(a)

Variables

I

NDefault

LDefault

HDefault

Default

FinTech

0.1275**

0.2009^c

−0.1538

−0.0403**

−0.0327**

(0.051)

(0.132)

(0.108)

(0.019)

(0.013)

I

1.0638***

−0.7152**

−0.2504***

0.0605*

(0.401)

(0.329)

(0.059)

(0.036)

Constant

32.8059***

2.7502

76.5806***

15.1024***

1.6092

(5.955)

(13.647)

(11.625)

(2.251)

(1.789)

Bank FE

NO

NO

NO

NO

NO

Observations

35

35

35

35

30

R-squared

0.192

0.405

0.292

0.544

0.430

(b)

Variables

E

NDefault

LDefault

HDefault

Default

FinTech

−0.0835***

0.1903

−0.1612

−0.0274

−0.0118

(0.027)

(0.175)

(0.155)

(0.052)

(0.010)

E

−0.2878

−0.0676

0.0374

0.1287***

(0.790)

(0.703)

(0.201)

(0.042)

Constant

35.0802***

68.1617

38.7585

1.7437

−4.9644**

(2.307)

(45.329)

(40.232)

(12.345)

(2.530)

Bank FE

NO

NO

NO

NO

NO

Observations

35

30

30

30

30

R-squared

0.727

0.306

0.542

0.221

0.745

(c)

Variables

R

NDefault

LDefault

HDefault

Default

FinTech

−0.0036

0.1281

−0.2228*

−0.0708***

−0.0293***

(0.068)

(0.218)

(0.127)

(0.022)

(0.010)

R

1.0429***

−0.0876

0.0578

0.0178

(0.279)

(0.286)

(0.057)

(0.012)

Constant

28.2578***

12.9814

62.4158***

8.2063***

3.8762***

(6.503)

(20.127)

(13.710)

(2.762)

(0.942)

Bank FE

NO

NO

NO

NO

NO

Observations

35

35

35

35

35

R-squared

0.019

0.583

0.028

0.044

0.238