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

−0.6868***

−10.4457***

(0.0890)

(1.4855)

size

0.4490***

(0.0157)

lnpind_dona

0.0182*