(1)

(2)

(3)

(4)

VARIABLES

FC

Comp

FC

FC

Fintech

−0.160^***

0.0115^**

−0.156^***

(0.00544)

(0.00536)

(0.00421)

Comp

−0.393^***

−0.368^***

(0.0177)

(0.0101)

Roa

0.0895^***

−0.164^***

0.0792^***

0.0292^***

(0.0119)

(0.0133)

(0.0155)

(0.0101)

Size

1.077^***

0.0762^***

1.046^***

1.105^***

(0.00607)

(0.00503)

(0.00697)

(0.00534)

Grow

4.03e−05^***

6.37e−06

4.36e−05^***

4.26e−05^***

(4.04e−06)

(1.61e−05)

(7.68e−06)

(3.91e−06)

Leverage

−0.0381^***

0.0179

−0.0729^***

−0.0315^***

(0.0143)

(0.0196)

(0.0174)

(0.0112)

Indep

−0.0512

0.0236

−0.152^***

−0.0425^*

(0.0314)

(0.0459)

(0.0405)

(0.0238)

TA

−0.00440

0.211^***

−0.0140

0.0731^***

(0.0216)

(0.0274)

(0.0276)

(0.0182)

IA

0.223^**

0.102

0.194

0.261^**

(0.110)

(0.0673)

(0.129)

(0.102)

Cash

0.0625^***

0.0209

0.283^***

0.0702^***

(0.0129)

(0.0176)

(0.0130)

(0.00962)

Constant

−18.80^***

−1.689^***

−18.93^***

−19.42^***

(0.130)

(0.107)

(0.165)

(0.116)

Observations

5098

5098

5098

5098

R-squared

0.992

0.261

0.988

0.994

Number of id

949

949

949

949