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