Self-selection test (Heckman)
| First stage | (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|---|
| Variables | LDON | CA_HO | CA_HO | LEV | LEV | INVEFF | INVEFF |
| Average donations | 0.581*** (2.84) | ||||||
| LDON | −0.002*** (−3.28) | 0.002** (2.06) | −0.001* (−1.85) | ||||
| DOND | −0.019*** (−3.42) | 0.017** (2.07) | −0.006* (−1.73) | ||||
| DUAL | 0.011 (0.88) | 0.011 (0.89) | −0.040*** (−4.32) | −0.040*** (−4.32) | −0.009 (−1.61) | −0.009 (−1.61) | |
| BIGN | −0.272** (−2.39) | −0.058*** (−5.30) | −0.059*** (−5.31) | 0.030*** (3.16) | 0.030*** (3.16) | 0.005 (1.35) | 0.005 (1.35) |
| BOD | 0.047*** (3.25) | −0.008*** (−6.68) | −0.008*** (−6.68) | 0.005*** (4.38) | 0.005*** (4.38) | 0.001*** (2.61) | 0.001*** (2.60) |
| DIVD | 0.203* (1.75) | −0.079*** (−9.56) | −0.079*** (−9.56) | 0.008 (0.81) | 0.008 (0.81) | 0.040*** (11.00) | 0.040*** (11.00) |
| MTB | −0.005 (−0.89) | −0.000 (−0.57) | −0.000 (−0.57) | 0.000*** (9.51) | 0.000*** (9.51) | 0.000* (1.96) | 0.000** (1.98) |
| FEMALE | 0.163 (0.47) | −0.042 (−1.36) | −0.042 (−1.35) | 0.033 (1.29) | 0.033 (1.28) | 0.008 (0.88) | 0.008 (0.89) |
| BIND | 0.013 (0.07) | −0.055*** (−3.53) | −0.055*** (−3.53) | 0.028* (1.73) | 0.028* (1.73) | 0.008 (1.27) | 0.008 (1.27) |
| AGE | 0.146*** (4.20) | 0.001 (0.27) | 0.001 (0.27) | −0.008*** (−2.66) | −0.008*** (−2.66) | 0.001 (0.86) | 0.001 (0.85) |
| SIZE | 0.188*** (5.93) | 0.006*** (2.93) | 0.006*** (2.93) | 0.017*** (6.71) | 0.017*** (6.72) | 0.002*** (2.87) | 0.002*** (2.85) |
| NDTS | 1.712 (1.38) | 0.210*** (5.62) | 0.210*** (5.62) | −0.190 (−1.26) | −0.191 (−1.26) | 0.021 (1.27) | 0.021 (1.27) |
| LIQIUD | −0.042 (−1.60) | 0.008*** (4.63) | 0.008*** (4.63) | −0.004*** (−4.32) | −0.004*** (−4.32) | 0.001*** (2.81) | 0.001*** (2.82) |
| RISK | −0.495 (−0.67) | 0.308*** (3.74) | 0.308*** (3.74) | −0.129 (−1.19) | −0.129 (−1.19) | 0.037** (2.24) | 0.037** (2.25) |
| CAFLR | 0.125 (0.38) | 0.175*** (4.06) | 0.175*** (4.06) | −0.098*** (−2.62) | −0.098*** (−2.62) | −0.083*** (−4.39) | −0.083*** (−4.40) |
| ROA | −1.503*** (−3.42) | −0.197*** (−3.65) | −0.197*** (−3.65) | −0.078 (−1.41) | −0.078 (−1.41) | 0.066*** (3.07) | 0.066*** (3.08) |
| IMR | 0.894 (0.89) | 0.894 (0.88) | −0.237 (−0.26) | −0.237 (−0.26) | −0.457 (−1.06) | −0.456 (−1.06) | |
| Constant | −11.286*** (−5.91) | −1.097 (−0.78) | −1.096 (−0.78) | 0.202 (0.16) | 0.202 (0.16) | 0.484 (0.81) | 0.484 (0.81) |
| Observations | 3,404 | 3,404 | 3,404 | 3,404 | 3,404 | 3,404 | 3,404 |
| Adj-R2 | 0.11 | 0.352 | 0.352 | 0.231 | 0.231 | 0.231 | 0.231 |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| First stage | (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|---|
| Variables | CA_HO | CA_HO | |||||
| 0.581 | |||||||
| −0.002 | 0.002 | −0.001 | |||||
| −0.019 | 0.017 | −0.006 | |||||
| 0.011 (0.88) | 0.011 (0.89) | −0.040 | −0.040 | −0.009 (−1.61) | −0.009 (−1.61) | ||
| −0.272 | −0.058 | −0.059 | 0.030 | 0.030 | 0.005 (1.35) | 0.005 (1.35) | |
| 0.047 | −0.008 | −0.008 | 0.005 | 0.005 | 0.001 | 0.001 | |
| 0.203 | −0.079 | −0.079 | 0.008 (0.81) | 0.008 (0.81) | 0.040 | 0.040 | |
| −0.005 (−0.89) | −0.000 (−0.57) | −0.000 (−0.57) | 0.000 | 0.000 | 0.000 | 0.000 | |
| 0.163 (0.47) | −0.042 (−1.36) | −0.042 (−1.35) | 0.033 (1.29) | 0.033 (1.28) | 0.008 (0.88) | 0.008 (0.89) | |
| 0.013 (0.07) | −0.055 | −0.055 | 0.028 | 0.028 | 0.008 (1.27) | 0.008 (1.27) | |
| 0.146 | 0.001 (0.27) | 0.001 (0.27) | −0.008 | −0.008 | 0.001 (0.86) | 0.001 (0.85) | |
| 0.188 | 0.006 | 0.006 | 0.017 | 0.017 | 0.002 | 0.002 | |
| 1.712 (1.38) | 0.210 | 0.210 | −0.190 (−1.26) | −0.191 (−1.26) | 0.021 (1.27) | 0.021 (1.27) | |
| −0.042 (−1.60) | 0.008 | 0.008 | −0.004 | −0.004 | 0.001 | 0.001 | |
| −0.495 (−0.67) | 0.308 | 0.308 | −0.129 (−1.19) | −0.129 (−1.19) | 0.037 | 0.037 | |
| 0.125 (0.38) | 0.175 | 0.175 | −0.098 | −0.098 | −0.083 | −0.083 | |
| −1.503 | −0.197 | −0.197 | −0.078 (−1.41) | −0.078 (−1.41) | 0.066 | 0.066 | |
| 0.894 (0.89) | 0.894 (0.88) | −0.237 (−0.26) | −0.237 (−0.26) | −0.457 (−1.06) | −0.456 (−1.06) | ||
| −11.286 | −1.097 (−0.78) | −1.096 (−0.78) | 0.202 (0.16) | 0.202 (0.16) | 0.484 (0.81) | 0.484 (0.81) | |
| 3,404 | 3,404 | 3,404 | 3,404 | 3,404 | 3,404 | 3,404 | |
| 0.11 | 0.352 | 0.352 | 0.231 | 0.231 | 0.231 | 0.231 | |
| Yes | Yes | Yes | Yes | Yes | Yes | 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