Table 14 Mechanism analysis: risk attitude channels.
From: Knowledge creates value: the role of financial literacy in entrepreneurial behavior
Explained variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
RL | RL | RA | RA | RN | RN | Risk | Risk | |
Panel A: Financial literacy and risk attitudes | ||||||||
Literacy1 | 0.030*** (0.002) | −0.040*** (0.003) | 0.052*** (0.002) | 0.166*** (0.005) | ||||
Literacy2 | 0.021*** (0.002) | −0.018*** (0.003) | 0.040*** (0.002) | 0.108*** (0.004) | ||||
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 |
Pseudo R2 | 0.090 | 0.083 | 0.054 | 0.051 | 0.099 | 0.093 | ||
R2 | 0.174 | 0.158 | ||||||
Panel B: IV estimation results | ||||||||
Literacy1 | 0.131*** (0.026) | −0.112*** (0.034) | 0.161*** (0.042) | 0.162*** (0.026) | ||||
Literacy2 | 0.120*** (0.023) | −0.046*** (0.012) | 0.102*** (0.026) | 0.101*** (0.023) | ||||
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 |
DWH test | 20.68*** (0.000) | 20.68*** (0.000) | 23.60*** (0.000) | 22.89*** (0.000) | 34.67*** (0.000) | 36. 42*** (0.000) | 26.69*** (0.000) | 39.82*** (0.000) |
First-stage estimated F value | 239.32*** (0.000) | 236.60*** (0.000) | 239.32*** (0.000) | 236.60*** (0.000) | 239.32*** (0.000) | 236.60*** (0.000) | 263.52*** (0.000) | 268.86*** (0.000) |
Instrumental variable T value | 13.65*** | 11.36*** | 13.65*** | 11.36*** | 13.65*** | 11.36*** | 15.12*** | 16.32*** |
