(9)

(10)

Age

−0.0947***

−0.0056***

(−10.38)

(−12.09)

Gender

−0.0128

−0.0272***

(−1.64)

(−5.34)

Edubg

0.0266***

0.0276***

(3.11)

(5.07)

Spe

0.0072

0.0003

(0.84)

(1.26)

Partner

0.0190**

0.0258***

(2.08)

(4.34)

Exp

0.0295***

0.0021***

(3.22)

(3.09)

Busyness

0.0138*

0.0036***

(1.73)

(3.11)

Big10

0.1049***

0.1308***

(13.38)

(25.59)

Em

2.3223***

2.1035***

(11.39)

(20.66)

Complexity

0.0803***

−0.1181***

(2.98)

(−6.27)

Switch

−0.0679***

−0.0601***

(−4.79)

(−7.03)

Opinion

0.1686***

0.1735***

(6.91)

(13.24)

Lev

−0.0761***

0.0190***

(−3.32)

(18.47)

Size

0.8387***

0.7987***

(94.47)

(170.19)

Punish

0.0272***

0.0216***

(2.75)

(3.49)

Loss

0.0534***

0.0613***

(3.84)

(7.49)

Grow

−0.0007*

−0.0000

(−1.75)

(−0.54)

Constant

5.3157***

5.7842***

(61.58)

(113.60)

Observations

11072

29094

R-squared

0.57

0.57

r2_a

0.566

0.572

F

380.4

949.1