Table 11 Alternative performance measures: sales and ebitda
From: Entrepreneurial, institutional and financial strategies for FinTech profitability
Variables | Log of sales | Profitable (EBITDA > 0) |
|---|---|---|
Size | 69.058*** | 5.881*** |
(8.039) | (1.681) | |
Asset structure | 1.542*** | 0.277*** |
(0.330) | (0.0806) | |
Liquidity | − 0.00280*** | − 0.000495*** |
(0.000748) | (9.56e−05) | |
Solvency | − 0.000688 | 0.000492** |
(0.00110) | (0.000231) | |
Leverage | 4.35e−05 | − 1.52e−08 |
(0.000102) | (3.89e−07) | |
Efficiency | 0.00897 | 0.00148 |
(0.00643) | (0.00105) | |
Entrepreneur | − 0.596** | − 0.224* |
(0.309) | (0.115) | |
Number of partner founders | 0.221 | 0.00566 |
(0.211) | (0.0425) | |
Single entrepreneur | 0.954** | 0.216** |
(0.371) | (0.0881) | |
Mobile app | 0.0627 | − 0.0162 |
(0.307) | (0.0688) | |
Digital tracking | 0.0242*** | 0.00229** |
(0.00466) | (0.00107) | |
Digitally tracked regionally | − 0.245 | − 0.0693 |
(0.237) | (0.0592) | |
Funding | 0.408* | − 0.084* |
(0.221) | (0.0446) | |
Public subsidy | − 0.260 | 0.00855 |
(0.271) | (0.0572) | |
FinTech accelerator | 1.556** | 0.353** |
(0.598) | (0.158) | |
Bank investor | − 0.783 | − 0.129 |
(0.923) | (0.119) | |
Tech cluster | − 1.007* | − 0.342*** |
(0.599) | (0.126) | |
Time trend | 0.251*** | 0.047*** |
(0.0411) | (0.0163) | |
Observations | 706 | 706 |
Number of FinTech | 170 | 170 |
Year | Yes | Yes |
Fixed Effects | Yes | Yes |
Clustered standard errors | FinTech | FinTech |
R2 | 0.8457 | 0.6035 |