Table 6 The effect of donating in fiscal... | Emerald Publishing

Table 6

The effect of donating in fiscal hardship on firm performance

Variables	ROA	ROS	SF	SL	LEVERAGE
D_pt−1	−0.001 (0.001)	−0.002 (0.002)	0.001 (0.001)	−0.003 (0.003)	−0.005^* (0.003)
$\sum D_{p t - 1, n (n = 1,2,3,4)} \times D o n_{i c p t}$	0.001 (0.001)	−0.0005 (0.004)	−0.003^** (0.001)	0.016^*** (0.005)	0.035^*** (0.006)
Constant	−0.008 (0.007)	0.028 (0.020)	0.010 (0.010)	−0.005 (0.024)	0.773^*** (0.025)
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Observations	12,425	12,425	12,182	12,403	12,425
R-squared	0.128	0.211	0.391	0.195	0.280

Variables	ROA	ROS	SF	SL	LEVERAGE
D_pt−1	−0.001 (0.001)	−0.002 (0.002)	0.001 (0.001)	−0.003 (0.003)	−0.005^* (0.003)
$\sum D_{p t - 1, n (n = 1,2,3,4)} \times D o n_{i c p t}$	0.001 (0.001)	−0.0005 (0.004)	−0.003^** (0.001)	0.016^*** (0.005)	0.035^*** (0.006)
Constant	−0.008 (0.007)	0.028 (0.020)	0.010 (0.010)	−0.005 (0.024)	0.773^*** (0.025)
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Observations	12,425	12,425	12,182	12,403	12,425
R-squared	0.128	0.211	0.391	0.195	0.280

Note(s): Standard errors are clustered at city-level and reported in parentheses; ^*, ^** and ^*** denote significance at the 10%, 5% and 1% levels