(1)

(2)

(3)

SF_donate

Analyst

SF_donate

HSR

−0.198*** (0.053)

0.120*** (0.028)

−0.275*** (0.060)

Analyst

−0.088** (0.026)

Dual

0.001 (0.047)

−0.053** (0.025)

−0.116** (0.053)

Cash

−0.089** (0.202)

−0.037 (0.110)

−0.061** (0.228)

Shrcr1

−0.009*** (0.002)

0.003** (0.001)

−0.009*** ( 0.002)

Shrz

0.004** (0.001)

−0.005*** (0.001)

0.003* (0.001)

Lev

−1.112*** (0.115)

0.646*** (0.068)

−1.041*** (0.142)

ROA

1.386*** (0.320)

7.035*** (0.207)

1.891*** (0.470)

Growth

−0.047** (0.017)

−0.034** (0.010)

−0.061** (0.021)

_cons

4.374*** (0.121)

1.400*** (.067)

4.770*** (0.145)

固定效应

已控制

已控制

已控制

观测值

8063

6171

6158

Adjusted_R2

0.2099

0.2618

0.2229