Table 6.

Reputational 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***	− 0.005***	− 0.001***	− 0.006***
	(− 3.12)	(− 3.38)	(− 3.59)	(− 3.96)
Confirmed[−3,−1] × Medical	0.003***	0.020***
	(3.59)	(3.51)
Confirmed[−3,−1] × Direct			0.001***	0.009***
			(4.41)	(4.65)
Constant	0.007***	0.044***	0.007***	0.043***
	(10.70)	(10.82)	(10.40)	(10.49)
Panel B
Confirmed[−3,−1]+ Confirmed[−3,−1] × Medical	0.002*	0.015*
F − Value	2.74	2.71
Confirmed[−3,−1]+ Confirmed[−3,−1] × Direct			0.000***	0.003**
F − Value			7.50	6.54
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