变量 | 因变量:ROA | ||||
模型1 | 模型2 | 模型3 | 模型4 | ||
常数项 | α | 3.745*** (7.200) | 3.58*** (7.877) | 2.233*** (3.200) | −9.618*** (−3.756) |
自变量 | Donation |
| 0.095*** (2.502) | 0.130*** (3.226) | 0.084*** (2.622) |
Material | 0.058* (1.520) |
| 0.103*** (2.537) | 0.073** (2.323) | |
控制变量 | Lev |
|
| −0.304*** (−10.025) | |
Tanassrt |
|
| 0.144*** (4.729) | ||
Turn |
|
| 0.163*** (5.363) | ||
Growth |
|
| 0.539*** (13.834) | ||
FreeCF |
|
| 0.189*** (6.235) | ||
Expense |
|
| −0.206*** (−5.399) | ||
Top1 |
|
| 0.085*** (2.831) | ||
N | 683 | 683 | 683 | 683 | |
F | 6.261*** | 2.309* | 6.374*** | 54.422*** | |
Adjusted R2 | 0.008 | 0.002 | 0.016 | 0.413 |