Table 5 Robustness 1: Including chair fixed effect.

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

Variables

Log of donation

Donation ratio

Model 1

Model 2

Model 3

Model 4

Pre zodiac year

0.204*

−0.257*

0.040*

−0.046*

 

(0.083)

(0.120)

(0.016)

(0.023)

Pre zodiac year × Family firm

 

0.713***

 

0.140***

  

(0.165)

 

(0.031)

Pre zodiac year × Taoist atmosphere

 

2.185**

 

0.335*

  

(0.764)

 

(0.145)

Family firm

0.843***

0.736***

0.122***

0.101***

 

(0.134)

(0.136)

(0.025)

(0.026)

Taoist atmosphere

5.448***

5.146***

0.813***

0.766***

 

(1.124)

(1.129)

(0.214)

(0.214)

Firm size

1.775***

1.774***

0.039**

0.039**

 

(0.075)

(0.075)

(0.014)

(0.014)

Firm age

0.550**

0.552**

0.033

0.033

 

(0.207)

(0.207)

(0.039)

(0.039)

Firm profitability

2.494***

2.515***

−0.206*

−0.203*

 

(0.462)

(0.462)

(0.088)

(0.088)

Firm leverage

−0.268

−0.271

−0.453***

−0.453***

 

(0.274)

(0.274)

(0.052)

(0.052)

CSR evaluation

0.013***

0.013***

0.002***

0.002***

 

(0.003)

(0.003)

(0.001)

(0.001)

SOE

−0.373

−0.381

−0.095†

−0.097†

 

(0.270)

(0.269)

(0.051)

(0.051)

Largest shareholding

0.007

0.007

0.002†

0.002†

 

(0.005)

(0.005)

(0.001)

(0.001)

Duality

0.049

0.050

−0.004

−0.003

 

(0.097)

(0.097)

(0.018)

(0.018)

Inddirector

−0.138

−0.141

−0.012

−0.013

 

(0.420)

(0.420)

(0.080)

(0.080)

Firm visibility

0.101**

0.102**

0.028***

0.028***

 

(0.034)

(0.034)

(0.007)

(0.007)

Chairman age

0.068

0.068

−0.017

−0.017

 

(0.064)

(0.064)

(0.012)

(0.012)

Chairman gender

-

-

-

-

Chairman education

−0.003

−0.002

0.006

0.006

 

(0.052)

(0.052)

(0.010)

(0.010)

Chairman overseas background

0.359†

0.361†

0.050

0.050

 

(0.196)

(0.196)

(0.037)

(0.037)

Industry competition

−0.991†

−0.983†

−0.082

−0.081

 

(0.586)

(0.585)

(0.111)

(0.111)

Market development

0.019

0.020

−0.000

0.000

 

(0.070)

(0.070)

(0.013)

(0.013)

Constant

−39.696***

−39.672***

0.138

0.141

 

(4.125)

(4.123)

(0.783)

(0.783)

Firm fixed effect

Yes

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Yes

Chairman fixed effect

Yes

Yes

Yes

Yes

Observations

35,806

35,806

35,806

35,806

R-squared

0.644

0.645

0.550

0.551

  1. Standard errors in parentheses, ***p < 0.001, **p < 0.01, *p < 0.05, †p < 0.10, two-tailed test.
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