# Chronotype, Risk and Time Preferences, and Financial Behaviour
## 4 Results
### The Mediating Role of Time Perspective (H2)  
First, we use OLS regression to investigate the relationship between morningness and time preference. Second, a logistic regression is performed to examine the relationship between time preference and delinquent credit card payments. Consequently, we are able to test whether time preference mediates the link between morningness and delinquent credit card payments (Hypothesis 3). Table 4 reports the results of this mediation model. The results indicate that the morning chronotype is positively associated with time preference (path a: coefficient is 2.136, SE = 0.375, t = 5.701) and time preference is negatively associated with delinquent credit card payments (path b: coefficient is \(-\)0.087, SE = 0.037, z = \(-\)2.367). Since a-path and b-path are both significant, which indicates that there is a mediation effect. To further test the significance of this mediation effect (indirect effect a \(\times\) b), we use the bootstrapping method with bias-corrected confidence estimates [132]. Subsequently, the 95% confidence interval of the indirect effect is taken with 5000 bootstraps resamples [132]. If the confidence interval of the estimator does not contain 0, then it indicates that the indirect effect is significantly different from zero. The results of the bootstrap test show that time preference mediates the link between morningness and the delinquent credit card payments (indirect effect = a \(\times\) b = \(-\)0.186, SE = 0.092, 95% CI = from \(-\)0.381 to \(-\)0.029). Moreover, when adding time preference, the relationship between the morning chronotype and delinquent credit card payments is still significant (path c\({}^{\prime}\): coefficient is \(-\)1.045, SE = 0.386, z = \(-\)2.704). This results means that time preference is a partial mediator. To summarize, the results are in support of Hypothesis 2. In other words, we find that time preference is one channel through which morningness negatively influences the likelihood of delinquent credit card payments. \begin{table}
\begin{tabular}{l c c c c} \hline \hline
**Dependent Variable: Delinquent** & \multicolumn{4}{c}{**Logistic Regression**} \\
**Credit Card Payments** & & & & \\ \hline
**Variables** & **Average Marginal Effect** & **SE** & **z-Statistic** & _p-Value_ \\ \hline _Main variables_ & & & & \\ Morningness & \(-\)0.223 *** & 0.080 & \(-\)2.80 & 0.005 \\ _Control variables_ & & & & \\ Age & 0.005 & 0.048 & 0.10 & 0.917 \\ Male & \(-\)0.016 & 0.046 & \(-\)0.37 & 0.712 \\ Married & 0.028 & 0.053 & 0.53 & 0.593 \\ Education & \(-\)0.035 & 0.043 & \(-\)0.82 & 0.412 \\ Monthly income & 0.031 & 0.023 & 1.36 & 0.174 \\ Time preference & \(-\)0.019 ** & 0.008 & \(-\)2.31 & 0.021 \\ Log pseudolikelihood & \(-\)280.78662 & & & \\ Pseudo R2 & 0.038 & & & \\ Number of observations & 455 & & & \\ \hline \hline \end{tabular} Note: The dependent variable is delinquent credit card payments. This table reports the average marginal effect of logistic regression regarding the effect of morningness on the delinquent credit card payments. The sample include China full-time employees who have been working for 3 to 8 years, randomly sampled using an online survey. ** and *** indicate significance at the 5% level (2-sided) and 1% level, respectively. Pseudo R2 reports the model fit.  
\end{table} 
Table 3: Reports the average marginal effect of morningness on delinquent credit card payment in logistic regression. The Moderating Role of Income on the Indirect Effect of Morningness on Delinquent Credit Card Payments (H3 and H4)  
Table 5 summarizes the statistical results of the moderation model that investigates the moderating effect of monthly income on the relationship between time preference and delinquent credit card payments. The dependent variable is delinquent credit card payments. The independent variable is time preference, and the moderator is monthly income. We grand-mean-center the moderator (Monthly income) and the independent variable (Time preference) according to the approach that was proposed by [PERSON] et al.