Internet (%) | Financial literacy | Financial sophistication | ||||
Below | Above | Below | Above | Below | Above | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Low | 0.0344*** | 0.0610*** | 0.0104 | 0.0848*** | 0.0162 | 0.0795*** |
(0.01) | (0.00) | (0.46) | (0.00) | (0.24) | (0.00) | |
Low × Institutional | 0.0795* | −0.0410 | 0.1174** | −0.0359 | 0.1132** | −0.0371 |
(0.10) | (0.37) | (0.01) | (0.44) | (0.02) | (0.41) | |
Mid | 0.0286*** | 0.0280*** | 0.0272*** | 0.0290*** | 0.0261*** | 0.0302*** |
(0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | |
Mid × Institutional | −0.0079 | −0.0062 | −0.0159* | −0.0139 | −0.0145* | −0.0148 |
(0.50) | (0.40) | (0.06) | (0.14) | (0.09) | (0.10) | |
High | 0.2185*** | 0.1641*** | 0.1214*** | 0.1779*** | 0.1233*** | 0.1656*** |
(0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | |
High × Institutional | −0.0828** | −0.0157 | −0.0904** | −0.0142 | −0.0838* | −0.0145 |
(0.04) | (0.67) | (0.04) | (0.41) | (0.06) | (0.51) | |
Institutional | −0.0147* | 0.0345*** | 0.0130 | 0.0030 | 0.0134 | 0.0036 |
(0.05) | (0.00) | (0.14) | (0.70) | (0.13) | (0.64) | |
Control Variables | Yes | Yes | Yes | Yes | Yes | Yes |
Adjusted R-squared | 0.051 | 0.057 | 0.066 | 0.041 | 0.064 | 0.042 |
Number of observations | 175,714 | 176,955 | 171,500 | 181,169 | 176,515 | 176,154 |