Table 3 Pre zodiac year and Donation ratio.
Variables | Donation ratio | ||||
|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
Pre zodiac year | 0.039* | −0.026 | 0.023 | −0.037† | |
(0.015) | (0.021) | (0.017) | (0.022) | ||
Pre zodiac year × Family firm | 0.139*** | 0.134*** | |||
(0.031) | (0.031) | ||||
Pre zodiac year × Taoist atmosphere | 0.307* | 0.256† | |||
(0.141) | (0.141) | ||||
Family firm | 0.082*** | 0.078*** | 0.061** | 0.077*** | 0.061** |
(0.020) | (0.020) | (0.021) | (0.020) | (0.021) | |
Taoist atmosphere | 0.792*** | 0.840*** | 0.840*** | 0.799*** | 0.805*** |
(0.170) | (0.171) | (0.171) | (0.172) | (0.172) | |
Firm size | 0.051*** | 0.051*** | 0.051*** | 0.051*** | 0.051*** |
(0.010) | (0.010) | (0.010) | (0.010) | (0.010) | |
Firm age | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 |
(0.031) | (0.031) | (0.031) | (0.031) | (0.031) | |
Firm profitability | −0.096 | −0.096 | −0.095 | −0.095 | −0.094 |
(0.078) | (0.078) | (0.078) | (0.078) | (0.078) | |
Firm leverage | −0.399*** | −0.399*** | −0.400*** | −0.399*** | −0.400*** |
(0.041) | (0.041) | (0.041) | (0.041) | (0.041) | |
CSR evaluation | 0.002*** | 0.002*** | 0.002*** | 0.002*** | 0.002*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
SOE | −0.113*** | −0.114*** | −0.115*** | −0.115*** | −0.116*** |
(0.031) | (0.031) | (0.031) | (0.031) | (0.031) | |
Largest shareholding | 0.001† | 0.001† | 0.001† | 0.001† | 0.001† |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Duality | 0.014 | 0.014 | 0.014 | 0.014 | 0.014 |
(0.015) | (0.015) | (0.015) | (0.015) | (0.015) | |
Inddirector | −0.006 | −0.007 | −0.008 | −0.006 | −0.007 |
(0.076) | (0.076) | (0.076) | (0.076) | (0.076) | |
Firm visibility | 0.021*** | 0.021*** | 0.021*** | 0.021*** | 0.021*** |
(0.006) | (0.006) | (0.006) | (0.006) | (0.006) | |
Chairman age | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Chairman gender | 0.018 | 0.019 | 0.019 | 0.019 | 0.019 |
(0.033) | (0.033) | (0.033) | (0.033) | (0.033) | |
Chairman education | 0.004 | 0.004 | 0.004 | 0.004 | 0.004 |
(0.006) | (0.006) | (0.006) | (0.006) | (0.006) | |
Chairman overseas background | −0.002 | −0.002 | −0.002 | −0.002 | −0.002 |
(0.024) | (0.024) | (0.024) | (0.024) | (0.024) | |
Industry competition | −0.048 | −0.048 | −0.049 | −0.048 | −0.049 |
(0.089) | (0.089) | (0.089) | (0.089) | (0.089) | |
Market development | 0.005 | 0.005 | 0.005 | 0.005 | 0.005 |
(0.011) | (0.011) | (0.011) | (0.011) | (0.011) | |
Constant | −0.865* | −0.863* | −0.870* | −0.865* | −0.872* |
(0.356) | (0.356) | (0.356) | (0.356) | (0.356) | |
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 | 0.463 | 0.463 | 0.463 | 0.463 | 0.463 |
