Template-Type: ReDIF-Article 1.0

Author-Name: Péter Fáykiss
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: faykissp@mnb.hu

Author-Name: Lívia Ónozó
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: onozol@mnb.hu


Title: Analysis of the Export Activity of Hungarian FinTech Companies

Abstract: In our analysis, we examine domestic FinTech SMEs by using micro-data, focusing
on the export activity of companies in the Hungarian FinTech sector. Our study
offers new content not only because of the range of examined enterprises, but also
due to the uniqueness of the database used, as we have endeavoured to provide
a deeper picture of domestic FinTech companies with the help of company data
rarely used thus far. The purpose of our examination is twofold: first, based on the
company characteristics that can be extracted from the annual accounts of the
companies concerned, we organise the Hungarian FinTech companies into distinct
groups by cluster analysis. Second, using logistic regression estimation on the crosssectional
data, we identify the most important factors affecting the export activity
of domestic FinTech companies. Our results have shown that FinTech companies
active in Hungary can be divided into three distinct clusters based on the company
characteristics involved: export share, headcount and various financial indicators.
Regarding the three clusters, medium-sized companies make up half of the cluster
in the group of FinTech companies with the highest export share, and the group
is characterised by high value added relative to balance sheet totals. Based on
our logistic regression estimation, among the FinTech companies we examined,
a significantly positive effect on the probability of exporting can be identified in the
case of value added, headcount and foreign ownership.

Classification-JEL: G23, G3, L26, O33
Keywords: FinTech, export, cluster analysis
Pages: 60-82
Volume: 19
Issue: 4
Year: 2020
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-19-4-st3-faykiss-onozo.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:19:y:2020:i:4:p:60-82