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. 2022 Jun 20;13:906153. doi: 10.3389/fpsyg.2022.906153

TABLE 5.

The impact of financial literacy on limited attention.

Variable (1) (2) (3) (4) (5) (6)
LA
Current		 LA
Long-term		 LA
Dynamic		 LA
Current IV		 LA
Long-term IV		 LA
Dynamic IV
FL 0.0704***
(16.8057)		 0.0383***
(7.6395)		 0.0453***
(3.5693)		 0.3137***
(11.2583)		 0.1691***
(5.3502)		 0.0948***
(2.9056)
Controls Yes Yes Yes Yes Yes Yes
Province dummy Yes Yes Yes Yes Yes Yes
N 20,577 13,869 13,869 20,577 13,869 13,869
Pseudo R2 0.1068 0.0751 0.0066
IVorderProbit Stage 1:
F values of IV 420.23*** 297.97*** 330.73***
T values of IV 68.89*** 59.85*** 57.18***
DWH value
(p-value)		 19.69***
(0.0000)		 4.27**
(0.0388)		 1.44
(0.2296)

This table presents regression results for the impact of financial literacy on limited attention. The dependent variable is shown above each column. Controls include GENDER, AGE, AGE2, EDU, MAR, HEALTH, FL, OLD, CHILD, FS, RL, RA, HO, OH, TA, TI. Columns (4)-(6) are listed as IV estimation results. The DWH exogenous test refers to the Durbin–Wu–Hausman test, and it is mainly to test whether there is endogeneity between financial literacy and financial behaviors. The first-stage estimation of the F value and instrumental variable T value is mainly to test whether the instrumental variables we select are weak. Standard errors are single-clustered by community level and Z-statistics, which are shown in parentheses. Variable definitions are presented in Supplementary Table 1. *, **, and *** indicate significance at the 10, 5, and 1% levels, respectively.