Political donation and investment efficiency (2006–2022, n = 3,404)
| Expected | (1) | (2) | |
|---|---|---|---|
| Variables | Direction | INVEFF | INVEFF |
| LDON | ? | −0.001* (−1.83) | |
| DOND | ? | −0.006* (−1.71) | |
| DUAL | ? | −0.009 (−1.60) | −0.009 (−1.60) |
| BIGN | ? | 0.005 (1.38) | 0.005 (1.38) |
| BOD | ? | 0.001*** (2.60) | 0.001*** (2.59) |
| DIVD | ? | 0.040*** (11.01) | 0.040*** (11.00) |
| MTB | + | 0.000** (2.01) | 0.000** (2.02) |
| FEMALE | ? | 0.008 (0.90) | 0.008 (0.90) |
| BIND | ? | 0.008 (1.25) | 0.008 (1.25) |
| AGE | − | 0.001 (0.87) | 0.001 (0.86) |
| SIZE | − | 0.002*** (2.84) | 0.002*** (2.82) |
| NDTS | ? | 0.021 (1.29) | 0.021 |
| (1.29) | |||
| LIQIUD | ? | 0.001*** (2.82) | 0.001*** (2.82) |
| RISK | ? | 0.037** (2.23) | 0.037** (2.23) |
| CAFLR | − | −0.083*** (−4.40) | −0.083*** (−4.41) |
| ROA | ? | 0.066*** (3.07) | 0.066*** (3.08) |
| Constant | −0.148*** (−8.45) | −0.148*** (−8.44) | |
| Observations | 3,404 | 3,404 | |
| Adj-R2 | 0.231 | 0.231 | |
| Year | Yes | Yes | |
| Industry | Yes | Yes |
| Expected | (1) | (2) | |
|---|---|---|---|
| Variables | Direction | ||
| ? | −0.001 | ||
| ? | −0.006 | ||
| ? | −0.009 (−1.60) | −0.009 (−1.60) | |
| ? | 0.005 (1.38) | 0.005 (1.38) | |
| ? | 0.001 | 0.001 | |
| ? | 0.040 | 0.040 | |
| + | 0.000 | 0.000 | |
| ? | 0.008 (0.90) | 0.008 (0.90) | |
| ? | 0.008 (1.25) | 0.008 (1.25) | |
| − | 0.001 (0.87) | 0.001 (0.86) | |
| − | 0.002 | 0.002 | |
| ? | 0.021 (1.29) | 0.021 | |
| (1.29) | |||
| ? | 0.001 | 0.001 | |
| ? | 0.037 | 0.037 | |
| − | −0.083 | −0.083 | |
| ? | 0.066 | 0.066 | |
| −0.148 | −0.148 | ||
| 3,404 | 3,404 | ||
| 0.231 | 0.231 | ||
| 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