From: Entrepreneurial, institutional and financial strategies for FinTech profitability
Variables | Post-Crisis FinTech | Early Stage | ||
---|---|---|---|---|
Profitable | ROA | Profitable | ROA | |
Size | 6.439*** | 5.537** | 9.132*** | 8.285*** |
(1.673) | (2.368) | (1.926) | (2.727) | |
Asset structure | 0.327*** | 0.175* | 0.340*** | 0.261** |
(0.0757) | (0.0902) | (0.0759) | (0.102) | |
Liquidity | − 0.000297* | − 0.000224 | − 0.000301 | − 0.000257 |
(0.000175) | (0.000145) | (0.000237) | (0.000175) | |
Solvency | 0.000948*** | 0.00489*** | 0.000878** | 0.00550*** |
(0.000309) | (0.000879) | (0.000338) | (0.000854) | |
Leverage | 5.81e−07 | − 1.26e−06** | − 6.82e−08 | − 2.19e−06*** |
(3.76e−07) | (6.32e−07) | (3.00e−07) | (8.29e−07) | |
Efficiency | 0.00103 | 0.00255* | 0.000748 | 0.00238* |
(0.000742) | (0.00131) | (0.000570) | (0.00131) | |
Entrepreneur | − 0.288** | − 0.178 | − 0.212* | − 0.123 |
(0.116) | (0.150) | (0.110) | (0.150) | |
Number of partner founders | − 0.0367 | − 0.103** | − 0.0293 | − 0.0959* |
(0.0348) | (0.0509) | (0.0366) | (0.0535) | |
Single entrepreneur | 0.123* | − 0.129 | 0.163** | − 0.106 |
(0.0733) | (0.107) | (0.078) | (0.114) | |
Mobile app | − 0.00208 | − 0.118 | 0.0139 | − 0.0791 |
(0.0657) | (0.0841) | (0.0723) | (0.101) | |
Digital tracking | 0.00210* | 0.000272 | 0.0025* | − 0.000124 |
(0.00126) | (0.00154) | (0.00136) | (0.00180) | |
Digitally tracked regionally | − 0.0401 | − 0.176*** | 0.00139 | − 0.121* |
(0.0571) | (0.0673) | (0.0601) | (0.0676) | |
Funding | − 0.138** | − 0.193** | − 0.157*** | − 0.0887 |
(0.0617) | (0.0902) | (0.0537) | (0.0930) | |
Public subsidy | − 0.0140 | 0.0202 | − 0.0340 | − 0.00298 |
(0.0629) | (0.0828) | (0.0699) | (0.101) | |
FinTech accelerator | 0.190* | − 0.00643 | 0.265** | 0.133 |
(0.101) | (0.254) | (0.110) | (0.292) | |
Bank investor | − 0.0559 | − 0.0600 | − 0.0996 | − 0.0162 |
(0.0952) | (0.129) | (0.102) | (0.175) | |
Tech cluster | − 0.249* | 0.197* | − 0.295*** | 0.104 |
(0.137) | (0.101) | (0.108) | (0.122) | |
Time trend | 0.0450*** | 0.00600 | 0.00476 | − 0.00102 |
(0.0135) | (0.0133) | (0.0134) | (0.0142) | |
Observations | 584 | 584 | 472 | 472 |
Number of FinTech | 154 | 154 | 156 | 156 |
Year | Yes | Yes | Yes | Yes |
Fixed Effects | Yes | Yes | Yes | Yes |
Clustered standard errors | FinTech | FinTech | FinTech | FinTech |
R2 | 0.5898 | 0.4291 | 0.6656 | 0.6758 |