Variables

RD

RD

RD

(1)

(2)

(3)

Donate_t−1

0.0460***

(8.2684)

Dum_t−1

0.5577***

(7.0999)

Top1

0.0116***

(5.2157)

0.0135***

(5.1196)

0.0132***

(5.0520)

Financial

0.0245

(0.1607)

0.0634

(0.3513)

0.0600

(0.3340)

ROE

3.5509***

(10.6850)

2.9623***

(7.8028)

2.8805***

(7.6167)

Inassets

−1.2168*

(−1.6567)

−1.2715

(−1.4578)

−1.4237

(−1.6394)

Cash

−0.1410

(−0.8031)

−0.1152

(−0.5486)

−0.1248

(−0.5979)

Magin

−1.7075***

(−7.2303)

−1.7646***

(−6.2808)

−1.7802***

(−6.3688)

State

0.2719***

(3.7998)

0.2212***

(2.6262)

0.2216***

(2.6446)

Year/Industy

Control

Control

Control

Constant

15.9511***

(52.0278)

15.7444***

(46.3867)

15.7212***

(46.5564)

R-squared

0.2247

0.2447

0.2525

Adj.R²

0.2163

0.2331

0.2409

N

2425

1707

1707