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

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)

Score

0.049**

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)

Bgrade

0.226***

−0.041***

0.076

−0.020*

(4.86)

(−3.64)

(1.54)

(−1.84)

Idnumber

0.713***

0.060***

0.731***

0.032*

(14.87)

(3.03)

(15.27)

(1.70)

Age

0.251***

−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

−0.138

0.029

−0.137

0.035

(−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

−0.187

0.005

−0.119

−0.011

(−1.20)

(0.09)

(−0.76)

(−0.20)

Guarantee

0.512***

0.496***

(6.81)

(6.44)

MILLS

0.0652

−0.0137

0.0586

0.0548

Constant

0.651**

1.280***

1.668***

1.123***

(2.35)

(17.15)

(5.43)

(15.39)

Year

Yes

Yes

Yes

N

3935

3935

3935

3935