Table 4 OLS results for H2 Group 2 vs...

Table 4

OLS results for H2

	Group 2 vs Group 3
	(H2)
	High Balance	Low Balance
Constant	0.056 (1.363)	0.047 (0.621)
NFPAC*	0.013 (0.936)	−0.027** (−1.998)
Balance	−0.002 (−0.979)	0.011** (2.243)
Debt ratio	0.002 (1.134)	0.002 (1.047)
Variance	−0.001 (−0.016)	0.068 (0.838)
Elderly Ratio	0.065 (1.224)	−0.192 (−1.386)
LG type	Control	Control
N	134	128
adj. R²	0.063	0.079

	Group 2 vs Group 3
	(H2)
	High Balance	Low Balance
Constant	0.056 (1.363)	0.047 (0.621)
NFP*AC	0.013 (0.936)	−0.027** (−1.998)
Balance	−0.002 (−0.979)	0.011** (2.243)
Debt ratio	0.002 (1.134)	0.002 (1.047)
Variance	−0.001 (−0.016)	0.068 (0.838)
Elderly Ratio	0.065 (1.224)	−0.192 (−1.386)
LG type	Control	Control
N	134	128
adj. R²	0.063	0.079

Note(s): NFP*AC_high > NFP*AC_low, χ² = 5.03**

** indicate statistical significance at the 5% level. The t-statistics of the OLS regressions are shown in parentheses. χ² indicates the chi-squared test to measure the difference in the NFP*AC coefficients between the high and low balance subsamples. See Appendix 2 for variable definitions

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