Variables

Panel A

Panel B

Sub

RD

HHI

RD

(1)

(2)

(3)

(4)

Donate_t−1

0.0510***

(8.6237)

0.0266***

(5.2317)

0.0052***

(3.8763)

0.0425***

(7.7030)

Sub

0.4670***

(22.0247)

HHI

0.6726***

(6.7764)

Top1

0.0114***

(4.0925)

0.0076***

(3.2322)

0.0016**

(2.4472)

0.0122***

(4.7062)

Financial

0.7747***

(4.0894)

−0.3827**

(−2.3898)

−0.1394***

(−3.2001)

0.1537

(0.8649)

ROE

3.2355***

(8.0244)

1.2731***

(3.6799)

2.9484***

(32.1393)

0.8974*

(1.8920)