Political donations and leverage (2006–2022, n = 3,404)
| Expected | (1) | (2) | (3) | (4) | |
|---|---|---|---|---|---|
| Variables | Direction | LEV | LEV | MLEV | MLEV |
| LDON | ? | 0.002** (2.06) | 0.003*** (4.08) | ||
| DOND | ? | 0.017** (2.08) | 0.031*** (4.08) | ||
| DUAL | ? | −0.040*** (−4.32) | −0.040*** (−4.32) | −0.016* (−1.83) | −0.016* (−1.84) |
| BIGN | ? | 0.030*** (3.16) | 0.030*** (3.17) | 0.044*** (5.34) | 0.044*** (5.34) |
| BOD | ? | 0.005*** (4.38) | 0.005*** (4.38) | 0.014*** (10.68) | 0.014*** (10.69) |
| DIVD | ? | 0.008 (0.81) | 0.008 (0.81) | 0.055*** (6.72) | 0.055*** (6.72) |
| MTB | + | 0.000*** (9.51) | 0.000*** (9.51) | −0.000 (−0.17) | −0.000 (−0.18) |
| FEMALE | ? | 0.033 (1.29) | 0.033 (1.28) | 0.013 (0.53) | 0.012 (0.52) |
| BIND | ? | 0.028* (1.73) | 0.028* (1.73) | 0.101*** (6.61) | 0.101*** (6.61) |
| AGE | + | −0.008*** (−2.66) | −0.008*** (−2.66) | −0.008*** (−3.30) | −0.008*** (−3.29) |
| SIZE | + | 0.017*** (6.70) | 0.017*** (6.72) | −0.021*** (−8.55) | −0.021*** (−8.54) |
| NDTS | _ | −0.190 (−1.26) | −0.190 (−1.26) | −0.145* (−1.82) | −0.145* (−1.82) |
| LIQIUD | _ | −0.004*** (−4.32) | −0.004*** (−4.32) | −0.003*** (−4.08) | −0.003*** (−4.07) |
| RISK | _ | −0.130 (−1.19) | −0.130 (−1.20) | −0.284*** (−6.28) | −0.284*** (−6.28) |
| CAFLR | ? | −0.098*** (−2.62) | −0.098*** (−2.62) | −0.125*** (−4.26) | −0.125*** (−4.25) |
| ROA | ? | −0.078 (−1.41) | −0.078 (−1.41) | −0.199*** (−5.18) | −0.199*** (−5.19) |
| Constant | −0.125** (−2.48) | −0.126** (−2.49) | 0.451*** (9.57) | 0.450*** (9.55) | |
| Observations | 3,404 | 3,404 | 3,404 | 3,404 | |
| Adj-R2 | 0.231 | 0.231 | 0.292 | 0.292 | |
| Year | Yes | Yes | Yes | Yes | |
| Industry | Yes | Yes | Yes | Yes |
| Expected | (1) | (2) | (3) | (4) | |
|---|---|---|---|---|---|
| Variables | Direction | ||||
| ? | 0.002 | 0.003 | |||
| ? | 0.017 | 0.031 | |||
| ? | −0.040 | −0.040 | −0.016 | −0.016 | |
| ? | 0.030 | 0.030 | 0.044 | 0.044 | |
| ? | 0.005 | 0.005 | 0.014 | 0.014 | |
| ? | 0.008 (0.81) | 0.008 (0.81) | 0.055 | 0.055 | |
| + | 0.000 | 0.000 | −0.000 (−0.17) | −0.000 (−0.18) | |
| ? | 0.033 (1.29) | 0.033 (1.28) | 0.013 (0.53) | 0.012 (0.52) | |
| ? | 0.028 | 0.028 | 0.101 | 0.101 | |
| + | −0.008 | −0.008 | −0.008 | −0.008 | |
| + | 0.017 | 0.017 | −0.021 | −0.021 | |
| _ | −0.190 (−1.26) | −0.190 (−1.26) | −0.145 | −0.145 | |
| _ | −0.004 | −0.004 | −0.003 | −0.003 | |
| _ | −0.130 (−1.19) | −0.130 (−1.20) | −0.284 | −0.284 | |
| ? | −0.098 | −0.098 | −0.125 | −0.125 | |
| ? | −0.078 (−1.41) | −0.078 (−1.41) | −0.199 | −0.199 | |
| −0.125 | −0.126 | 0.451 | 0.450 | ||
| 3,404 | 3,404 | 3,404 | 3,404 | ||
| 0.231 | 0.231 | 0.292 | 0.292 | ||
| Yes | Yes | Yes | Yes | ||
| Yes | Yes | Yes | Yes |
Please refer to Table 2 for operational definitions. Robust t-statistics in parentheses. ***p < 0.01; **p < 0.05; *p < 0.1