Robustness test using standardized data
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | Donate/Ebit | Donate/Ebit | Lndonate | Lndonate |
| Religion_100 | 0.0303** | 0.0403*** | ||
| (0.012) | (0.014) | |||
| Religion_200 | 0.0326** | 0.0354*** | ||
| (0.017) | (0.013) | |||
| Controls | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Adjust.R2 | 0.136 | 0.067 | 0.414 | 0.410 |
| Observations | 4,553 | 4,562 | 4,549 | 4,558 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | ||||
| 0.0303** | 0.0403*** | |||
| (0.012) | (0.014) | |||
| 0.0326** | 0.0354*** | |||
| (0.017) | (0.013) | |||
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| 0.136 | 0.067 | 0.414 | 0.410 | |
| 4,553 | 4,562 | 4,549 | 4,558 |
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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