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Financial Innovation

Table 7 Regression result of microfinance access and financial literacy.

From: How does financial literacy impact on inclusive finance?

Microfinance (DV)

Logit model

Probit model

A

B

A

B

Profession

 

 − 1.534

 

 − 1.051*

 

(1.037)

 

(0.562)

Income

 

 − 5.221***

 

 − 2.937***

 

(1.535)

 

(0.818)

Education

 

1.756***

 

0.845**

 

(0.666)

 

(0.358)

Deposit & withdraw ability

10.007

22.55***

5.178

11.874***

(1.459)

(5.487)

(0.694)

(2.822)

Savings & loan

2.523

5.911***

1.113

3.040***

(0.504)

(1.615)

(0.225)

(0.817)

Savings & loan interest rate

1.159

4.580***

0.808

2.537***

(0.439)

(1.475)

(0.234)

(0.775)

Installment

 − 0.226

0.989

 − 0.004

0.576

(0.338)

(0.835)

(0.174)

(0.418)

Security money

2.654

4.708***

1.252

2.541***

(0.502)

(1.160)

(0.245)

(0.608)

Personal investment

 − 1.311

 − 4.143***

 − 0.662

 − 2.138***

(0.408)

(1.093)

(0.209)

(0.570)

_cons

 − 17.418

 − 39.24

 − 9.196

 − 20.45

(2.551)

(10.744)

(1.289)

(5.471)

  1. This model presents the association between financial literacy and microfinance access. Part A of the logit model shows − 63.24 log-likelihood, LR chi2 (6) is 1046.35, and model fits at 89% Pseudo R2 value; where part B shows − 43.701 log-likelihood, LR chi2 (9) is 1085.41, and model fits at 93% Pseudo R2 value. On the other hand, Part A of the Probit model shows − 65.67 log-likelihood, LR chi2 (6) is 1041.48, and the model fits at 88% Pseudo R2 value; where part B shows − 44.97 log-likelihood, LR chi2 (9) is 1082.89, and model fits at 92% Pseudo R2 value. The value of Prob > chi2 is 0 for all models, and the observation of A & B is 852. ***, **, * refer significance level at 99%, 95%, 90%, respectively. The value within the first bracket is the standard error value
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