Variables

Probit 1

Probit 2

Probit 3

Risk attitude

−0.068***

−0.066***

(−3.81)

(−3.71)

Financial knowledge

0.163***

0.161***

(7.30)

(7.25)

Total depend

−0.125**

−0.128**

−0.123**

(−2.08)

(−2.12)

(−2.03)

Child depend

0.445***

0.440***

0.427***

(4.22)

(4.16)

(4.04)

Size

0.000

0.002

0.002

(0.03)

(0.20)

(0.23)

Edu

0.030***

0.028***

0.027***

(7.51)

(7.08)

(6.79)

Age

0.051***

0.050***

0.052***

(7.45)

(7.26)

(7.46)

Age_2

−0.000***

−0.000***

−0.000***

(−7.22)

(−7.03)

(−7.16)

Gender

−0.099***

−0.091***

−0.096***

(−3.40)

(−3.13)

(−3.30)

Married

0.008

−0.010

0.002

(0.18)

(−0.22)

(0.04)

Ln_income

0.058***

0.060***

0.057***

(5.93)

(6.07)

(5.79)

Ln_net_asset

0.167***

0.165***

0.161***

(15.98)

(15.69)

(15.23)

Finance

0.000***

0.000***

0.000***

(11.72)

(11.31)

(10.89)

Rural

−0.063*

−0.033

−0.034

(−1.84)

(−0.95)

(−0.99)

Family

−0.110***

−0.109***

−0.110***

(−4.91)

(−4.89)

(−4.89)

Pension

−0.000

−0.001

−0.001

(−0.44)

(−0.64)

(−0.66)

Medicine

0.330***

0.349***

0.345***

(3.37)

(3.54)

(3.50)

Constant

−5.817***

−5.956***

−5.737***

(−23.78)

(−24.95)

(−23.36)

Observations

22,411

22,411

22,411

Pseudo R²

0.1080

0.1107

0.1116