CSR performance and firm risk
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs | −0.000052*** (−5.341) | |||
| ENPs | −0.000023*** (−3.465) | |||
| SOPs | −0.000049*** (−6.303) | |||
| GOPs | −0.000014** (−2.010) | |||
| Bsize | 0.000070 (1.209) | 0.000083 (1.450) | 0.000078 (1.353) | 0.000080 (1.380) |
| Bgdiversity | −0.00013*** (−10.796) | −0.00015*** (−12.070) | −0.00013*** (−10.894) | −0.00015*** (−12.573) |
| Bindependence | −0.000015 (−1.505) | −0.000017* (−1.770) | −0.000017* (−1.788) | −0.000014 (−1.461) |
| CEOpow | 0.0012*** (3.932) | 0.0014*** (4.308) | 0.0013*** (4.190) | 0.0013*** (4.160) |
| Fsize | −0.0031*** (−12.072) | −0.0033*** (−12.637) | −0.0031*** (−12.101) | −0.0035*** (−13.625) |
| ROA | −0.034*** (−25.363) | −0.033*** (−25.251) | −0.034*** (−25.393) | −0.033*** (−25.132) |
| Leverage | 0.0075*** (6.504) | 0.0074*** (6.430) | 0.0075*** (6.459) | 0.0074*** (6.413) |
| Currentr | 0.00051*** (5.163) | 0.00051*** (5.172) | 0.00051*** (5.192) | 0.00051*** (5.161) |
| RDintensity | −0.0022*** (−2.749) | −0.0022*** (−2.758) | −0.0022*** (−2.760) | −0.0022*** (−2.727) |
| FFP | −0.0000014 (−0.121) | −0.0000025 (−0.223) | −0.0000018 (−0.157) | −0.0000011 (−0.101) |
| Constant | 0.095*** (16.514) | 0.097*** (16.813) | 0.095*** (16.531) | 0.10*** (17.775) |
| Firm-year effects | Yes | Yes | Yes | Yes |
| N | 49,305 | 49,305 | 49,305 | 49,305 |
| R2 | 0.028 | 0.028 | 0.029 | 0.028 |
| F-stat. | 112.848*** | 111.304*** | 113.897*** | 110.559*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs | −0.000052 | |||
| ENPs | −0.000023 | |||
| SOPs | −0.000049 | |||
| GOPs | −0.000014 | |||
| Bsize | 0.000070 (1.209) | 0.000083 (1.450) | 0.000078 (1.353) | 0.000080 (1.380) |
| Bgdiversity | −0.00013 | −0.00015 | −0.00013 | −0.00015 |
| Bindependence | −0.000015 (−1.505) | −0.000017 | −0.000017 | −0.000014 (−1.461) |
| CEOpow | 0.0012 | 0.0014 | 0.0013 | 0.0013 |
| Fsize | −0.0031 | −0.0033 | −0.0031 | −0.0035 |
| ROA | −0.034 | −0.033 | −0.034 | −0.033 |
| Leverage | 0.0075 | 0.0074 | 0.0075 | 0.0074 |
| Currentr | 0.00051 | 0.00051 | 0.00051 | 0.00051 |
| RDintensity | −0.0022 | −0.0022 | −0.0022 | −0.0022 |
| FFP | −0.0000014 (−0.121) | −0.0000025 (−0.223) | −0.0000018 (−0.157) | −0.0000011 (−0.101) |
| Constant | 0.095 | 0.097 | 0.095 | 0.10 |
| Firm-year effects | Yes | Yes | Yes | Yes |
| 49,305 | 49,305 | 49,305 | 49,305 | |
| 0.028 | 0.028 | 0.029 | 0.028 | |
| F-stat. | 112.848 | 111.304 | 113.897 | 110.559 |
Note(s): t-Statistics in parentheses. *p < 0.10, ** p < 0.05, ***p < 0.01
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