Table 5 Marginal effects from the...

Table 5

Marginal effects from the two-stage residual model

	All countries		Brazil		Finland		Philippines		Saudi Arabia
	First step	Second step	First step	Second step	First step	Second step	First step	Second step	First step	Second step
	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment
I.V.	0.0380***		0.0431***		0.0113		0.0704***		0.00336
I.V.	(0.00444)		(0.00708)		(0.00717)		(0.0109)		(0.0104)
Atten		0.329***		0.244***		0.118		0.568***		−0.429**
Atten		(0.0611)		(0.0822)		(0.269)		(0.121)		(0.178)
DFL	−0.0543***	0.0381***	0.0153	0.00448	−0.0265***	0.0449**	0.00949	0.0212	−0.119***	−0.0347
DFL	(0.00622)	(0.00726)	(0.0117)	(0.0105)	(0.00908)	(0.0184)	(0.0188)	(0.0173)	(0.0119)	(0.0266)
Gender	−0.0655***	0.0644***	0.00771	0.0724***	−0.00713	0.0908***	−0.0660***	0.0969***	−0.178***	−0.144***
Gender	(0.00866)	(0.0101)	(0.0139)	(0.0121)	(0.0127)	(0.0217)	(0.0255)	(0.0278)	(0.0165)	(0.0409)
Age	−0.00350***	−0.000177	−0.00355***	−0.00159***	−0.00317***	0.000686	−0.00524***	0.000722	0.00183**	0.00162*
Age	(0.000334)	(0.000391)	(0.000518)	(0.000595)	(0.000441)	(0.00123)	(0.000958)	(0.00116)	(0.000890)	(0.000826)
Education	0.0590***	0.0562***	0.0113	0.0143**	0.00489	0.0910***	0.0803***	0.0442**	0.183***	0.253***
Education	(0.00535)	(0.00702)	(0.00801)	(0.00709)	(0.00668)	(0.0124)	(0.0152)	(0.0223)	(0.0149)	(0.0406)
Employment status	−0.00544	0.0504***	−0.0127	0.0355***	−0.00432	0.0954***	0.00605	0.0671***	−0.0655*	−0.0560*
Employment status	(0.0108)	(0.0106)	(0.0154)	(0.0137)	(0.0133)	(0.0238)	(0.0275)	(0.0258)	(0.0336)	(0.0319)
Income	0.0198***	0.0458***	0.00403	0.0245***	0.0256***	0.0867***	0.00739	0.00345	−0.00335	0.0742***
Income	(0.00513)	(0.00512)	(0.00941)	(0.00748)	(0.00668)	(0.0134)	(0.0125)	(0.0122)	(0.0128)	(0.0111)
Resid		−0.116***		−0.109**		0.0593		−0.271***		0.500***
Resid		(0.0353)		(0.0477)		(0.138)		(0.0743)		(0.178)
Fixed effect	Yes	Yes	No	No	No	No	No	No	No	No
LR χ²	923.35	1,164.47	179.45	156.16	112.60	244.24	165.61	120.45	438.26	188.65
Prob > χ²	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Observations	6,865	6,865	2,000	2,000	1,806	1,806	1,000	1,000	2,059	2,059

	All countries		Brazil		Finland		Philippines		Saudi Arabia
	First step	Second step	First step	Second step	First step	Second step	First step	Second step	First step	Second step
	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment	Attention	Stock investment
I.V.	0.0380***		0.0431***		0.0113		0.0704***		0.00336
I.V.	(0.00444)		(0.00708)		(0.00717)		(0.0109)		(0.0104)
Atten		0.329***		0.244***		0.118		0.568***		−0.429**
Atten		(0.0611)		(0.0822)		(0.269)		(0.121)		(0.178)
DFL	−0.0543***	0.0381***	0.0153	0.00448	−0.0265***	0.0449**	0.00949	0.0212	−0.119***	−0.0347
DFL	(0.00622)	(0.00726)	(0.0117)	(0.0105)	(0.00908)	(0.0184)	(0.0188)	(0.0173)	(0.0119)	(0.0266)
Gender	−0.0655***	0.0644***	0.00771	0.0724***	−0.00713	0.0908***	−0.0660***	0.0969***	−0.178***	−0.144***
Gender	(0.00866)	(0.0101)	(0.0139)	(0.0121)	(0.0127)	(0.0217)	(0.0255)	(0.0278)	(0.0165)	(0.0409)
Age	−0.00350***	−0.000177	−0.00355***	−0.00159***	−0.00317***	0.000686	−0.00524***	0.000722	0.00183**	0.00162*
Age	(0.000334)	(0.000391)	(0.000518)	(0.000595)	(0.000441)	(0.00123)	(0.000958)	(0.00116)	(0.000890)	(0.000826)
Education	0.0590***	0.0562***	0.0113	0.0143**	0.00489	0.0910***	0.0803***	0.0442**	0.183***	0.253***
Education	(0.00535)	(0.00702)	(0.00801)	(0.00709)	(0.00668)	(0.0124)	(0.0152)	(0.0223)	(0.0149)	(0.0406)
Employment status	−0.00544	0.0504***	−0.0127	0.0355***	−0.00432	0.0954***	0.00605	0.0671***	−0.0655*	−0.0560*
Employment status	(0.0108)	(0.0106)	(0.0154)	(0.0137)	(0.0133)	(0.0238)	(0.0275)	(0.0258)	(0.0336)	(0.0319)
Income	0.0198***	0.0458***	0.00403	0.0245***	0.0256***	0.0867***	0.00739	0.00345	−0.00335	0.0742***
Income	(0.00513)	(0.00512)	(0.00941)	(0.00748)	(0.00668)	(0.0134)	(0.0125)	(0.0122)	(0.0128)	(0.0111)
Resid		−0.116***		−0.109**		0.0593		−0.271***		0.500***
Resid		(0.0353)		(0.0477)		(0.138)		(0.0743)		(0.178)
Fixed effect	Yes	Yes	No	No	No	No	No	No	No	No
LR χ²	923.35	1,164.47	179.45	156.16	112.60	244.24	165.61	120.45	438.26	188.65
Prob > χ²	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Observations	6,865	6,865	2,000	2,000	1,806	1,806	1,000	1,000	2,059	2,059

Note(s): Standard errors are in parentheses. ***, ** and * indicate statistical significance at the 1%, 5% and 10% levels, respectively

Source(s): Authors' own work

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