Table 11.
Corporate Philanthropic Response Over Time
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| Panel A: Using the Independent Variables in Different Windows with Don_Dum | |||||||||
| Dep. Var. = | Don_Dum | ||||||||
| Confirmed[-1] | − 0.000 | ||||||||
| (− 1.13) | |||||||||
| Confirmed[−2,−1] | − 0.001** | ||||||||
| (− 2.12) | |||||||||
| Confirmed[−3,−1] | − 0.000** | ||||||||
| (− 2.06) | |||||||||
| Confirmed[−4,−1] | − 0.000** | ||||||||
| (− 2.09) | |||||||||
| Confirmed[−5,−1] | − 0.000 | ||||||||
| (− 1.46) | |||||||||
| Confirmed[−7,−1] | − 0.000 | ||||||||
| (− 0.04) | |||||||||
| Confirmed[−10,−1] | 0.000 | ||||||||
| (0.09) | |||||||||
| Confirmed[−20,−1] | 0.000 | ||||||||
| (0.37) | |||||||||
| Confirmed[−30,−1] | − 0.000 | ||||||||
| (− 0.30) | |||||||||
| Constant | 0.006*** | 0.007*** | 0.007*** | 0.006*** | 0.006*** | 0.004*** | 0.003*** | 0.002* | 0.002 |
| (12.04) | (10.47) | (10.03) | (9.44) | (8.16) | (5.72) | (4.27) | (1.72) | (0.58) | |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Date fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 173,040 | 169,435 | 165,830 | 162,225 | 158,620 | 151,410 | 140,595 | 104,545 | 68,495 |
| Adj. R2 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.008 | 0.007 | 0.005 | 0.004 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| Panel B: Using the Independent Variables in Different Windows with Don_Amt | |||||||||
| Dep. Var. = | Don_Amt | ||||||||
| Confirmed[−1] | − 0.002 | ||||||||
| (− 1.43) | |||||||||
| Confirmed[−2,−1] | − 0.004** | ||||||||
| (− 2.45) | |||||||||
| Confirmed[−3,−1] | − 0.004** | ||||||||
| (− 2.33) | |||||||||
| Confirmed[−4,−1] | − 0.003** | ||||||||
| (− 2.33) | |||||||||
| Confirmed[−5,−1] | − 0.002* | ||||||||
| (− 1.69) | |||||||||
| Confirmed[−7,−1] | − 0.000 | ||||||||
| (− 0.23) | |||||||||
| Confirmed[−10,−1] | − 0.000 | ||||||||
| (− 0.02) | |||||||||
| Confirmed[−20,−1] | 0.000 | ||||||||
| (0.21) | |||||||||
| Confirmed[−30,−1] | − 0.001 | ||||||||
| (− 0.30) | |||||||||
| Constant | 0.037*** | 0.043*** | 0.042*** | 0.041*** | 0.036*** | 0.025*** | 0.021*** | 0.011* | 0.014 |
| (12.24) | (10.69) | (10.19) | (9.68) | (8.34) | (5.82) | (4.32) | (1.82) | (0.58) | |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Date fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 173,040 | 169,435 | 165,830 | 162,225 | 158,620 | 151,410 | 140,595 | 104,545 | 68,495 |
| Adj. R2 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.008 | 0.007 | 0.006 | 0.004 |
The t-values (in parentheses) are based on heteroskedasticity-consistent standard errors clustered by firm
***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively (two-tailed)
Variables of interest are marked in bold