Table 3 Results of robustness tests...

Table 3

Results of robustness tests

Model	(1) Public	(2) Public	(3) Public	(4) Public	(5) Public
Disposition	−0.0777	−0.127^*	−0.164^*	−0.165^*	−0.0817^***
Disposition	(0.0615)	(0.0624)	(0.0796)	(0.0787)	(0.00945)
Work	−0.499^***	−0.521^***	−0.757^**	−0.724^**	−0.505***
Work	(0.0238)	(0.0240)	(0.267)	(0.269)	(0.0226)
Richness	0.936^***	0.922^***	0.969^***	0.970^***	0.886^***
Richness	(0.0162)	(0.0163)	(0.0169)	(0.0169)	(0.0158)
Disposition* Work		0.0667^***	0.232^**	0.214^*	0.0605^***
Disposition* Work		(0.0122)	(0.0880)	(0.0877)	(0.0112)
Disposition* Richness		0.0646^***	0.0635^***	0.0636^***	0.0607^***
Disposition* Richness		(0.00833)	(0.00861)	(0.00861)	(0.00793)
Benefit	3.103^***	3.092^***	3.162^***	3.176^***	3.468^***
Benefit	(0.0862)	(0.0862)	(0.0894)	(0.0895)	(0.0792)
Risk	−0.0347	−0.0570	0.239	−0.0119	−0.256^***
Risk	(0.192)	(0.194)	(0.248)	(0.222)	(0.0195)
Gender	−0.370	−0.361	−0.615	−0.558	−0.139^***
Gender	(0.286)	(0.288)	(0.369)	(0.320)	(0.0318)
Age	−0.456^***	−0.459^***	−0.555^***	−0.545^***	−0.245^***
Age	(0.0341)	(0.0341)	(0.0357)	(0.0357)	(0.0114)
Toi	0.0000868	0.0000896	0.0000576	0.0000905	0.0000436^***
Toi	(0.0000624)	(0.0000629)	(0.0000806)	(0.0000697)	(0.00000244)
Experience	2.721^***	2.706^***	2.262^***	2.647^***	2.341^***
Experience	(0.274)	(0.276)	(0.355)	(0.315)	(0.0251)
Constant	−2.958^***	−2.946^***	−2.799^***	−2.920^***	−2.659^***
Constant	(0.262)	(0.264)	(0.338)	(0.317)	(0.0248)
Log-likelihood	−32686.842	−32655.151	−31235.26	−31226.457	−34145.178
Likelihood-ratio test		63.38^***	2839.78^***	17.60^***
Pseudo-R²	0.141	0.142	0.179	0.179	0.254
AIC	65395.68	65336.3	62498.52	62482.91
BIC	65499.33	65458.79	62630.43	62624.25

Model	(1)Public	(2)Public	(3)Public	(4)Public	(5)Public
Disposition	−0.0777	−0.127^*	−0.164^*	−0.165^*	−0.0817^***
Disposition	(0.0615)	(0.0624)	(0.0796)	(0.0787)	(0.00945)
Work	−0.499^***	−0.521^***	−0.757^**	−0.724^**	−0.505***
Work	(0.0238)	(0.0240)	(0.267)	(0.269)	(0.0226)
Richness	0.936^***	0.922^***	0.969^***	0.970^***	0.886^***
Richness	(0.0162)	(0.0163)	(0.0169)	(0.0169)	(0.0158)
Disposition* Work		0.0667^***	0.232^**	0.214^*	0.0605^***
Disposition* Work		(0.0122)	(0.0880)	(0.0877)	(0.0112)
Disposition* Richness		0.0646^***	0.0635^***	0.0636^***	0.0607^***
Disposition* Richness		(0.00833)	(0.00861)	(0.00861)	(0.00793)
Benefit	3.103^***	3.092^***	3.162^***	3.176^***	3.468^***
Benefit	(0.0862)	(0.0862)	(0.0894)	(0.0895)	(0.0792)
Risk	−0.0347	−0.0570	0.239	−0.0119	−0.256^***
Risk	(0.192)	(0.194)	(0.248)	(0.222)	(0.0195)
Gender	−0.370	−0.361	−0.615	−0.558	−0.139^***
Gender	(0.286)	(0.288)	(0.369)	(0.320)	(0.0318)
Age	−0.456^***	−0.459^***	−0.555^***	−0.545^***	−0.245^***
Age	(0.0341)	(0.0341)	(0.0357)	(0.0357)	(0.0114)
Toi	0.0000868	0.0000896	0.0000576	0.0000905	0.0000436^***
Toi	(0.0000624)	(0.0000629)	(0.0000806)	(0.0000697)	(0.00000244)
Experience	2.721^***	2.706^***	2.262^***	2.647^***	2.341^***
Experience	(0.274)	(0.276)	(0.355)	(0.315)	(0.0251)
Constant	−2.958^***	−2.946^***	−2.799^***	−2.920^***	−2.659^***
Constant	(0.262)	(0.264)	(0.338)	(0.317)	(0.0248)
Log-likelihood	−32686.842	−32655.151	−31235.26	−31226.457	−34145.178
Likelihood-ratio test		63.38^***	2839.78^***	17.60^***
Pseudo-R²	0.141	0.142	0.179	0.179	0.254
AIC	65395.68	65336.3	62498.52	62482.91
BIC	65499.33	65458.79	62630.43	62624.25

Note(s): *p < 0.05, **p < 0.01, ***p < 0.001. [1] Standard errors are in parentheses. [2] The regression method used for models (1) to (4) is meqrlogit and model (5) uses GSEM. [3] The first part of Table 3 reports the coefficients (standard errors) and the significance levels of the fixed effects and the second part reports the results of model comparisons. [4] The likelihood-ratio test values for models (2), (3) and (4), respectively, correspond to (1), (2) and (3), indicating that the model is improving incrementally. [5] The Pseudo-R² of the model (5) is given based on the constant term model of GSEM: (45769.576–34145.178)/45769.576 = 0.254

Source(s): Authors' own creation/work

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