Table 5 Financial literacy and participation in entrepreneurial activity: current effect.
From: Knowledge creates value: the role of financial literacy in entrepreneurial behavior
Explained variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
Entrepre1 | Entrepre1 | Entrepre1 | Entrepre1 | Entrepre2 | Entrepre2 | Entrepre2 | Entrepre2 | |
Literacy1 | 0.004** (0.002) | 0.077** (0.039) | 0.010* (0.006) | 0.061** (0.027) | ||||
Literacy2 | 0.008*** (0.002) | 0.076** (0.036) | 0.008* (0.005) | 0.125** (0.055) | ||||
Gender | 0.023*** (0.005) | 0.024*** (0.005) | −0.022 (0.075) | −0.234 (0.190) | 0.001 (0.015) | 0.001 (0.015) | −0.019 (0.077) | 0.124 (0.138) |
Age | −0.002* (0.001) | −0.002* (0.001) | −0.037** (0.016) | −0.032** (0.015) | −0.008*** (0.003) | −0.008*** (0.003) | −0.048* (0.028) | −0.032** (0.015) |
Age2 | −0.000** (0.000) | −0.000** (0.000) | 0.000 (0.000) | −0.000 (0.000) | 0.000* (0.000) | 0.000* (0.000) | 0.000 (0.000) | 0.000 (0.000) |
Education | −0.030*** (0.001) | −0.030*** (0.001) | 0.213 (0.179) | 0.174 (0.172) | 0.007 (0.005) | 0.008* (0.005) | 0.205 (0.197) | −0.093 (0.120) |
Marriage | 0.004 (0.007) | 0.004 (0.007) | 0.105 (0.064) | 0.133* (0.080) | −0.014 (0.022) | −0.014 (0.022) | −0.010 (0.119) | −0.096 (0.113) |
Health | 0.016** (0.008) | 0.016** (0.008) | 0.150** (0.069) | 0.094 (0.063) | −0.000 (0.027) | −0.000 (0.027) | −0.033 (0.143) | 0.128 (0.179) |
RL | 0.028*** (0.009) | 0.026*** (0.009) | 1.721** (0.791) | 1.414** (0.690) | 0.060** (0.029) | 0.063** (0.029) | 1.466 (1.382) | −0.629 (0.840) |
RN | 0.038*** (0.009) | 0.037*** (0.008) | 1.737** (0.773) | 1.519** (0.717) | 0.057** (0.026) | 0.061** (0.026) | 1.463 (1.386) | −0.630 (0.832) |
RA | 0.008 (0.008) | 0.007 (0.008) | 0.823** (0.393) | 0.796* (0.411) | 0.031 (0.024) | 0.032 (0.024) | 0.807 (0.775) | −0.441 (0.555) |
CPC | 0.033 (0.025) | 0.033 (0.025) | 0.283 (0.217) | 0.272 (0.235) | 0.114 (0.081) | 0.113 (0.082) | 0.097 (0.476) | 0.429 (0.346) |
FS | 0.007*** (0.001) | 0.007*** (0.001) | 0.040*** (0.011) | 0.029** (0.012) | 0.002 (0.004) | 0.002 (0.004) | 0.003 (0.020) | 0.023 (0.023) |
House | 0.067*** (0.007) | 0.067*** (0.007) | 0.451*** (0.084) | 0.573*** (0.146) | 0.032 (0.020) | 0.032 (0.020) | 0.100 (0.098) | 0.025 (0.117) |
NC | 0.017*** (0.002) | 0.018*** (0.002) | 0.009 (0.042) | −0.035 (0.067) | 0.012 (0.008) | 0.012 (0.008) | 0.001 (0.056) | 0.078 (0.051) |
NE | −0.010*** (0.003) | −0.010*** (0.003) | −0.067*** (0.023) | −0.118*** (0.043) | −0.001 (0.009) | −0.001 (0.009) | −0.008 (0.045) | 0.060 (0.074) |
NU | −0.008* (0.004) | −0.007* (0.004) | −0.193** (0.083) | −0.256** (0.122) | −0.051*** (0.013) | −0.052*** (0.013) | −0.311* (0.170) | −0.042 (0.140) |
Asset | 0.074*** (0.002) | 0.074*** (0.002) | 0.570*** (0.104) | 0.607*** (0.132) | 0.040*** (0.005) | 0.040*** (0.005) | 0.312 (0.198) | −0.034 (0.167) |
Observation | 33802 | 33802 | 33802 | 33802 | 5454 | 5454 | 5454 | 5454 |
Pseudo R2 | 0.164 | 0.164 | 0.070 | 0.070 | ||||
DWH test | 11.06*** (0.001) | 11.25*** (0.001) | 11.90*** (0.000) | 11.83*** (0.000) | ||||
Instrumental variable T value | 189.02*** (0.000) | 157.07*** (0.000) | 116.91*** (0.000) | 115.79*** (0.000) | ||||
First-stage estimated F value | 12.53*** | 12.26*** | 11.25*** | 11.50*** | ||||
Adj_R2 | 0.2802 | 0.2443 | 0.1696 | 0.1596 |
