Variables

RD_t+1

RD_t+1

RD_t+1

RD_t+1

(1)

(2)

(3)

(4)

Donate_t−1

0.0496***

(7.2973)

0.0494***

(7.2506)

0.0503***

(7.3732)

0.0506***

(7.4590)

Markket

0.1107***

(3.7817)

0.1083***

(3.6843)

Donate_t−1*Markket

0.0033

(0.8278)

Inmarket

0.0336**

(2.3165)

0.0290**

(2.0057)

Donate_t−1*Inmarket

0.0073***

(3.6593)

Top1

0.0133***

(4.1766)

0.0133***

(4.1645)

0.0128***

(3.9283)

0.0130***

(4.0022)

Financial

0.0557

(0.2553)

0.0555

(0.2541)

0.0285

(0.1301)

0.0021

(0.0097)

ROE

2.7295***

(5.8885)

2.7411***

(5.9100)

2.9438***

(6.3816)

2.9933***

(6.5225)

Inassets

−0.6672

(−0.6041)

−0.6640

(−0.6011)

−0.5900

(−0.5313)

−0.5486

(−0.4968)

Cash

0.4475

(1.1087)

0.4710

(1.1638)

0.4317

(1.0627)

0.4647

(1.1500)

Magin

−1.8761***

(−5.4993)

−1.8784***

(−5.5050)

−1.9250***

(−5.6185)

−1.9203***

(−5.6361)

State

0.2051**

(1.9932)

0.2046**

(1.9878)

0.1341

(1.3094)

0.1250

(1.2269)

Year/Industry

Control

Control

Control

Control

Constant

15.0810***

(32.2429)

15.1075***

(32.2195)

15.9086***

(37.9529)

15.9090***

(38.1671)

R-squared

0.2558

0.2562

0.2497

0.2588

Adj.R²

0.2382

0.2380

0.2320

0.2406

N

1127

1127

1127

1127