Table 5 OLS results for supplementary...

Table 5

OLS results for supplementary analyses

Variables	Group 1 vs Group 4	Group 2 vs Group 3
Variables	(1)	(2)
Constant	0.110 (3.180)***	0.011 (0.422)
AC	0.010 (1.043)
NFPAC*		−0.010 (−1.007)
Balance	−0.012 (−1.071)	0.001 (0.974)
Debt ratio	0.001 (0.556)	0.001 (0.970)
Variance	−0.022 (−0.451)	0.020 (0.361)
Elderly Ratio	0.063 (0.843)	0.033 (0.671)
LG type	Control	Control
N	286	262
adj. R²	0.043	0.050

Variables	Group 1 vs Group 4	Group 2 vs Group 3
Variables	(1)	(2)
Constant	0.110 (3.180)***	0.011 (0.422)
AC	0.010 (1.043)
NFP*AC		−0.010 (−1.007)
Balance	−0.012 (−1.071)	0.001 (0.974)
Debt ratio	0.001 (0.556)	0.001 (0.970)
Variance	−0.022 (−0.451)	0.020 (0.361)
Elderly Ratio	0.063 (0.843)	0.033 (0.671)
LG type	Control	Control
N	286	262
adj. R²	0.043	0.050

Note(s): NFP_high > NFP_low, χ² = 0.00

*** indicate statistical significance at the 1% 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 coefficients between the high and low balance subsamples. See Appendix 2 for variable definitions

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