Table 15 Alternative estimation method: GMM
From: Entrepreneurial, institutional and financial strategies for FinTech profitability
Variables | Profitable | ROA |
|---|---|---|
Size | 11.15*** | 3.432*** |
(3.296) | (1.298) | |
Asset structure | 1.001*** | 0.0307** |
(0.220) | (0.0144) | |
Liquidity | − 0.000132 | − 8.27e−06 |
(0.000461) | (1.44e−05) | |
Solvency | 0.00131*** | 0.000437*** |
(0.000432) | (0.000106) | |
Leverage | 0.000108*** | − 1.37e−07* |
(3.91e−05) | (8.24e−08) | |
Efficiency | 0.000398 | 0.000497*** |
(0.00134) | (0.000168) | |
Entrepreneur | − 1.244*** | − 0.0309 |
(0.348) | (0.0256) | |
Number of partner founders | − 0.438*** | − 0.0136* |
(0.160) | (0.00789) | |
Single entrepreneur | 0.172** | − 0.0177 |
(0.0831) | (0.0168) | |
Mobile app | 0.302** | − 0.0203 |
(0.136) | (0.0148) | |
Digital tracking | 0.00699*** | − 0.000226 |
(0.00257) | (0.000244) | |
Digitally tracked regionally | − 0.0583 | − 0.0233** |
(0.167) | (0.0103) | |
Funding | − 0.316 | − 0.0108 |
(0.205) | (0.0125) | |
Public subsidy | 0.213 | 0.0208 |
(0.160) | (0.0159) | |
FinTech accelerator | 0.509*** | 0.0270 |
(0.194) | (0.0331) | |
Bank investor | − 0.845 | − 0.0305 |
(1.029) | (0.0255) | |
Tech cluster | − 0.461*** | − 0.0253*** |
(0.147) | (0.00767) | |
Time trend | 0.0247 | − 0.000697 |
(0.0340) | (0.00179) | |
Observations | 706 | 706 |
Number of FinTech | 170 | 170 |
Year | Yes | Yes |
Clustered standard errors | FinTech | FinTech |
Hansen test | 0.197 | 0.345 |