.187 | 0.219 | 0.204 | ||
| (0.17) | (0.193) | (0.167) | |||
| Customer: consumer | 0.303 | 0.423* | 0.351* | ||
| (0.202) | (0.228) | (0.197) | |||
| Product: diversified | 1.211** | 1.325** | 1.147** | ||
| (0.478) | (0.601) | (0.466) | |||
| Product: financing | 0.233 | 0.073 | 0.205 | ||
| (0.244) | (0.286) | (0.233) | |||
| Product: insurance | 0.881*** | 0.793* | 0.874*** | ||
| (0.316) | (0.425) | (0.314) | |||
| Product: investments | 0.349 | 0.124 | 0.324 | ||
| (0.274) | (0.308) | (0.266) | |||
| Age | 0.073*** | 0.09*** | 0.073*** | ||
| (0.026) | (0.025) | (0.027) | |||
| N° observations | 124 | 124 | 124 | 124 | 124 |
| F-stat | 36.27*** | 9.185*** | 9.476*** | 6.125*** | 8.739*** |
| Adjusted R2 | 0.223 | 0.4 | 0.064 | 0.294 | 0.409 |
| Dependent variable: Size | |||||
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | |
| Intercept | −0.001 | −1.232*** | 0.088 | −1.129*** | −1.265*** |
| (0.098) | (0.297) | (0.112) | (0.344) | (0.288) | |
| Equity_Agr | 1.218*** | 0.977*** | 0.909*** | ||
| (0.194) | (0.176) | (0.166) | |||
| Partner_Agr | 0.624*** | 0.46** | 0.286* | ||
| (0.202) | (0.177) | (0.149) | |||
| Blog | −0.161 | −0.058 | −0.13 | ||
| (0.201) | (0.213) | (0.199) | |||
| Social | 0.751*** | 0.693*** | 0.695*** | ||
| (0.194) | (0.2) | (0.193) | |||
| Customer: business | 0.187 | 0.219 | 0.204 | ||
| (0.17) | (0.193) | (0.167) | |||
| Customer: consumer | 0.303 | 0.423* | 0.351* | ||
| (0.202) | (0.228) | (0.197) | |||
| Product: diversified | 1.211** | 1.325** | 1.147** | ||
| (0.478) | (0.601) | (0.466) | |||
| Product: financing | 0.233 | 0.073 | 0.205 | ||
| (0.244) | (0.286) | (0.233) | |||
| Product: insurance | 0.881*** | 0.793* | 0.874*** | ||
| (0.316) | (0.425) | (0.314) | |||
| Product: investments | 0.349 | 0.124 | 0.324 | ||
| (0.274) | (0.308) | (0.266) | |||
| Age | 0.073*** | 0.09*** | 0.073*** | ||
| (0.026) | (0.025) | (0.027) | |||
| N° observations | 124 | 124 | 124 | 124 | 124 |
| F-stat | 36.27*** | 9.185*** | 9.476*** | 6.125*** | 8.739*** |
| Adjusted R2 | 0.223 | 0.4 | 0.064 | 0.294 | 0.409 |
Note(s): Linear regressions for the dependent variable Size. Standard errors are clustered at firm level. For the definition of all variables see Table 1. Significance levels: *, **, *** for 10%, 5% and 1%, respectively
Source(s): Table was created by the authors
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