| First stage of Heckman model | Second stage of Heckman model |
| Model (3) | Model (4) |
Dep. Var.: | N_cd | ROE |
|
|
|
ROE | 0.0125*** |
|
| (0.0015) |
|
lev | −0.5326*** | −10.8816*** |
| (0.0789) | (1.2753) |
size | 0.4677*** |
|
| (0.0147) |
|
lnpind_N | 0.0880*** |
|
| (0.0205) |
|
SOE | 0.1224*** | −4.2501*** |
| (0.0312) | (0.4352) |
ln_N |
| −0.5722** |
|
| (0.2300) |
ln_dona |
| 0.0921*** |
|
| (0.0292) |
IMR |
| −8.1714*** |
|
| (0.6086) |
Obs. | 13,597 | 2226 |
R-squared |
| 0.1763 |
Time fixed effects | Yes | Yes |