Table 3 Descriptive statistics of...

Table 3

Descriptive statistics of regression variables

Variables	Full sample		Subsample		(4)–(3)
Variables	Mean (1)	Median (2)	CCG = 0 (3)	CCG >0 (4)	T-values
Firm-level variables
LEVERAGE	0.462	0.475	0.441	0.487	13.001^***
ROA	0.039	0.036	0.038	0.040	2.460^**
SSM	4.864	0.000	6.157	3.258	−12.101^***
COMPETATIVENESS	0.117	0.076	0.118	0.116	0.766
EMPLOYEE (persons)	3,723	1,697	3,243	4,319	7.784^***
SIZE (ten thousand)	922,754	197,102	903,844	946,230	0.325
ETR	0.028	0.152	−0.009	0.072	0.582^***
PC	5.012	2.000	4.587	5.540	7.886^***
City-level variables
GROWTH (%)	12.280	13.000	12.327	12.214	−1.350
INDUSTRY	48.030	49.010	47.768	48.347	2.853^***
FE	1.799	1.438	1.805	1.792	0.670
LSR (ten thousand)	524.865	343.630	514.520	537.460	2.171^**
AGDP (yuan)	49,055	43,681	46,909	51,691	8.772^***
DENSITY (person/km²)	677	629	679	675	−0.597

Variables	Full sample		Subsample		(4)–(3)
Variables	Mean (1)	Median (2)	CCG = 0 (3)	CCG >0 (4)	T-values
Firm-level variables
LEVERAGE	0.462	0.475	0.441	0.487	13.001^***
ROA	0.039	0.036	0.038	0.040	2.460^**
SSM	4.864	0.000	6.157	3.258	−12.101^***
COMPETATIVENESS	0.117	0.076	0.118	0.116	0.766
EMPLOYEE (persons)	3,723	1,697	3,243	4,319	7.784^***
SIZE (ten thousand)	922,754	197,102	903,844	946,230	0.325
ETR	0.028	0.152	−0.009	0.072	0.582^***
PC	5.012	2.000	4.587	5.540	7.886^***
City-level variables
GROWTH (%)	12.280	13.000	12.327	12.214	−1.350
INDUSTRY	48.030	49.010	47.768	48.347	2.853^***
FE	1.799	1.438	1.805	1.792	0.670
LSR (ten thousand)	524.865	343.630	514.520	537.460	2.171^**
AGDP (yuan)	49,055	43,681	46,909	51,691	8.772^***
DENSITY (person/km²)	677	629	679	675	−0.597

Note(s): This table presents descriptive statistics of our controlling variables. The sample consists of 14,168 firm-year observations. We divide sample firms into two groups, donating firm and non-donating firms. We report T-test values of differences between these two groups with respect to each controlling variable. The variables are defined in Appendix Table A2. The firm-level data are from the CSMAR database. The city-level data are from the China City Statistical Yearbooks. The superscripts ^*, ^** and ^*** denote significance at the 10%, 5% and 1% levels, respectively

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