In addition, Moddy’s AAA bonds were statistically significant in the short run, but had a smaller coefficient of 0.1739. Therefore, the results that Moody’s AAA is statistically significant at the α = 1% level, while Moody’s BAA is statistically significant at α= 10% for influencing donations was interesting. This outcome justifies a hypothetical conclusion that amongst the upper quintile who can afford to purchase corporate bonds (Smoluk, 2008), those who choose to donate to nonprofits also possess less risky investment portfolios. In addition, the negative value of Moody’s AAA indicates________ , which is inconsistent with previously published literature. The 3-month treasury securities are not statistically significant in influencing consumption
