Figures & data
Table 1. Fintech firms by sector (as based on a one-year lag in respect to explanatory variables considered in Table ).
Table 2. Summary statistics (After Winsorizing continuous variables at 1st and 99th percentiles).
Table 3. Variable definitions.
Table 4. Correlation matrix.
Table 5. Panel A: Sample statistics and univariate t-tests.
Table 6. Fintech board age composition and adjusted ROA: baseline results.
Table 7. Fintech board age composition and sales on assets (SOA): Baseline results.
Table 8. Fintech board age composition and cash flow intensity: Baseline results.
Table 9. OLS regression with year fixed effects for the ROA dependent variable with a lead time of one year (i.e. explanatory variables lagged by two years)
Table 10. OLS regression with year fixed effects for the ROA dependent variable with a lead time of two years (i.e. explanatory variables lagged by three years).
Table 11. OLS regression with year fixed effects for the SOA dependent variable with a lead time of one year (i.e. explanatory variables lagged by two years).
Table 12. OLS regression with year fixed effects for the SOA dependent variable with a lead time of two years (i.e. explanatory variables lagged by three years).
Table 13. 2SLS: Market average of board age composition measures (excluding the firm itself) as exogenous variable.
Table 14. Entropy balancing approach. Treatment is AvgAge_ED > = AvgAge_Ed Median.
Table 15. Entropy balancing approach. Treatment is CoVAge > = CoVAge Median.
Table 16. Heckman two-stage test for selection bias. Dependent variable is the industry-adjusted ROA: Mean of EDAge in each year (excluding the firm itself) is the exogenous variable.
Table 17. Heckman two-stage test for selection bias. Dependent variable is the industry-adjusted ROA: Mean of CoVAge in each year (excluding the firm itself) is the exogenous variable.