(a)

Variables

I

NDefault

LDefault

HDefault

Default

FinTech

0.1230**

0.2281*

−0.1635

−0.0408**

−0.0239**

(0.056)

(0.117)

(0.104)

(0.019)

(0.010)

I

1.0416***

−0.7027**

−0.2507***

−0.0881***

(0.360)

(0.320)

(0.060)

(0.030)

Constant

21.0034***

1.1689

76.9993***

15.1538***

6.6780***

(4.695)

(11.847)

(10.513)

(1.965)

(0.987)

Bank FE

YES

YES

YES

YES

YES

Observations

35

35

35

35

35

R-squared

0.143

0.406

0.292

0.544

0.455

(b)

Variables

I

NDefault

LDefault

HDefault

Default

FinTech

0.0816*

0.3095**

−0.2234*

−0.0466*

−0.0367***

(0.045)

(0.137)

(0.121)

(0.023)

(0.011)

I

1.1460**

−0.8161*

−0.2309***

−0.0847**

(0.446)

(0.395)

(0.072)

(0.033)

Controls

YES

YES

YES

YES

YES

Constant

51.0540***

−26.1043

104.1377***

15.5446***

4.1694*

(7.672)

(38.711)

(34.274)

(5.098)

(2.337)

Bank FE

YES

YES

YES

YES

YES

Observations

35

30

30

30

30

R-squared

0.499

0.488

0.377

0.577

0.575