Table 5.
Political Motive and Corporate Philanthropic Response to COVID-19
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Don_Dum | Don_Amt | Don_Dum | Don_Amt | |
| Panel A | ||||
| Confirmed[−3,−1] | − 0.001 | − 0.009* | − 0.001*** | − 0.006*** |
| (− 1.33) | (− 1.72) | (− 3.77) | (− 4.01) | |
| Confirmed[−3,−1] × PC | 0.001*** | 0.006*** | ||
| (3.96) | (3.87) | |||
| Confirmed[−3,−1] × SOE | − 0.002** | − 0.012* | ||
| (− 2.26) | (− 1.76) | |||
| Constant | 0.006*** | 0.037*** | 0.007*** | 0.046*** |
| (17.56) | (17.63) | (11.00) | (11.12) | |
| Panel B | ||||
|
Confirmed[−3,−1]+ Confirmed[−3,−1] × PC |
0.000 | − 0.000 | ||
| F-Value | 0.01 | 0.05 | ||
|
Confirmed[−3,−1]+ Confirmed[−3,−1] × SOE |
− 0.003*** | − 0.019*** | ||
| F-Value | 12.85 | 12.22 | ||
| Firm fixed effects | Yes | Yes | Yes | Yes |
| Date fixed effects | Yes | Yes | Yes | Yes |
| Obs | 176,645 | 176,645 | 176,645 | 176,645 |
| Adj. R2 | 0.011 | 0.011 | 0.011 | 0.011 |
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