The impact of government fiscal pressure on corporate charitable giving
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| Overall | Vat | Bt | Cit | Iit | Overall | vat | bt | cit | iit | |
| Dpt−1 | 13.677** (5.771) | 46.130** (18.676) | 38.274** (18.054) | 38.895 (24.158) | 40.336** (18.849) | 24.471** (9.522) | 84.706** (38.679) | 84.597** (40.868) | 90.911*** (33.059) | 90.911** (33.059) |
| LEVERAGE | 6.513 (72.367) | 6.054 (75.675) | 6.484 (72.044) | 6.242 (69.356) | 6.701 (74.456) | −79.686 (115.487) | −81.158 (115.940) | −79.956 (115.878) | −79.285 (114.901) | −79.285 (114.901) |
| ROA | 359.050 (304.280) | 358.312 (303.654) | 358.244 (303.597) | 303.160 (254.756) | 359.516 (302.114) | 50.861 (145.317) | 49.679 (146.115) | 49.969 (142.769) | 49.798 (146.465) | 49.798 (146.465) |
| SSM | −0.306 (1.224) | −0.305 (1.220) | −0.301 (1.254) | −0.307 (1.228) | −0.310 (1.240) | −1.666 (2.007) | −1.668 (2.010) | −1.658 (1.998) | −1.664 (2.005) | −1.664 (2.005) |
| COMPETATIVENESS | 295.788 (195.886) | 296.740 (195.224) | 295.103 (195.432) | 294.325 (196.217) | 295.790 (195.887) | 837.821 (754.794) | 838.098 (755.043) | 835.938 (753.097) | 836.178 (753.314) | 836.178 (753.314) |
| EMPLOYEE | 24.527 (17.773) | 24.524 (17.771) | 24.474 (17.735) | 24.633 (17.722) | 24.643 (17.729) | −8.042 (38.295) | −7.873 (37.490) | −7.778 (37.038) | −8.142 (37.009) | −8.142 (37.009) |
| ASSET | −13.137 (15.100) | −13.129 (15.091) | −13.020 (14.966) | −13.215 (15.017) | −13.286 (15.098) | 7.338 (33.355) | 7.250 (32.955) | 7.153 (32.514) | 7.540 (32.783) | 7.540 (32.783) |
| DENSITY | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.172 (0.108) | −0.169 (0.107) | −0.171 (0.107) | −0.173 (0.107) | −0.173 (0.107) |
| AGDP | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | −0.0001 (0.002) | −0.0001 (0.003) | −0.001 (0.001) | −0.0002 (0.003) | −0.0002 (0.003) |
| GROWTH | 0.315 (4.500) | 0.410 (4.100) | 0.345 (4.313) | 0.265 (4.417) | 0.398 (4.422) | −11.889* (6.642) | −11.591* (6.586) | −11.689* (6.604) | −12.048* (6.693) | −12.048* (6.693) |
| INDUSTRY | −3.411 (3.019) | −3.454 (3.003) | −3.416 (2.996) | −3.375 (3.013) | −3.399 (3.008) | 1.492 (4.388) | 1.436 (4.352) | 1.470 (4.324) | 1.516 (4.331) | 1.516 (4.331) |
| FE | −10.772 (12.382) | 0.051 (0.044) | −10.868 (12.492) | −10.776 (12.386) | −10.696 (12.437) | 12.241 (23.540) | 14.899 (23.649) | 11.832 (23.664) | 11.105 (23.628) | 11.105 (23.628) |
| LSR | 0.052 (0.045) | 0.051 (0.044) | 0.052 (0.045) | 0.052 (0.044) | 0.052 (0.045) | 0.314** (0.140) | 0.314** (0.140) | 0.313** (0.140) | 0.314** (0.139) | 0.314** (0.139) |
| Constant | −181.000 (169.159) | −159.672 (169.864) | −160.403 (168.845) | −185.353 (170.049) | −202.336 (168.613) | −701.879 (548.343) | −691.546 (548.846) | −675.588 (544.829) | −715.453 (550.348) | −715.453 (550.348) |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 10,485 | 10,485 | 10,485 | 10,485 | 10,485 | 2806 | 2806 | 2806 | 2806 | 2806 |
| R-squared | 0.036 | 0.036 | 0.036 | 0.036 | 0.036 | 0.120 | 0.120 | 0.120 | 0.120 | 0.120 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| 13.677** (5.771) | 46.130** (18.676) | 38.274** (18.054) | 38.895 (24.158) | 40.336** (18.849) | 24.471** (9.522) | 84.706** (38.679) | 84.597** (40.868) | 90.911*** (33.059) | 90.911** (33.059) | |
| LEVERAGE | 6.513 (72.367) | 6.054 (75.675) | 6.484 (72.044) | 6.242 (69.356) | 6.701 (74.456) | −79.686 (115.487) | −81.158 (115.940) | −79.956 (115.878) | −79.285 (114.901) | −79.285 (114.901) |
| ROA | 359.050 (304.280) | 358.312 (303.654) | 358.244 (303.597) | 303.160 (254.756) | 359.516 (302.114) | 50.861 (145.317) | 49.679 (146.115) | 49.969 (142.769) | 49.798 (146.465) | 49.798 (146.465) |
| SSM | −0.306 (1.224) | −0.305 (1.220) | −0.301 (1.254) | −0.307 (1.228) | −0.310 (1.240) | −1.666 (2.007) | −1.668 (2.010) | −1.658 (1.998) | −1.664 (2.005) | −1.664 (2.005) |
| COMPETATIVENESS | 295.788 (195.886) | 296.740 (195.224) | 295.103 (195.432) | 294.325 (196.217) | 295.790 (195.887) | 837.821 (754.794) | 838.098 (755.043) | 835.938 (753.097) | 836.178 (753.314) | 836.178 (753.314) |
| EMPLOYEE | 24.527 (17.773) | 24.524 (17.771) | 24.474 (17.735) | 24.633 (17.722) | 24.643 (17.729) | −8.042 (38.295) | −7.873 (37.490) | −7.778 (37.038) | −8.142 (37.009) | −8.142 (37.009) |
| ASSET | −13.137 (15.100) | −13.129 (15.091) | −13.020 (14.966) | −13.215 (15.017) | −13.286 (15.098) | 7.338 (33.355) | 7.250 (32.955) | 7.153 (32.514) | 7.540 (32.783) | 7.540 (32.783) |
| DENSITY | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.112* (0.063) | −0.172 (0.108) | −0.169 (0.107) | −0.171 (0.107) | −0.173 (0.107) | −0.173 (0.107) |
| AGDP | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | 0.001 (0.001) | −0.0001 (0.002) | −0.0001 (0.003) | −0.001 (0.001) | −0.0002 (0.003) | −0.0002 (0.003) |
| GROWTH | 0.315 (4.500) | 0.410 (4.100) | 0.345 (4.313) | 0.265 (4.417) | 0.398 (4.422) | −11.889* (6.642) | −11.591* (6.586) | −11.689* (6.604) | −12.048* (6.693) | −12.048* (6.693) |
| INDUSTRY | −3.411 (3.019) | −3.454 (3.003) | −3.416 (2.996) | −3.375 (3.013) | −3.399 (3.008) | 1.492 (4.388) | 1.436 (4.352) | 1.470 (4.324) | 1.516 (4.331) | 1.516 (4.331) |
| FE | −10.772 (12.382) | 0.051 (0.044) | −10.868 (12.492) | −10.776 (12.386) | −10.696 (12.437) | 12.241 (23.540) | 14.899 (23.649) | 11.832 (23.664) | 11.105 (23.628) | 11.105 (23.628) |
| LSR | 0.052 (0.045) | 0.051 (0.044) | 0.052 (0.045) | 0.052 (0.044) | 0.052 (0.045) | 0.314** (0.140) | 0.314** (0.140) | 0.313** (0.140) | 0.314** (0.139) | 0.314** (0.139) |
| Constant | −181.000 (169.159) | −159.672 (169.864) | −160.403 (168.845) | −185.353 (170.049) | −202.336 (168.613) | −701.879 (548.343) | −691.546 (548.846) | −675.588 (544.829) | −715.453 (550.348) | −715.453 (550.348) |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 10,485 | 10,485 | 10,485 | 10,485 | 10,485 | 2806 | 2806 | 2806 | 2806 | 2806 |
| 0.036 | 0.036 | 0.036 | 0.036 | 0.036 | 0.120 | 0.120 | 0.120 | 0.120 | 0.120 |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels