Do headquarters units sufficiently explain the size of the effects?

We face the concern that that the MNE is substantially more likely to donate when headquarters units are in the affected country than it otherwise would donate when there are just affiliates in the country. The concern is that this difference sufficiently explains the significance of economic importance. To address this concern, we run our models excluding donations when the MNE responded to disruptions in countries where at least one headquarters is located. We use the classification of headquarters affiliates from Orbis to distinguish headquarter country locations.