Table 5.

Matching into groups (from 1993 to 1994)

Dependent variable:	Proportion of corporate subscribers
Groups partitioned by:	chit value			monthly contribution
Chit value/contribution:	Low	Medium	High	Low	Medium	High
	(1)	(2)	(3)	(4)	(5)	(6)
A. Duration measured by a binary variable
Long duration dummy - 1994 dummy	0.059	0.030	0.088	0.073	0.039	0.086
	(0.013)	(0.016)	(0.024)	(0.019)	(0.016)	(0.019)
Long duration dummy	−0.007	−0.014	−0.098	−0.018	−0.024	−0.063
	(0.009)	(0.011)	(0.018)	(0.013)	(0.011)	(0.014)
1994 dummy	0.004	0.031	0.040	−0.009	0.022	0.042
	(0.011)	(0.009)	(0.020)	(0.018)	(0.009)	(0.014)
Constant	0.179	0.141	0.208	0.190	0.150	0.173
	(0.008)	(0.006)	(0.016)	(0.013)	(0.006)	(0.010)
Number of observations	1,022	775	328	849	820	456
B. Duration measured as a continuous variable (in years)
Group duration - 1994 dummy	0.038	0.007	0.019	0.063	0.021	0.028
	(0.008)	(0.015)	(0.009)	(0.015)	(0.012)	(0.008)
Group duration	−0.004	−0.014	−0.015	−0.016	−0.026	−0.014
	(0.006)	(0.010)	(0.005)	(0.010)	(0.008)	(0.005)
1994 dummy	−0.063	0.020	0.037	−0.147	−0.020	−0.002
	(0.024)	(0.041)	(0.033)	(0.047)	(0.031)	(0.026)
Constant	0.185	0.173	0.191	0.227	0.210	0.185
	(0.017)	(0.028)	(0.022)	(0.033)	(0.021)	(0.017)
Number of observations	1,022	775	328	849	820	456

Note: Long duration dummy equals one if the group runs for at least 40 months, zero otherwise.1994 dummy equals one if the group commenced in 1994, zero otherwise.

Chit value: Low if chit value = 10,000; Medium if chit value 10,000–50,000; High if chit value ≥ 50,000.Contribution: Low if contribution lt; 500/month; Medium if contribution 500–1,000; High if contribution > 1,000.The group is the unit of observation.Standard errors in parentheses.