Alternative measure of religious atmosphere
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | Donate/Ebit | Donate/Ebit | Donate/Ebit | Donate/Ebit | Donate/Ebit |
| Religion_50 | 0.0357** | ||||
| (0.014) | |||||
| Religion_150 | 0.0084*** | ||||
| (0.003) | |||||
| Religion_250 | 0.0026** | ||||
| (0.001) | |||||
| Religion_300 | 0.0017** | ||||
| (0.001) | |||||
| Religion_city | 0.2565* | ||||
| (0.140) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes |
| Adjust.R2 | 0.115 | 0.113 | 0.110 | 0.111 | 0.214 |
| Observations | 4,141 | 4,262 | 4,274 | 4,260 | 2,401 |
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Variables | |||||
| 0.0357** | |||||
| (0.014) | |||||
| 0.0084*** | |||||
| (0.003) | |||||
| 0.0026** | |||||
| (0.001) | |||||
| 0.0017** | |||||
| (0.001) | |||||
| 0.2565* | |||||
| (0.140) | |||||
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| 0.115 | 0.113 | 0.110 | 0.111 | 0.214 | |
| 4,141 | 4,262 | 4,274 | 4,260 | 2,401 |
Note(s): Robust standard errors are clustered at the firm level and provided in parentheses. ***, **, * denote significance at 1%, 5%, and 10% levels respectively
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