Table 12 Impact of pre zodiac year on donation detail and relevant decisions.

From: From superstition to generosity: the role of executives’ luck belief in corporate charitable donations in China

Variables

Donationnum

Log of averagedonation

Quietgiving

Liability insurance

Model 1

Model 2

Model 3

Model 4

Pre zodiac year

0.013*

0.098

0.014†

0.050***

 

(0.007)

(0.077)

(0.008)

(0.004)

Zodiac year

−0.005

0.018

−0.002

−0.005

 

(0.007)

(0.079)

(0.008)

(0.004)

Family firm

0.028**

0.561***

0.054***

0.004

 

(0.009)

(0.104)

(0.011)

(0.005)

Taoist atmosphere

0.287***

2.676**

0.333***

0.219***

 

(0.074)

(0.861)

(0.090)

(0.042)

Firm size

0.110***

1.368***

0.085***

0.021***

 

(0.004)

(0.055)

(0.005)

(0.002)

Firm age

0.013

0.236

0.002

0.001

 

(0.013)

(0.156)

(0.016)

(0.007)

Firm profitability

0.011

3.939***

0.094*

−0.049*

 

(0.034)

(0.412)

(0.041)

(0.019)

Firm leverage

−0.013

−0.518*

−0.003

−0.031**

 

(0.018)

(0.220)

(0.022)

(0.010)

CSR evaluation

0.001**

0.008***

−0.001***

−0.000†

 

(0.000)

(0.002)

(0.000)

(0.000)

SOE

−0.012

−0.146

0.005

0.069***

 

(0.014)

(0.164)

(0.016)

(0.008)

Largest shareholding

0.001**

0.004

0.000

0.001***

 

(0.000)

(0.004)

(0.000)

(0.000)

Duality

−0.000

0.042

0.003

−0.003

 

(0.006)

(0.075)

(0.008)

(0.004)

Inddirector

0.024

0.041

−0.002

−0.038*

 

(0.033)

(0.379)

(0.039)

(0.018)

Firm visibility

−0.006*

0.142***

−0.007*

0.002

 

(0.003)

(0.030)

(0.003)

(0.001)

Chairman age

0.001**

0.002

0.001**

−0.001***

 

(0.000)

(0.005)

(0.001)

(0.000)

Chairman gender

−0.023

0.075

−0.006

0.009

 

(0.014)

(0.174)

(0.017)

(0.008)

Chairman education

−0.001

0.011

0.002

−0.005***

 

(0.003)

(0.030)

(0.003)

(0.001)

Chairman overseas background

0.004

−0.062

0.003

0.007

 

(0.010)

(0.121)

(0.012)

(0.006)

Industry competition

−0.080*

−0.116

−0.028

−0.042†

 

(0.038)

(0.471)

(0.047)

(0.022)

Market development

−0.001

0.039

0.004

−0.006*

 

(0.005)

(0.056)

(0.006)

(0.003)

Constant

−1.794***

−22.546***

−1.361***

−0.254**

 

(0.154)

(1.849)

(0.188)

(0.087)

Firm fixed effect

Yes

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Yes

Observations

35,806

29,649

35,806

35,806

R-squared

0.440

0.442

0.386

0.655

  1. Standard errors in parentheses, ***p < 0.001, **p < 0.01, *p < 0.05, †p < 0.10, two-tailed test. Model 1, Model 3 and Model 4 are based on full sample; Model 2 is based on sample with donation above zero.
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