Table 8 Robustness 3: Regression results based on sample after PSM.
Variables | First step | Second step | |
|---|---|---|---|
Pre zodiac year | Log of donation | Donation ratio | |
Model 1 | Model 2 | Model 3 | |
Pre zodiac year | 0.207* | 0.044* | |
(0.105) | (0.019) | ||
Family firm | 0.415*** | 1.501*** | 0.159*** |
(0.052) | (0.215) | (0.040) | |
Taoist atmosphere | −0.900*** | 10.304*** | 1.135*** |
(0.202) | (1.622) | (0.299) | |
Firm size | 0.001 | 1.975*** | 0.064** |
(0.018) | (0.106) | (0.020) | |
Firm age | 0.003 | 0.024 | −0.008 |
(0.003) | (0.330) | (0.061) | |
Firm profitability | 0.279 | 3.004*** | 0.072 |
(0.307) | (0.899) | (0.166) | |
Firm leverage | −0.060 | −0.332 | −0.499*** |
(0.112) | (0.458) | (0.085) | |
CSR evaluation | −0.002 | 0.011* | 0.002 |
(0.002) | (0.005) | (0.001) | |
SOE | 0.277*** | 0.178 | −0.029 |
(0.060) | (0.354) | (0.065) | |
Largest shareholding | 0.002† | 0.011 | 0.000 |
(0.001) | (0.008) | (0.001) | |
Duality | 0.063 | 0.071 | 0.007 |
(0.044) | (0.168) | (0.031) | |
Inddirector | 0.098 | 0.724 | 0.040 |
(0.267) | (0.843) | (0.156) | |
Firm visibility | −0.001 | 0.035 | −0.001 |
(0.014) | (0.066) | (0.012) | |
Chairman age | 0.006* | 0.029** | −0.001 |
(0.003) | (0.011) | (0.002) | |
Chairman gender | −0.163† | 0.452 | 0.041 |
(0.091) | (0.368) | (0.068) | |
Chairman education | −0.001 | 0.061 | 0.007 |
(0.015) | (0.066) | (0.012) | |
Chairman overseas background | 0.030 | 0.173 | −0.013 |
(0.057) | (0.263) | (0.049) | |
Industry competition | 0.373† | 0.866 | −0.017 |
(0.209) | (0.952) | (0.176) | |
Market development | −0.004 | 0.233† | 0.049* |
(0.012) | (0.123) | (0.023) | |
Constant | −3.129*** | −40.756*** | −1.329† |
(0.376) | (3.892) | (0.718) | |
Firm fixed effect | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes |
Observations | 35,806 | 10,921 | 10,921 |
Pseudo R2 / R-squared | 0.005 | 0.661 | 0.596 |
