# Chronotype, Risk and Time Preferences, and Financial Behaviour
## 4 Results
### The Mediating Role of Financial Risk Preference (H6)
(2013). In particular, after the effects of the control variables and the main effects of time preference are accounted, we find that the coefficient of cross product between monthly income and morningness is 0.209, SE = 0.286, t = 0.73, \(p\) = 0.463, indicating that there is no significant interaction effect in relation to stock market participation. The results do not support Hypothesis 7. To explore whether the indirect relationship between morningness and stock market participation through financial risk preference would be conditional on the moderator variable of monthly income \begin{table}
\begin{tabular}{l c c c c c c} \hline \hline  & \multicolumn{2}{c}{**Financial Risk Preference**} & \multicolumn{4}{c}{**Stock Market Participation**} \\ \hline
**Variables** & **Coefficient** & **SE** & **t** & **Coefficient** & **SE** & **z** \\ \hline Constant & 6.514 *** & 0.654 & 9.953 & \(-\)4.978 *** & 0.962 & \(-\)5.175 \\ Morningness & 0.745 *** & 0.277 & 2.688 & 0.543 & 0.351 & 1.551 \\ Age & \(-\)0.225 & 0.189 & \(-\)1.192 & 0.055 & 0.234 & 0.233 \\ Male & 0.750 *** & 0.179 & 4.186 & 0.577 *** & 0.234 & 2.471 \\ Married & 0.375 & 0.232 & 1.619 & 0.455 *** & 0.258 & 1.768 \\ Education & \(-\)0.147 & 0.164 & \(-\)0.896 & 0.629 *** & 0.212 & 2.976 \\ Monthly income & 0.381 *** & 0.093 & 4.080 & 0.095 & 0.109 & 0.869 \\ Financial risk preference & & & & 0.293 *** & 0.059 & 4.934 \\ R2 & 0.113 & & & & & \\ Pseudo R2 & & & & & & \\ Number of observations & 455 & & & & & \\ Mediator Financial & Bootstrapping effect & Boot SE & & & 95\% CI (LL, UL) \\ preference & 0.219 & 0.095 & & 0.067 & 0.435 \\ \hline \hline \end{tabular} Note: Unstandardized regression coefficients are reported; bootstrap sample size = 5000. CI = confidence interval;  
LL = lower limit; UL = upper limit. * indicates \(p<0.1\), ** indicates \(p<0.05\), and *** indicates \(p<0.01\).  
\end{table} 
Table 8: The mediating effect of financial risk preference on the relationship between morningness and stock market participation. \begin{table}
\begin{tabular}{l c c c c} \hline \hline \multicolumn{2}{c}{**Dependent Variables:**} & \multicolumn{4}{c}{**Monthly Income as a Moderator in Ordinary Least**} \\
**Financial Risk Preference** & \multicolumn{4}{c}{**Squares Regression**} \\ \hline
**Variables** & **Coefficients** & **SD** & **t-Statistic** & \(p\)**-Value** \\ \hline Constant & 7.772 *** & 0.702 & 11.08 & 0.001 \\ Age & \(-\)0.232 & 0.186 & \(-\)1.25 & 0.214 \\ Male & 0.766 *** & 0.180 & 4.25 & 0.001 \\ Married & 0.381 * & 0.228 & 1.67 & 0.095 \\ Education & \(-\)0.144 & 0.160 & \(-\)0.90 & 0.369 \\ Morningness & 0.713 *** & 0.269 & 2.64 & 0.008 \\ Monthly income & 0.352 *** & 0.095 & 3.70 & 0.001 \\ Monthly income \(\times\) Morningness & 0.209 & 0.286 & 0.73 & 0.463 \\ R2 & 0.115 & & & \\ The Number of Observations & 455 & & & & \\ \hline \hline \end{tabular} Note: The dependent variable is financial risk preference. Monthly income is the moderator. This table reports the coefficients from the OLS regression examining the moderating effect of monthly income on the relationship between morningness and financial risk preference. The sample is China residents who have been working for 3 to 8 years, randomly sampled with the online survey. * and *** indicate significances at the 10% level (two-sided) and 1% level, respectively.  
\end{table} 
Table 9: The moderation effect of monthly income on the relationship between morningness and financial risk preference. for the path from morningness to financial risk preference, we use the bootstrap methods proposed by [PERSON] (1931) to test this hypothesized first-stage moderated mediation model (Hypothesis 8). The first step is to examine the interactive effect of morningness and monthly income on financial risk preference. The results suggest that the interaction term between morningness and monthly income is not significant (b = 0.210, SE = 0.305, t = 0.688, \(p>0.05\)).