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Table 12 Voluntary disclosures and the bidding activity: The Heckman two–step estimation

From: Voluntary disclosures and peer-to-peer lending decisions: Evidence from the repeated game

 Borrowing experienceSuccessful borrowing experience
Stage1Stage2Stage1Stage2
(1)(2)(3)(4) 
Ltimes×Score−0.051*−0.040***   
(−1.86)(−5.08)   
Ltimes−0.175*0.225***   
(−1.77)(7.61)   
Lsuccess×Score  −0.122***−0.034*** 
  (−3.32)(−4.63) 
Lsuccess  −0.542***0.282*** 
  (−4.72)(9.14) 
Score0.049**0.014***0.132***0.015*** 
(2.42)(3.12)(3.99)(2.93) 
Lnamount−0.206***−0.079***−0.256***−0.067*** 
(−6.33)(−9.42)(−7.71)(−7.60) 
Months−0.052***−0.016***− 0.061***−0.013*** 
(−6.27)(−5.83)(−7.09)(−4.81) 
Bgrade0.226***−0.041***0.076−0.020* 
(4.86)(−3.64)(1.54)(−1.84) 
Idnumber0.713***0.060***0.731***0.032* 
(14.87)(3.03)(15.27)(1.70) 
Age0.251***−0.017*0.244***−0.019** 
(8.66)(−1.80)(8.28)(−2.14) 
Worker−0.324***0.058***−0.314***0.061*** 
(−4.41)(2.86)(−4.20)(3.09) 
Boss−0.1380.029−0.1370.035 
(−1.44)(1.09)(−1.40)(1.31) 
Gender−0.458***−0.019− 0.460***−0.005 
(−7.55)(−1.02)(−7.51)(−0.27) 
Student−0.1870.005−0.119−0.011 
(−1.20)(0.09)(−0.76)(−0.20) 
Guarantee0.512*** 0.496***  
(6.81) (6.44)  
MILLS 0.0652 −0.0137 
 0.0586 0.0548 
Constant0.651**1.280***1.668***1.123*** 
(2.35)(17.15)(5.43)(15.39) 
YearYesYesYesYes
N3935393539353935 
  1. Notes. Robust standard errors are reported in parentheses. *, **, *** represents statistical significance at the 10%, 5% and 1% confidence levels, respectively