Table 4.

Estimation results from the gologit model for 3- and 4-cluster division

VariableAverage marginal effects
Not transformed independent variablesIndependent variables logged
Panel A: 3-cluster division
 Cluster = 1Cluster = 2Cluster = 3Cluster = 1Cluster = 2Cluster = 3
PD–0.00283***0.00281***0.00002*–0.24079***0.22169***0.01910
UR0.00700–0.00691–0.000090.05607–0.060590.00452
AS–0.00013***0.00012***0.00002–0.54274***0.44383***0.09891
ER–0.00070***0.00041***0.00028***–0.57146***0.18796***0.38350***
OP–0.00450*0.00639**–0.00189**–0.10735**0.15664***–0.04928*
DP0.00066–0.000790.00013–0.000730.00724–0.00651
Panel B: 4-cluster division
 Cluster = 1Cluster = 2Cluster = 3Cluster = 4Cluster = 1Cluster = 2Cluster = 3Cluster = 4
PD–0.00361***0.00351***0.000060.00004**–0.29690***0.20725***0.06349***0.02616*
UR0.001660.00448–0.004480.001720.00019–0.00123–0.014410.01545
AS–0.00013***0.000010.00011***0.00002–0.52478***–0.032160.48239***0.07456
ER–0.00072***–0.000060.00050***0.00027**–0.55484***–0.140300.32041***0.37474***
OP–0.00807***0.01019***0.00083–0.00295***–0.14560***0.19399***0.01942–0.06781***
DP0.00074–0.00291*0.00244**–0.000270.001840.003200.02599–0.03103

Notes:

*** 1% level of significance. ** 5% level of significance. * 10% level of significance. n = 380

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