Table 6.

Parameter estimates in the robustness analysis

Independent variable	High risk	Low risk
Constant	− 0.689 (− 3.620)***	− 0.930 (− 2.650)***
PV	0.839 (14.49)***	0.483 (5.140)***
PT	0.120 (1.970)**	0.478 (4.760)***
Title	0.020 (0.440)	− 0.071 (− 0.880)
Number	0.009 (0.11)	0.126 (1.080)
Rate	0.267 (3.400)***	0.334 (2.920)***
Observation	177	162
Adj R-squared	0.870	0.607
F	235.970	50.710

t statistics in parentheses

^*p < 0.1; **p < 0.05; ***p < 0.01