Table 11 Heterogeneity analysis of male and female.

Explained variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	Current impact				Long-term impact				Dynamic effect
	Entrepre1		Entrepre2		Entrepre1		Entrepre2		Entrepre1*		Entrepre2*
	Male	Female	Male	Female	Male	Female	Male	Female	Male	Female	Male	Female
Panel A
Literacy2	0.045^*** (0.012)	0.006 (0.025)	0.003 (0.025)	0.108^** (0.053)	0.036^*** (0.010)	0.004 (0.024)	0.006 (0.025)	0.112^*** (0.040)	0.038^*** (0.011)	0.010 (0.018)	0.005 (0.030)	0.102^*** (0.034)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	25,562	8240	4289	1164	18,512	5897	2250	1001	18,512	5897	1232	993
Pseudo R²	0.166	0.174	0.062	0.152	0.162	0.170	0.066	0.124	0.146	0.052	0.082	0.164
\({{\rm{\chi }}}^{{\rm{Male}}-{\rm{Female}}}\)	0.039		−0.105		0.032		−0.106		0.028		−0.097
P-value	0.018**		0.098*		0.016**		0.082*		0.024**		0.096^*
Panel B
Literacy1	0.024* (0.013)	0.006 (0.025)	0.018 (0.026)	0.085* (0.050)	0.026* (0.014)	0.004 (0.026)	0.012 (0.021)	0.074* (0.040)	0.018* (0.011)	0.008 (0.030)	0.014 (0.020)	0.068^** (0.032)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	YES	YES
Observations	25,562	8240	4289	1164	18,512	5897	2250	1001	18,512	5897	1232	993
Pseudo R²	0.165	0.174	0.062	0.151	0.145	0.068	0.068	0.120	0.152	0.180	0.082	0.163
\({{\rm{\chi }}}^{{\rm{Male}}-{\rm{Female}}}\)	0.018		−0.067		0.022		−0.062		0.010		−0.054
P-value	0.041**		0.038**		0.056*		0.030**		0.037**		0.101

To test the difference between groups, we use the Fisher’s Permutation test. The empirical P-value tests the significance of the difference in the coefficient of Literacy1 or Literacy2 between the groups by self-sampling (bootstrap) 1000 times. ***, **, and * refer to p < 0.01, p < 0.05, p < 0.1, respectively.

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