Table 4. Differences in mean and median...

Table 4.

Differences in mean and median between firms with and without donations (2006–2022, n = 3,404)

	Without donations = 3,084		With donations = 320		t-test	Mann–Whitney
Variables	Mean	Median	Mean	Median	p-value	p-value
Panel A: Dependent variables
CA_HO	0.144	0.082	0.090	0.050	0.000	0.000
CA_BA	0.132	0.074	0.087	0.046	0.000	0.000
LEV	0.210	0.210	0.256	0.251	0.000	0.000
MLVE	0.166	0.137	0.219	0.207	0.000	0.000
STD	0.036	0.011	0.031	0.016	0.173	0.048
LTD	0.174	0.167	0.226	0.216	0.000	0.000
INVEFF	−0.049	−0.028	−0.048	−0.028	0.947	0.791
OV_INV	0.070	0.042	0.066	0.037	0.496	0.325
UN_INV	−0.028	0.042	−0.029	−0.024	0.585	0.283
Panel B: Control variables
DUAL	0.053	0.000	0.063	0.000	(0.045)
BIGN	0.891	1.000	0.909	1.000	(0.305)
BOD	8.031	8.000	9.238	9.000	0.000	0.000
DIVD	0.770	1.000	0.888	1.000	(0.000)
MTB	7.372	2.405	3.382	1.864	0.230	0.000
FEMALE	0.142	0.125	0.157	0.143	0.068	0.065
BIND	0.532	0.571	0.567	0.600	0.002	0.004
AGE	2.478	2.565	2.847	2.944	0.000	0.000
SIZE	21.342	21.148	22.075	22.169	0.000	0.000
LIQIUD	3.043	1.613	1.731	1.266	0.000	0.000
RISK	0.041	0.028	0.032	0.021	0.010	0.001
CAFLR	0.096	0.090	0.098	0.092	0.777	0.919
ROA	0.063	0.069	0.065	0.065	0.783	0.087

	Without donations = 3,084		With donations = 320		t-test	Mann–Whitney
Variables	Mean	Median	Mean	Median	p-value	p-value
Panel A: Dependent variables
CA_HO	0.144	0.082	0.090	0.050	0.000	0.000
CA_BA	0.132	0.074	0.087	0.046	0.000	0.000
LEV	0.210	0.210	0.256	0.251	0.000	0.000
MLVE	0.166	0.137	0.219	0.207	0.000	0.000
STD	0.036	0.011	0.031	0.016	0.173	0.048
LTD	0.174	0.167	0.226	0.216	0.000	0.000
INVEFF	−0.049	−0.028	−0.048	−0.028	0.947	0.791
OV_INV	0.070	0.042	0.066	0.037	0.496	0.325
UN_INV	−0.028	0.042	−0.029	−0.024	0.585	0.283
Panel B: Control variables
DUAL	0.053	0.000	0.063	0.000	(0.045)
BIGN	0.891	1.000	0.909	1.000	(0.305)
BOD	8.031	8.000	9.238	9.000	0.000	0.000
DIVD	0.770	1.000	0.888	1.000	(0.000)
MTB	7.372	2.405	3.382	1.864	0.230	0.000
FEMALE	0.142	0.125	0.157	0.143	0.068	0.065
BIND	0.532	0.571	0.567	0.600	0.002	0.004
AGE	2.478	2.565	2.847	2.944	0.000	0.000
SIZE	21.342	21.148	22.075	22.169	0.000	0.000
LIQIUD	3.043	1.613	1.731	1.266	0.000	0.000
RISK	0.041	0.028	0.032	0.021	0.010	0.001
CAFLR	0.096	0.090	0.098	0.092	0.777	0.919
ROA	0.063	0.069	0.065	0.065	0.783	0.087

Note(s):

Please refer to Table 2 for operational definitions. Significant p-values are italics. χ² are in parentheses