Variables

RD

RD

RD

RD

(1)

(2)

(3)

(4)

Donate_t−1

0.0446***

(8.0848)

0.0439***

(7.9270)

0.0452***

(8.1566)

0.0450***

(8.1609)

Markket

0.1275***

(5.4053)

0.1262***

(5.3516)

Donate_t−1*Markket

0.0054*

(1.6563)

Inmarket

0.0406***

(3.4830)

0.0371***

(3.1973)

Donate_t−1*Inmarket

0.0072***

(4.4678)

Top1

0.0125***

(4.8012)

0.0125***

(4.7909)

0.0118***

(4.4413)

0.0120***

(4.5608)

Financial

0.1231

(0.6897)

0.1246

(0.6988)

0.0914

(0.5102)

0.0744

(0.4177)

ROE

2.6468***

(7.0107)

2.6690***

(7.0686)

2.8505***

(7.5601)

2.9041***

(7.7418)

Inassets

−1.2096

(−1.4031)

−1.2442

(−1.4435)

−1.2088

(−1.3930)

−1.1794

(−1.3668)

Cash

−0.1263

(−0.6099)

−0.1226

(−0.5923)

−0.1412

(−0.6782)

−0.1231

(−0.5945)

Magin

−1.7565***

(−6.3355)

−1.7547***

(−6.3325)

−1.8080***

(−6.4868)

−1.8246***

(−6.5828)

State

0.2879***

(3.4276)

0.2900***

(3.4539)

0.2061**

(2.4642)

0.1988**

(2.3898)

Year/Industry

Control

Control

Control

Control

Constant

14.7948***

(39.3285)

14.8090***

(39.3764)

15.7435***

(46.7682)

15.7412***

(47.0245)

R-squared

0.2653

0.2665

0.2579

0.2666

Adj.R²

0.2535

0.2543

0.2459

0.2544

N

1707

1707

1707

1707