Table 12 Mechanism analysis: Income channels.
From: Knowledge creates value: the role of financial literacy in entrepreneurial behavior
Explained variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
Income | Income | Rank | Rank | Income | Income | Rank | Rank | |
Literacy1 | 0.231*** (0.015) | 0.042*** (0.003) | 1.026*** (0.038) | 0.418*** (0.010) | ||||
Literacy2 | 0.226*** (0.015) | 0.046*** (0.003) | 1.012*** (0.036) | 0.421*** (0.014) | ||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observation | 33,802 | 33,802 | 33,802 | 33,802 | 33,802 | 33,802 | 33,802 | 33,802 |
R2 | 0.181 | 0.181 | ||||||
Pseudo-R2 | 0.187 | 0.184 | ||||||
DWH test | 12.216*** (0.000) | 18.241*** (0.000) | 16.246*** (0.000) | 17.236*** (0.000) | ||||
First-stage estimated F value | 101.56*** (0.000) | 103.64*** (0.000) | 101.67*** (0.000) | 112.76*** (0.000) | ||||
Instrumental variable T value | 12.31*** | 14.26*** | 12.71*** | 14.26*** |
