|
| First stage of Heckman model | Second stage of Heckman model |
|
| Model (1) | Model (2) |
| Dep. Var.: | dona_cd | ROE |
|
|
|
|
| ROE | 0.0148*** |
|
|
| (0.0018) |
|
| lev | −0.6886*** | −10.4356*** |
|
| (0.0887) | (1.4850) |
| size | 0.4493*** |
|
|
| (0.0157) |
|
| lnpind_dona | 0.0182* |
|
|
| (0.0107) |
|
| SOE | −0.0559 | −3.4264*** |
|
| (0.0358) | (0.4791) |
| ln_dona |
| 0.4599*** |
|
|
| (0.1554) |
| IMR |
| −7.5150*** |
|
|
| (0.7588) |
| Obs. | 12,718 | 1417 |
| R-squared |
| 0.2157 |
| Time fixed effects | Yes | Yes |