Table 2 Pre zodiac year and Log of donation.
Variables | Log of donation | ||||
|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
Pre zodiac year | 0.178* | −0.177 | 0.032 | −0.288* | |
(0.083) | (0.113) | (0.092) | (0.118) | ||
Pre zodiac year × Family firm | 0.762*** | 0.717*** | |||
(0.166) | (0.166) | ||||
Pre zodiac year × Taoist atmosphere | 2.817*** | 2.547*** | |||
(0.763) | (0.765) | ||||
Family firm | 0.846*** | 0.827*** | 0.734*** | 0.820*** | 0.733*** |
(0.110) | (0.110) | (0.112) | (0.110) | (0.112) | |
Taoist atmosphere | 4.280*** | 4.503*** | 4.500*** | 4.119*** | 4.152*** |
(0.919) | (0.924) | (0.924) | (0.930) | (0.930) | |
Firm size | 1.971*** | 1.971*** | 1.973*** | 1.971*** | 1.972*** |
(0.054) | (0.054) | (0.054) | (0.054) | (0.054) | |
Firm age | 0.367* | 0.364* | 0.367* | 0.366* | 0.368* |
(0.166) | (0.166) | (0.166) | (0.166) | (0.166) | |
Firm profitability | 3.053*** | 3.052*** | 3.057*** | 3.065*** | 3.069*** |
(0.421) | (0.421) | (0.421) | (0.421) | (0.421) | |
Firm leverage | −0.306 | −0.307 | −0.308 | −0.305 | −0.307 |
(0.221) | (0.221) | (0.221) | (0.221) | (0.221) | |
CSR evaluation | 0.013*** | 0.013*** | 0.013*** | 0.013*** | 0.013*** |
(0.003) | (0.003) | (0.003) | (0.003) | (0.003) | |
SOE | −0.318† | −0.325† | −0.330† | −0.327† | −0.332* |
(0.169) | (0.169) | (0.169) | (0.169) | (0.169) | |
Largest shareholding | 0.005 | 0.005 | 0.005 | 0.006 | 0.005 |
(0.004) | (0.004) | (0.004) | (0.004) | (0.004) | |
Duality | 0.020 | 0.019 | 0.020 | 0.019 | 0.020 |
(0.080) | (0.080) | (0.080) | (0.080) | (0.080) | |
Inddirector | 0.063 | 0.059 | 0.052 | 0.067 | 0.060 |
(0.409) | (0.409) | (0.409) | (0.409) | (0.409) | |
Firm visibility | 0.085** | 0.085** | 0.085** | 0.086** | 0.086** |
(0.032) | (0.032) | (0.032) | (0.032) | (0.032) | |
Chairman age | 0.018*** | 0.018*** | 0.019*** | 0.018*** | 0.019*** |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
Chairman gender | 0.018 | 0.024 | 0.026 | 0.022 | 0.025 |
(0.178) | (0.178) | (0.178) | (0.178) | (0.178) | |
Chairman education | 0.025 | 0.025 | 0.026 | 0.025 | 0.025 |
(0.032) | (0.032) | (0.032) | (0.032) | (0.032) | |
Chairman overseas background | 0.006 | 0.005 | 0.009 | 0.005 | 0.008 |
(0.129) | (0.129) | (0.128) | (0.128) | (0.128) | |
Industry competition | −0.279 | −0.279 | −0.284 | −0.279 | −0.283 |
(0.481) | (0.481) | (0.481) | (0.481) | (0.481) | |
Market development | 0.020 | 0.020 | 0.020 | 0.022 | 0.022 |
(0.059) | (0.059) | (0.059) | (0.059) | (0.059) | |
Constant | −39.729*** | −39.723*** | −39.760*** | −39.740*** | −39.774*** |
(1.926) | (1.926) | (1.926) | (1.926) | (1.925) | |
Firm fixed effect | Yes | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes | Yes |
Observations | 35,806 | 35,806 | 35,806 | 35,806 | 35,806 |
R-squared | 0.551 | 0.551 | 0.552 | 0.551 | 0.552 |
