Model 1 the degree of “keeping-up with the Joneses”

Model 2 the atmosphere of “keeping-up with the Joneses”

Variable

Coefficient

Variable

Coefficient

$Gap$

−5.41^*** (−30.31)

$Gap$

−0.91^* (−1.83)

$Credit$

0.07 (1.33)

$Credit$

0.06^*** (2.96)

$D_{dong}$

−3.66 (−0.99)

$D_{dong}$

−0.50 (−0.31)

$D_{yang}$

−9.03^** (−2.51)

$D_{yang}$

−1.08 (−0.60)

$D_{cha}$

−9.82^*** (−2.82)

$D_{cha}$

−3.13^* (−1.70)

$D_{liang}$

−7.01 (−1.59)

$D_{liang}$

−0.69 (−0.34)

$D_{xi}$

−9.11^** (−2.07)

$D_{xi}$

−0.98 (−0.49)

F-test

LR-test

Statistical value

138.60

Statistical value

24.73

P-value

R²

0.00

0.94

P-value

Pseudo-R²

0.00

0.26