Internet (%) | Financial literacy | Financial sophistication | ||||
Below | Above | Below | Above | Below | Above | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Low | 0.0344*** | 0.0450*** | 0.0104 | 0.0595*** | 0.0162 | 0.0564*** |
(0.01) | (0.00) | (0.46) | (0.00) | (0.24) | (0.00) | |
Low × Institutional | 0.0795* | 0.0208 | 0.1174** | −0.0015 | 0.1132** | −0.0010 |
(0.10) | (0.37) | (0.01) | (0.95) | (0.02) | (0.97) | |
Mid | 0.0286*** | 0.0396*** | 0.0272*** | 0.0395*** | 0.0261*** | 0.0404*** |
(0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | |
Mid × Institutional | −0.0079 | 0.0044 | −0.0159* | 0.0086** | −0.0145* | 0.0078* |
(0.50) | (0.28) | (0.06) | (0.05) | (0.09) | (0.07) | |
High | 0.2185*** | 0.1575*** | 0.1214*** | 0.1593*** | 0.1233*** | 0.1584*** |
(0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | |
High × Institutional | −0.0828** | 0.0141 | −0.0904** | 0.0295 | −0.0838* | 0.0283 |
(0.04) | (0.53) | (0.04) | (0.19) | (0.06) | (0.21) | |
Institutional | −0.0147* | −0.0031 | 0.0130 | −0.0093** | 0.0134 | −0.0089** |
(0.05) | (0.48) | (0.14) | (0.02) | (0.13) | (0.03) | |
Control Variables | Yes | Yes | Yes | Yes | Yes | Yes |
Adjusted R-squared | 0.051 | 0.070 | 0.066 | 0.063 | 0.064 | 0.064 |
Number of observations | 175,714 | 368,153 | 171,500 | 372,367 | 176,515 | 367,352 |