| Panel A: Independent variables |
| LDON | The natural log of donations value |
| DOND | The dummy variable for donations equals One if the firm paid donations; otherwise, it is zero |
| LDON_ALP | The natural log of donations value paid by firms to the Australian labor party |
| LDON_LNP | The natural log of donations value paid by firms to the Australian liberal and national parties |
| LDON_Other | The natural log of donations value paid for other political parties in Australia |
| Panel B: Dependent variables |
| CA_HO | Measured as cash plus short-term investments divided into book value of assets |
| CA_BA | Measured as cash balance divided by the book value of assets |
| LEV | The ratio of short and long-term debt scaled by the book value of total assets |
| MLEV | Calculated as ratio of (short-term debt + long-term debt)/(short-term debt + long-term debt + market value of equity) |
| STD | The ratio of short-term debt to total asset |
| LTD | The ratio of long-term debt to total assets |
| INVEFF | Measured as the absolute value of the difference between actual and expected investment |
| UN_INV | Measured as the negative values of actual investment – expected investment |
| OV_INV | Measured as the positive values of actual investment – expected investment |
| Panel C: Control variables |
| DUAL | The dummy variable equals One if the CEO serves as the chairman of the board; otherwise, it is zero |
| BIGN | The dummy variable equals One if the firm auditor is One of the big Four; otherwise, it is zero |
| BOD | Number of directors on the board |
| DIVD | The dummy variable is equal to One if the dividend is paid; otherwise, it is zero |
| MTB | Market value to book value |
| FEMALE | The ratio of female directors on the board |
| BIND | The ratio of independent directors on the board |
| AGE | Measured as the natural logarithm value of the number of years between the fiscal year and the listing year |
| SIZE | Measured as a log of market capitalization |
| NDTS | Nondebt tax shields measured an annual depreciation expense to total assets |
| LIQIUD | Current assets to current liabilities |
| RISK | Measured as the standard deviation of return on assets |
| CAFLR | The ratio of net operating cash flow to total assets |
| ROA | Return on assets, measured as [Net Income + Interest Expense*(1-Corporate Tax Rate)]/[Total Assets - Outside Equity Interests] |