Table 13 Mechanism analysis: social network channels.
From: Knowledge creates value: the role of financial literacy in entrepreneurial behavior
Explained variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
Expenditure | Expenditure | Revenue | Revenue | Sum | Sum | |
Panel A: Financial literacy and social networking | ||||||
Literacy1 | 0.271*** (0.023) | 0.200*** (0.025) | 0.463*** (0.039) | |||
Literacy2 | 0.273*** (0.022) | 0.161*** (0.022) | 0.426*** (0.036) | |||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Observation | 32,288 | 32,288 | 32,974 | 32,974 | 31,807 | 31,807 |
R2 | 0.144 | 0.144 | 0.071 | 0.072 | 0.130 | 0.130 |
Panel B: IV estimation results | ||||||
Literacy1 | 0.389*** (0.040) | 0.368*** (0.046) | 0.503*** (0.082) | |||
Literacy2 | 0.421*** (0.062) | 0.521*** (0.063) | 0.767*** (0.236) | |||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Observation | 32,288 | 32,288 | 32,974 | 32,974 | 31,807 | 31,807 |
DWH test | 42.32*** (0.000) | 60.71*** (0.000) | 62.36*** (0.000) | 79.346*** (0.000) | 65.32*** (0.000) | 63.14*** (0.000) |
First-stage estimated F value | 162.23*** (0.000) | 171.62*** (0.000) | 163.64*** (0.000) | 163.43*** (0.000) | 168.61*** (0.000) | 171.32*** (0.000) |
Instrumental variable T value | 11.45*** | 13.32*** | 11.86*** | 13.68*** | 10.67*** | 12.62*** |
