Table 7.
Altruistic Motive and the Destinations of Philanthropy
| (1) | (2) | |
|---|---|---|
| Don_Local | Don_Hubei | |
| Confirmed[− 3, − 1] | − 0.001* | − 0.001*** |
| (− 1.67) | (− 3.62) | |
| Confirmed[− 3, − 1] × Healthy | 0.000* | 0.000 |
| (1.75) | (1.32) | |
| Confirmed[− 3, − 1 × Highcash | 0.001** | 0.001** |
| (2.56) | (2.35) | |
| Confirmed[− 3, − 1] × PC | 0.001** | 0.000* |
| (2.48) | (1.86) | |
| Confirmed[− 3, − 1] × SOE | − 0.001*** | − 0.000 |
| (− 3.41) | (− 1.12) | |
| Confirmed[− 3, − 1] × Direct | 0.001** | 0.000 |
| (2.31) | (1.07) | |
| Confirmed[− 3, − 1] × Medical | 0.002** | 0.001* |
| (2.47) | (1.69) | |
| Constant | 0.004*** | 0.003*** |
| (5.89) | (6.43) | |
| Date fixed effects | Yes | Yes |
| Firm fixed effects | Yes | Yes |
| Obs | 117,012 | 117,012 |
| Adj. R2 | 0.005 | 0.008 |
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