Table 4 Robustness check for making...

Table 4

Robustness check for making investments from student loan

	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value
Age	−0.001	0.946	0.001	0.930	0.005	0.771	0.004	0.790	0.004	0.784	0.005	0.749
Sex (female = 1)	−0.105	0.029**	−0.102	0.043**	−0.098	0.053*	−0.096	0.065*	−0.095	0.067*	−0.107	0.034**
BACKGROUND	0.085	0.279	0.065	0.428	0.064	0.436	0.065	0.435	0.063	0.446	0.087	0.279
INDEPENDENCE			0.054	0.614	0.066	0.536	0.062	0.571	0.063	0.565	0.066	0.532
Budget surplus			0.000	0.426	0.000	0.335	0.000	0.323	0.000	0.315	0.000	0.198
ASPIRATION			0.078	0.489	0.059	0.605	0.053	0.643	0.045	0.701	−0.046	0.685
PERFORMANCE					0.033	0.343	0.031	0.385	0.032	0.364	0.049	0.159
Talent management program					0.033	0.547	0.037	0.503	0.035	0.533	−0.002	0.966
Patience							0.018	0.939	0.021	0.931	0.014	0.952
Risk tolerance							0.000	0.412	0.000	0.398	0.000	0.392
No present bias							−0.006	0.976	0.003	0.986	0.048	0.802
ATTITUDE									−0.070	0.506	0.001	0.976
Knowledge: loan											−0.079	0.446
Knowledge: savings											0.331	0.000
Knowledge: arbitrage											−0.043	0.676

	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value
Age	−0.001	0.946	0.001	0.930	0.005	0.771	0.004	0.790	0.004	0.784	0.005	0.749
Sex (female = 1)	−0.105	0.029**	−0.102	0.043**	−0.098	0.053*	−0.096	0.065*	−0.095	0.067*	−0.107	0.034**
BACKGROUND	0.085	0.279	0.065	0.428	0.064	0.436	0.065	0.435	0.063	0.446	0.087	0.279
INDEPENDENCE			0.054	0.614	0.066	0.536	0.062	0.571	0.063	0.565	0.066	0.532
Budget surplus			0.000	0.426	0.000	0.335	0.000	0.323	0.000	0.315	0.000	0.198
ASPIRATION			0.078	0.489	0.059	0.605	0.053	0.643	0.045	0.701	−0.046	0.685
PERFORMANCE					0.033	0.343	0.031	0.385	0.032	0.364	0.049	0.159
Talent management program					0.033	0.547	0.037	0.503	0.035	0.533	−0.002	0.966
Patience							0.018	0.939	0.021	0.931	0.014	0.952
Risk tolerance							0.000	0.412	0.000	0.398	0.000	0.392
No present bias							−0.006	0.976	0.003	0.986	0.048	0.802
ATTITUDE									−0.070	0.506	0.001	0.976
Knowledge: loan											−0.079	0.446
Knowledge: savings											0.331	0.000
Knowledge: arbitrage											−0.043	0.676

Note(s): ***p < 0.01; **p < 0.05; *p < 0.1

In the linear regression models, the dependent variable is whether a student took out student loans for investment purposes

Source(s): Authors’ own work