Table 3 Results from first stage regressions^a

Variables

(I)

EPD

(II)

EPD

(III)

EPD

(IV)

EPD

(V)

EPD

(VI)

EPD

MED

0.705**

0.601**

0.588**

0.562**

(6.60)

(5.61)

(5.51)

(5.24)

ASSETS

0.300**

0.250**

0.246**

0.253**

0.239**

(6.25)

(5.20)

(4.20)

(4.15)

(3.98)

INCOME

−0.029

−0.031

−0.041

(−1.02)

(−1.07)

(−1.42)

MS

−0.060

−0.025

(−0.66)

(−0.28)

AGE

−0.095

−0.066

−0.111

(−0.78)

(−0.48)

(−0.82)

FAMILY

0.155*

0.119†

(2.28)

(1.77)

LOCATION

0.216**

0.209**

(3.02)

(2.97)

EDUCATION

0.139**

0.140**

0.127**

(5.21)

(5.01)

(4.60)

GENDER

0.144*

0.148*

0.165*

(2.00)

(2.01)

(2.28)

Constant

−0.625**

−4.403**

−4.199**

−3.892**

−3.894**

−3.820**

(−6.22)

(−6.24)

(−6.05)

(−5.40)

(−4.71)

(−4.70)

N

835

835

835

835

835

835

F Test

43.54**

39.05**

35.99**

17.64**

10.93**

13.08**

Adjusted R²

0.049

0.044

0.077

0.107

0.087

0.115

Variables

(I)

EPD

(II)

EPD

(III)

EPD

(IV)

EPD

(V)

EPD

(VI)

EPD

MED

0.705**

0.601**

0.588**

0.562**

(5.24)

(4.63)

(4.54)

(4.32)

ASSETS

0.300**

0.250**

0.246**

0.253**

0.239**

(5.60)

(4.72)

(4.34)

(4.14)

(3.98)

INCOME

−0.029

−0.031

−0.041

(−1.03)

(−1.03)

(−1.43)

MS

−0.060

−0.025

(−0.65)

(−0.27)

AGE

−0.095

−0.066

−0.111

(−0.73)

(−0.47)

(−0.80)

FAMILY

0.155*

0.119†

(2.32)

(1.84)

LOCATION

0.216**

0.209**

(3.10)

(3.05)

EDUCATION

0.139**

0.140**

0.127**

(4.90)

(5.09)

(4.59)

GENDER

0.144*

0.148*

0.165*

(2.04)

(2.06)

(2.36)

Constant

−0.625**

−4.403**

−4.199**

−3.892**

−3.894**

−3.820**

(−4.85)

(−5.57)

(−5.56)

(−5.43)

(−4.51)

(−4.46)

N

835

835

835

835

835

835

Wald χ²-test

27.46**

31.36**

61.40**

96.33**

88.74**

115.95**

Adjusted R²

0.048

0.044

0.077

0.107

0.087

0.115