Political donations and cash holdings (2006–2022, n = 3,404)
| Expected | (1) | (2) | |
|---|---|---|---|
| Variables | Direction | CA_HO | CA_HO |
| LDON | ? | −0.002*** (−3.30) | |
| DOND | ? | −0.019*** (−3.44) | |
| DUAL | ? | 0.011 (0.87) | 0.011 (0.88) |
| BIGN | ? | −0.059*** (−5.32) | −0.059*** (−5.33) |
| BOD | ? | −0.008*** (−6.68) | −0.008*** (−6.68) |
| DIVD | − | −0.079*** (−9.56) | −0.079*** (−9.56) |
| MTB | + | −0.000 (−0.57) | −0.000 (−0.57) |
| FEMALE | ? | −0.042 (−1.37) | −0.042 (−1.36) |
| BIND | ? | −0.055*** (−3.52) | −0.055*** (−3.52) |
| AGE | ? | 0.001 (0.27) | 0.001 (0.27) |
| SIZE | + | 0.006*** (2.94) | 0.006*** (2.95) |
| NDTS | ? | 0.209*** (5.62) | 0.209*** (5.62) |
| LIQIUD | ? | 0.008*** (4.63) | 0.008*** (4.63) |
| RISK | ? | 0.308*** (3.74) | 0.308*** (3.74) |
| CAFLR | − | 0.175*** (4.07) | 0.175*** (4.07) |
| ROA | ? | −0.197*** (−3.65) | −0.197*** (−3.65) |
| Constant | 0.140*** (3.22) | 0.140*** (3.22) | |
| Observations | 3,404 | 3,404 | |
| Adj R2 | 0.352 | 0.352 | |
| Year | Yes | Yes | |
| Industry | Yes | Yes |
| Expected | (1) | (2) | |
|---|---|---|---|
| Variables | Direction | CA_HO | CA_HO |
| ? | −0.002 | ||
| ? | −0.019 | ||
| ? | 0.011 (0.87) | 0.011 (0.88) | |
| ? | −0.059 | −0.059 | |
| ? | −0.008 | −0.008 | |
| − | −0.079 | −0.079 | |
| + | −0.000 (−0.57) | −0.000 (−0.57) | |
| ? | −0.042 (−1.37) | −0.042 (−1.36) | |
| ? | −0.055 | −0.055 | |
| ? | 0.001 (0.27) | 0.001 (0.27) | |
| + | 0.006 | 0.006 | |
| ? | 0.209 | 0.209 | |
| ? | 0.008 | 0.008 | |
| ? | 0.308 | 0.308 | |
| − | 0.175 | 0.175 | |
| ? | −0.197 | −0.197 | |
| 0.140 | 0.140 | ||
| 3,404 | 3,404 | ||
| 0.352 | 0.352 | ||
| Yes | Yes | ||
| Yes | Yes |
Please refer to Table 2 for operational definitions. Robust t-statistics in parentheses. ***p < 0.01