Variables

RD

RD

RD

(1)

(2)

(3)

Donatet−1

0.0564***

(6.0381)

Dumt−1

0.6743***

(5.0608)

Top1

0.0135***

(2.9051)

0.0140***

(3.0737)

0.0137***

(3.0376)

Financial

0.1022

(0.3143)

0.1023

(0.3216)

0.1113

(0.3533)

ROE

2.9645***

(3.9966)

2.9366***

(4.0500)

2.8362***

(3.9483)

Inassets

−0.5575

(−0.3275)

−0.3510

(−0.2109)

−0.5478

(−0.3325)

Cash

0.2784

(0.6677)

0.1716

(0.4205)

0.1283

(0.3174)

Magin

−2.0333***

(−3.9889)

−2.0915***

(−4.1966)

−2.0852***

(−4.2253)

State

0.3910**

(2.5564)

0.3492**

(2.3320)

0.3459**

(2.3334)

Year/Industry

Control

Control

Control

Constant

15.5129***

(21.6935)

15.2352***

(21.7293)

15.2085***

(21.9123)

R-squared

0.2349

0.2704

0.2845

Adj.R2

0.1987

0.2344

0.2491

N

554

554

554