Table 6 Robustness 2: Including zodiac year, post zodiac year and CEOs’ Pre zodiac year.
Variables | Log of donation | Donation ratio | Log of donation | Donation ratio |
|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
2 years before zodiac year | 0.073 | 0.019 | ||
(0.083) | (0.015) | |||
Pre zodiac year | 0.178* | 0.036* | 0.169† | 0.040* |
(0.085) | (0.016) | (0.087) | (0.016) | |
Zodiac year | −0.051 | −0.027† | ||
(0.087) | (0.016) | |||
Post zodiac year | −0.045 | −0.020 | ||
(0.088) | (0.016) | |||
Pre zodiac year of CEO | 0.030 | 0.026† | ||
(0.087) | (0.016) | |||
Family firm | 0.827*** | 0.077*** | 0.827*** | 0.077*** |
(0.110) | (0.020) | (0.110) | (0.020) | |
Taoist atmosphere | 4.516*** | 0.846*** | 4.506*** | 0.843*** |
(0.925) | (0.171) | (0.924) | (0.171) | |
Firm size | 1.971*** | 0.051*** | 1.971*** | 0.051*** |
(0.054) | (0.010) | (0.054) | (0.010) | |
Firm age | 0.365* | 0.010 | 0.365* | 0.010 |
(0.166) | (0.031) | (0.166) | (0.031) | |
Firm profitability | 3.053*** | −0.096 | 3.052*** | −0.097 |
(0.421) | (0.078) | (0.421) | (0.078) | |
Firm leverage | −0.304 | −0.399*** | −0.307 | −0.400*** |
(0.221) | (0.041) | (0.221) | (0.041) | |
CSR evaluation | 0.013*** | 0.002*** | 0.013*** | 0.002*** |
(0.003) | (0.000) | (0.003) | (0.000) | |
SOE | −0.325† | −0.115*** | −0.325† | −0.115*** |
(0.169) | (0.031) | (0.169) | (0.031) | |
Largest shareholding | 0.005 | 0.001† | 0.005 | 0.001† |
(0.004) | (0.001) | (0.004) | (0.001) | |
Duality | 0.020 | 0.014 | 0.019 | 0.014 |
(0.080) | (0.015) | (0.080) | (0.015) | |
Inddirector | 0.060 | −0.006 | 0.059 | −0.006 |
(0.409) | (0.076) | (0.409) | (0.076) | |
Firm visibility | 0.085** | 0.021*** | 0.085** | 0.021*** |
(0.032) | (0.006) | (0.032) | (0.006) | |
Chairman age | 0.018*** | 0.000 | 0.018*** | 0.000 |
(0.005) | (0.001) | (0.005) | (0.001) | |
Chairman gender | 0.024 | 0.018 | 0.024 | 0.019 |
(0.178) | (0.033) | (0.178) | (0.033) | |
Chairman education | 0.025 | 0.004 | 0.025 | 0.004 |
(0.032) | (0.006) | (0.032) | (0.006) | |
Chairman overseas background | 0.006 | −0.002 | 0.005 | −0.002 |
(0.129) | (0.024) | (0.129) | (0.024) | |
Industry competition | −0.281 | −0.049 | −0.280 | −0.049 |
(0.481) | (0.089) | (0.481) | (0.089) | |
Market development | 0.021 | 0.005 | 0.021 | 0.005 |
(0.059) | (0.011) | (0.059) | (0.011) | |
Constant | −39.722*** | −0.864* | −39.728*** | −0.871* |
(1.926) | (0.356) | (1.926) | (0.356) | |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Observations | 35,806 | 35,806 | 35,806 | 35,806 |
R-squared | 0.551 | 0.463 | 0.551 | 0.463 |
