Table A1 Definition of main variables...

Table A1

Definition of main variables

Variable	Explanation	Definition	Reference
Religious_R	Religious atmosphere	The number of Buddhist monasteries and Taoist temples within a defined kilometer radius (such as 100 and 200 km) around the firm's registered address	Chen et al. (2013), Du et al. (2014a, b), Li et al. (2021)
$D o n a t e / E b i t$	Corporate poverty alleviation measurement variable 1	The sum of a firm's monetary and resource contributions deflated by Earnings before Interest and Taxes in the year	Huang et al. (2019), Chang et al. (2021), Zhang et al. (2021)
$L n d o n a t e$	Corporate poverty alleviation measurement variable 2	The natural log of the sum of a firm's monetary and resource contributions
Pel	Corporate poverty alleviation measurement variable 3	The number of people lifted out of poverty with the help of firms
Size	Firm size	The natural logarithm of total assets	Jensen and Meckling (1976), Brown et al. (2006), Du et al. (2016)
Roe	Financial performance	The net income by net assets
Lev	Financial leverage	The total debts deflated by total assets
First	Largest ownership	The percentage of ownership owned by the largest shareholder
TOP10	Top10 ownership	The percentage of ownership owned by the top 10 shareholders
Growth	Sales growth	The growth rate of sales revenue
GDP_per	Economic development	The natural logarithm of GDP per capita at the province level	El Ghoul et al. (2012), Du (2014)
Tax	Tax burden	The natural logarithm of total tax at the province level
Labor_Cost	Labor cost	The natural logarithm of provincial wage per capita
Transport	Traffic conditions	The natural logarithm of provincial wage per capita
FI	Financial institution	The natural logarithm of the distance between listed firms and the nearest financial center of Beijing, Shanghai, or Shenzhen
Gov_Inv	Government intervention	The interaction term of “The Relationship between Government and Markets” index used in the Report on Marketization in China's Provinces (Fan et al., 2018) and local government financial expenditure	Zhang et al. (2020), Fan et al. (2018)
Soc_Awe	Social awareness	China's Provincial Philanthropy Policy Progress Index report	Wang et al. (2018)
Trad_Value	Traditional values	The natural logarithm of the number of Confucian academies in each city	Ames and Rosemont (2010)
Religion_Ine	Regional inequality	The proportion of the number of national-level poor counties in the total number of counties in each city	Chang et al. (2021)
Pov_Exp	CEO's poverty experience	A dummy variable which equals one if the firm's CEO was born during the Great Famine (1947–1961) period in China and zero otherwise	Han et al. (2022)

Variable	Explanation	Definition	Reference
Religious_R	Religious atmosphere	The number of Buddhist monasteries and Taoist temples within a defined kilometer radius (such as 100 and 200 km) around the firm's registered address	Chen et al. (2013), Du et al. (2014a, b), Li et al. (2021)
$D o n a t e / E b i t$	Corporate poverty alleviation measurement variable 1	The sum of a firm's monetary and resource contributions deflated by Earnings before Interest and Taxes in the year	Huang et al. (2019), Chang et al. (2021), Zhang et al. (2021)
$L n d o n a t e$	Corporate poverty alleviation measurement variable 2	The natural log of the sum of a firm's monetary and resource contributions
Pel	Corporate poverty alleviation measurement variable 3	The number of people lifted out of poverty with the help of firms
Size	Firm size	The natural logarithm of total assets	Jensen and Meckling (1976), Brown et al. (2006), Du et al. (2016)
Roe	Financial performance	The net income by net assets
Lev	Financial leverage	The total debts deflated by total assets
First	Largest ownership	The percentage of ownership owned by the largest shareholder
TOP10	Top10 ownership	The percentage of ownership owned by the top 10 shareholders
Growth	Sales growth	The growth rate of sales revenue
GDP_per	Economic development	The natural logarithm of GDP per capita at the province level	El Ghoul et al. (2012), Du (2014)
Tax	Tax burden	The natural logarithm of total tax at the province level
Labor_Cost	Labor cost	The natural logarithm of provincial wage per capita
Transport	Traffic conditions	The natural logarithm of provincial wage per capita
FI	Financial institution	The natural logarithm of the distance between listed firms and the nearest financial center of Beijing, Shanghai, or Shenzhen
Gov_Inv	Government intervention	The interaction term of “The Relationship between Government and Markets” index used in the Report on Marketization in China's Provinces (Fan et al., 2018) and local government financial expenditure	Zhang et al. (2020), Fan et al. (2018)
Soc_Awe	Social awareness	China's Provincial Philanthropy Policy Progress Index report	Wang et al. (2018)
Trad_Value	Traditional values	The natural logarithm of the number of Confucian academies in each city	Ames and Rosemont (2010)
Religion_Ine	Regional inequality	The proportion of the number of national-level poor counties in the total number of counties in each city	Chang et al. (2021)
Pov_Exp	CEO's poverty experience	A dummy variable which equals one if the firm's CEO was born during the Great Famine (1947–1961) period in China and zero otherwise	Han et al. (2022)

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