Probit estimation results for option exercise (unit: KRW 10,000)
| Variable | The pre-service (military service expected) | The post-service (military service finished) |
|---|---|---|
| Age | −0.291*** (0.104) | −0.0230 (0.0461) |
| College graduate | 1.544** (0.689) | 0.199 (0.258) |
| Parent’s net asset (KRW thousand) | 0.00188* (0.00102) | 0.0153** (0.000693) |
| Seoul city residents | −0.518* (0.282) | 0.0833 (0.242) |
| Literature major in college | −0.764 (0.569) | −0.915 (0.580) |
| Social science major | 0.252 (0.523) | −0.267 (0.455) |
| Business economics major | −0.700 (0.511) | −1.190** (0.470) |
| Natural science major | −0.173 (0.340) | −0.578 (0.370) |
| Engineering major | 5.540*** (2.058) | 0.269 (1.261) |
| Observations | 133 | 150 |
| Log pseudo likelihood | −78.920813 | −85.678038 |
| Variable | The pre-service (military service expected) | The post-service (military service finished) |
|---|---|---|
| Age | −0.291 | −0.0230 (0.0461) |
| College graduate | 1.544 | 0.199 (0.258) |
| Parent’s net asset (KRW thousand) | 0.00188 | 0.0153 |
| Seoul city residents | −0.518 | 0.0833 (0.242) |
| Literature major in college | −0.764 (0.569) | −0.915 (0.580) |
| Social science major | 0.252 (0.523) | −0.267 (0.455) |
| Business economics major | −0.700 (0.511) | −1.190 |
| Natural science major | −0.173 (0.340) | −0.578 (0.370) |
| Engineering major | 5.540 | 0.269 (1.261) |
| Observations | 133 | 150 |
| Log pseudo likelihood | −78.920813 | −85.678038 |
Notes:
We code “discharge” as 1 and “continue” as 0 for a dependent variable. Robust standard errors are in parentheses. ***p < 0.01; **p < 0.05; *p < 0.1
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