TABLE 7.
IV estimation of limited attention on financial behavior.
| Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|
|
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| BA | SM | VM | SMI | CHI | PP | CC | |
| Panel A: Current effect | |||||||
| LA | 0.1251* (1.8348) |
0.9648*** (11.1101) |
0.9252*** (11.3280) |
0.1584* (1.8460) |
0.2915*** (3.5956) |
0.3267*** (4.8110) |
0.6681*** (9.3330) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummy | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 |
| IVorderProbit Stage 1: | |||||||
| F values of IV | 308.43*** | ||||||
| T values of IV | 50.43*** | ||||||
| DWH value (p-value) |
10.00*** (0.0003) |
24.80*** (0.0000) |
25.91*** (0.0000) |
5.59** (0.0180) |
3.77* (0.0522) |
13.67*** (0.0002) |
48.10*** (0.0000) |
| Panel B: Long-term effect | |||||||
| LA | 0.4621*** (4.7217) |
1.1338*** (12.9054) |
1.1298*** (13.5538) |
0.1064 (1.1465) |
0.4618*** (5.5595) |
0.4434*** (5.8777) |
0.6497*** (9.6309) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummy | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 |
| IVorderProbit Stage 1: | |||||||
| F values of IV | 232.45*** | ||||||
| T values of IV | 51.91*** | ||||||
| DWH value (p-value) |
10.84*** (0.0062) |
34.49*** (0.0000) |
40.90*** (0.0000) |
10.05*** (0.0068) |
7.11*** (0.0077) |
18.42*** (0.0000) |
22.56*** (0.0000) |
| Panel C: Dynamic effect | |||||||
| LA | 0.0110** (2.1391) |
0.5661*** (5.0823) |
0.6098*** (5.9330) |
0.0019** (2.0196) |
0.2306** (2.4510) |
0.2711*** (3.3416) |
0.0436** (2.5270) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummy | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 |
| IVorderProbit Stage 1: | |||||||
| F values of IV | 202.49*** | ||||||
| T values of IV | 42.28*** | ||||||
| DWH value (p-value) |
1.83 (0.1757) |
6.25** (0.0124) |
14.63*** (0.0001) |
24.25*** (0.0000) |
23.06*** (0.0000) |
6.54** (0.0106) |
20.86*** (0.0000) |
This table presents regression results for the IV estimation of limited attention on financial behavior. 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.