From: Financial literacy, behavioral traits, and ePayment adoption and usage in Japan
 | Using e-money | Using mobile payment apps | Using either e-money or mobile payment apps |
---|---|---|---|
(1) | (2) | (3) | |
Panel A: | |||
 Financial literacy | 0.101*** | 0.039** | 0.084*** |
[0.030] | [0.019] | [0.031] | |
 Financial literacy * Risk aversion | 0.004 | 0.041*** | 0.019 |
[0.016] | [0.010] | [0.016] | |
 Risk aversion | − 0.017 | − 0.056*** | − 0.034*** |
[0.013] | [0.009] | [0.013] | |
 Herd behavior | 0.014 | 0.017*** | 0.019** |
[0.009] | [0.005] | [0.009] | |
Other covariates | |||
 Anderson canon. corr. LM statistic | 440.445 | 440.445 | 440.445 |
 Cragg–Donald Wald F statistic | 502.005 | 502.005 | 502.005 |
 Sargan statistics (p-value) | 0.3259 | 0.5525 | 0.8312 |
Panel B: | |||
 Financial literacy | 0.118*** | 0.035*** | 0.127*** |
[0.013] | [0.007] | [0.013] | |
 Financial literacy * Herd behavior | − 0.054* | − 0.022 | − 0.057* |
[0.030] | [0.018] | [0.031] | |
 Herd behavior | 0.004 | 0.017*** | 0.010 |
[0.010] | [0.005] | [0.010] | |
 Risk aversion | − 0.015* | − 0.029*** | − 0.022*** |
[0.008] | [0.005] | [0.008] | |
Other covariates | |||
 Anderson canon. corr. LM statistic | 433.22 | 433.22 | 433.22 |
 Cragg–Donald Wald F statistic | 606.369 | 606.369 | 606.369 |
 Sargan statistics (p-value) | 0.3124 | 0.3744 | 0.7636 |