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