Table 8.
Investor Reactions to Philanthropy in Different Destinations
| (1) | (2) | |
|---|---|---|
| Dep. Var. = | CAR[0, + 2] | CAR[0, + 2] |
| Don_Local | − 0.007* | − 0.004 |
| (− 1.78) | (− 0.59) | |
| Don_Hubei | − 0.022*** | 0.001 |
| (− 3.86) | (0.08) | |
| Don_Local × Confirm[−3,−1] | − 0.001 | |
| (− 0.48) | ||
| Don_Hubei × Confirm[−3,−1] | − 0.011*** | |
| (− 2.91) | ||
| Confirm[−3,−1] | − 0.002*** | − 0.001*** |
| (− 5.62) | (− 5.60) | |
| Constant | − 0.001* | − 0.001* |
| (− 1.66) | (− 1.68) | |
| Don_Local − Don_Hubei | 0.015** | |
| F − Value | 4.55 | |
| Don_Local × Confirm[−3,−1] − Don_ Hubei × Confirm[−3,−1] | 0.010** | |
| F − Value | 4.48 | |
| Firm fixed effects | Yes | Yes |
| Date fixed effects | Yes | Yes |
| Obs | 100,608 | 100,608 |
| Adj. R2 | 0.093 | 0.093 |
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