Table 3 Regression results Dependent...

Table 3

Regression results

Dependent variable		Capital invested in PropTech In EUR m (log)		Capital invested In FinTech in EUR m (log)
Observations		338		595
Model		(1)	(2)	(3)	(4)
Company count		0.027***	0.027***	0.005***	0.005***
Company count		[0.006]	[0.006]	[0.001]	[0.001]
Real estate transaction volume (log)		0.641*	0.775**	−0.195	−0.192
Real estate transaction volume (log)		[0.356]	[0.371]	[0.192]	[0.191]
Gross domestic product growth		0.066**	0.072**	0.101***	0.107***
Gross domestic product growth		[0.033]	[0.033]	[0.021]	[0.021]
Inflation		0.191	0.113	−0.072	−0.073
Inflation		[0.130]	[0.143]	[0.081]	[0.080]
Unemployment		0.012	0.026	−0.081*	−0.044
Unemployment		[0.065]	[0.066]	[0.043]	[0.047]
Real estate yield-bond-gap		−0.102	−0.080	−0.290***	−0.253**
Real estate yield-bond-gap		[0.170]	[0.170]	[0.097]	[0.099]
Money supply M1		0.004	0.004	−0.008	−0.011
Money supply M1		[0.016]	[0.016]	[0.011]	[0.011]
Central bank assets to GDP		0.007	0.001	0.007	0.002
Central bank assets to GDP		[0.022]	[0.022]	[0.015]	[0.015]
Deal type	Initial public offering	1.032*	0.985	−0.853**	−0.895**
	Initial public offering	[0.597]	[0.597]	[0.380]	[0.380]
	Mergers and acquisitions	0.861*	0.826*	−0.562*	−0.593*
	Mergers and acquisitions	[0.447]	[0.448]	[0.332]	[0.332]
	Private equity	0.811*	0.775*	0.271	0.242
	Private equity	[0.444]	[0.444]	[0.339]	[0.339]
	Venture capital	0.031	0.011	−1.574***	−1.585***
	Venture capital	[0.448]	[0.448]	[0.342]	[0.341]
R²		0.441	0.444	0.552	0.554
Adjusted R²		0.385	0.386	0.527	0.529
Quantitative easing dummy		yes	yes	yes	yes
Year dummy		yes	yes	yes	yes
Country dummy		yes	yes	yes	yes
Period after 2013 dummy		no	yes	no	no
Period after 2010 dummy		no	no	no	yes

Dependent variable		Capital invested in PropTechIn EUR m (log)		Capital investedIn FinTech in EUR m (log)
Observations		338		595
Model		(1)	(2)	(3)	(4)
Company count		0.027***	0.027***	0.005***	0.005***
Company count		[0.006]	[0.006]	[0.001]	[0.001]
Real estate transaction volume (log)		0.641*	0.775**	−0.195	−0.192
Real estate transaction volume (log)		[0.356]	[0.371]	[0.192]	[0.191]
Gross domestic product growth		0.066**	0.072**	0.101***	0.107***
Gross domestic product growth		[0.033]	[0.033]	[0.021]	[0.021]
Inflation		0.191	0.113	−0.072	−0.073
Inflation		[0.130]	[0.143]	[0.081]	[0.080]
Unemployment		0.012	0.026	−0.081*	−0.044
Unemployment		[0.065]	[0.066]	[0.043]	[0.047]
Real estate yield-bond-gap		−0.102	−0.080	−0.290***	−0.253**
Real estate yield-bond-gap		[0.170]	[0.170]	[0.097]	[0.099]
Money supply M1		0.004	0.004	−0.008	−0.011
Money supply M1		[0.016]	[0.016]	[0.011]	[0.011]
Central bank assets to GDP		0.007	0.001	0.007	0.002
Central bank assets to GDP		[0.022]	[0.022]	[0.015]	[0.015]
Deal type	Initial public offering	1.032*	0.985	−0.853**	−0.895**
	Initial public offering	[0.597]	[0.597]	[0.380]	[0.380]
	Mergers and acquisitions	0.861*	0.826*	−0.562*	−0.593*
	Mergers and acquisitions	[0.447]	[0.448]	[0.332]	[0.332]
	Private equity	0.811*	0.775*	0.271	0.242
	Private equity	[0.444]	[0.444]	[0.339]	[0.339]
	Venture capital	0.031	0.011	−1.574***	−1.585***
	Venture capital	[0.448]	[0.448]	[0.342]	[0.341]
R²		0.441	0.444	0.552	0.554
Adjusted R²		0.385	0.386	0.527	0.529
Quantitative easing dummy		yes	yes	yes	yes
Year dummy		yes	yes	yes	yes
Country dummy		yes	yes	yes	yes
Period after 2013 dummy		no	yes	no	no
Period after 2010 dummy		no	no	no	yes

Note(s): Dependent variable: Capital invested in PropTech (as log values in EUR m); Parameters in the first line is expressed as β; The standard errors are in parenthesis “[]”; Statistical significance is expressed as “***” < 10% “**” < 5% and “*” < 1%. To test for the effect of extreme outliers, regression was also performed with winsorized data leading to no significant changes of the results; as a stability test, the generalised variance inflation factor following Fox and Monette (1992) was tested and showed no multicollinearity; testing for Granger-causality following Granger (1969) confirmed the one-way causal link between capital invested in PropTech and real estate transaction volume

Source(s): Author’s own creation

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