Variables

Tobit 1

Tobit 2

Tobit 3

Risk attitude

−0.838***

−0.818***

(−3.40)

(−3.33)

Financial knowledge

2.014***

2.000***

(6.49)

(6.45)

Total depend

−2.649***

−2.701***

−2.645***

(−3.06)

(−3.11)

(−3.05)

Child depend

8.723***

8.685***

8.531***

(5.95)

(5.92)

(5.82)

Size

0.012

0.036

0.039

(0.09)

(0.26)

(0.28)

Edu

0.382***

0.365***

0.350***

(6.80)

(6.48)

(6.22)

Age

0.811***

0.795***

0.812***

(7.96)

(7.81)

(7.97)

Age_2

−0.008***

−0.008***

−0.008***

(−7.88)

(−7.74)

(−7.84)

Gender

−1.158***

−1.062***

−1.122***

(−2.86)

(−2.63)

(−2.78)

Married

0.325

0.084

0.229

(0.51)

(0.13)

(0.36)

Ln_income

0.614***

0.630***

0.596***

(4.49)

(4.61)

(4.36)

Ln_net_asset

2.193***

2.163***

2.106***

(14.46)

(14.28)

(13.87)

Finance

0.000***

0.000***

0.000***

(10.39)

(10.07)

(9.70)

Rural

−0.951**

−0.571

−0.588

(−1.99)

(−1.18)

(−1.22)

Family

−1.443***

−1.441***

−1.442***

(−4.60)

(−4.58)

(−4.59)

Pension

−0.007

−0.010

−0.010

(−0.52)

(−0.69)

(−0.71)

Medicine

4.057***

4.302***

4.262***

(2.97)

(3.13)

(3.10)

Constant

−79.000***

−80.765***

−77.891***

(−20.95)

(−21.82)

(−20.67)

Observations

22,411

22,411

22,411

Pseudo R2

0.0586

0.0599

0.0603