Instrumental variable approach
| (1) | (2) | |
|---|---|---|
| Variables | Religion_200 | Donate/Ebit |
| Treaty_post | 0.0223*** | |
| (0.002) | ||
| 5A_attraction | 0.0144*** | |
| (0.001) | ||
| Religion_200 | 0.1328** | |
| (0.057) | ||
| Controls | Yes | Yes |
| Constant | 0.5953 | |
| (0.433) | ||
| Industry FE | Yes | Yes |
| Province FE | Yes | Yes |
| Year FE | Yes | Yes |
| Adjust.R2 | 0.204 | |
| Cragg-Donald Wald F statistic | 1.6e+04*** | |
| F-test | 5.30*** | |
| (0.000) | ||
| Sargan-test | 1.282 | |
| Sargan-P_value | (0.5267) | |
| Observations | 3,481 |
| (1) | (2) | |
|---|---|---|
| Variables | ||
| 0.0223*** | ||
| (0.002) | ||
| 0.0144*** | ||
| (0.001) | ||
| 0.1328** | ||
| (0.057) | ||
| Yes | Yes | |
| 0.5953 | ||
| (0.433) | ||
| Yes | Yes | |
| Yes | Yes | |
| Yes | Yes | |
| 0.204 | ||
| 1.6e+04*** | ||
| 5.30*** | ||
| (0.000) | ||
| 1.282 | ||
| (0.5267) | ||
| 3,481 |
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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