Table 12 Alternative performance measures: successful funding round and digital impact
From: Entrepreneurial, institutional and financial strategies for FinTech profitability
Variables | Successful funding round | High digital impact |
|---|---|---|
Size | 0.482 | 4.010*** |
(0.970) | (0.915) | |
Asset structure | 0.0258 | 0.147 |
(0.0430) | (0.0895) | |
Liquidity | − 0.000196** | 0.000124 |
(8.53e−05) | (0.000132) | |
Solvency | − 0.000300* | 0.000119 |
(0.000165) | (0.000129) | |
Leverage | 3.82e−07*** | − 7.51e−07 |
(1.12e−07) | (7.29e−07) | |
Efficiency | 0.000708 | 0.000480* |
(0.000722) | (0.000245) | |
Entrepreneur | 0.166** | − 0.320*** |
(0.0650) | (0.0691) | |
Number of partner founders | 0.0321 | − 0.139** |
(0.0319) | (0.0619) | |
Single entrepreneur | − 0.0283 | − 0.161 |
(0.0596) | (0.110) | |
Mobile app | 0.090* | 0.079* |
(0.049) | (0.047) | |
FinTech accelerator | − 0.0691 | 0.293* |
(0.048) | (0.154) | |
Bank investor | 0.495*** | − 0.047 |
(0.0679) | (0.077) | |
Tech cluster | 0.0769** | − 0.141** |
(0.0323) | (0.0539) | |
Digital tracking | 0.00258*** | |
(0.000845) | ||
Digitally tracked regionally | 0.0381 | |
(0.0299) | ||
VC | 0.261*** | |
(0.0770) | ||
Capital seed | 0.231*** | |
(0.0359) | ||
Public subsidy | 0.0889 | |
(0.0633) | ||
Time trend | − 0.00229 | − 0.0067 |
(0.00554) | (0.0077) | |
Observations | 706 | 706 |
Number of FinTech | 170 | 170 |
Year | Yes | Yes |
Fixed Effects | Yes | Yes |
Clustered standard errors | FinTech | FinTech |
R2 | 0.5089 | 0.6592 |