Alternative testing variables (subdimensions of the independent testing variables) for CSR performance and firm risk
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
|---|---|---|---|---|---|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA |
| Resource | −0.000017*** (−3.042) | |||||||||
| Emissions | −0.000018*** (−3.292) | |||||||||
| Eco-innovation | −0.000012** (−2.359) | |||||||||
| Workforce | −0.000020*** (−3.219) | |||||||||
| Humanrights | −0.000031*** (−6.517) | |||||||||
| Community | −0.000019*** (−3.237) | |||||||||
| Productresp | −0.000020*** (−4.278) | |||||||||
| Management | −0.0000081* (−1.683) | |||||||||
| Shareholders | 0.0000015 (0.321) | |||||||||
| CSRstrategy | −0.000019*** (−3.773) | |||||||||
| Bsize | 0.000086 (1.497) | 0.000085 (1.471) | 0.000087 (1.518) | 0.000086 (1.493) | 0.000077 (1.347) | 0.000089 (1.543) | 0.000083 (1.440) | 0.000081 (1.401) | 0.000090 (1.560) | 0.000087 (1.522) |
| Bgdiversity | −0.00015*** (−12.319) | −0.00015*** (−12.297) | −0.00015*** (−12.755) | −0.00015*** (−12.578) | −0.00014*** (−11.099) | −0.00015*** (−12.583) | −0.00015*** (−12.175) | −0.00015*** (−12.757) | −0.00016*** (−13.300) | −0.00015*** (−12.264) |
| Bindependence | −0.000017* (−1.773) | −0.000017* (−1.729) | −0.000017* (−1.751) | −0.000017* (−1.739) | −0.000017* (−1.754) | −0.000017* (−1.714) | −0.000017* (−1.773) | −0.000015 (−1.492) | −0.000017* (−1.716) | −0.000017* (−1.752) |
| CEOpow | 0.0014*** (4.377) | 0.0014*** (4.355) | 0.0014*** (4.369) | 0.0014*** (4.332) | 0.0013*** (4.236) | 0.0014*** (4.444) | 0.0014*** (4.301) | 0.0013*** (4.196) | 0.0014*** (4.451) | 0.0014*** (4.315) |
| Fsize | −0.0033*** (−12.879) | −0.0033*** (−12.752) | −0.0034*** (−13.502) | −0.0033*** (−13.061) | −0.0032*** (−12.592) | −0.0034*** (−13.486) | −0.0033*** (−13.059) | −0.0035*** (−13.769) | −0.0035*** (−13.935) | −0.0033*** (−12.809) |
| ROA | −0.033*** (−25.225) | −0.033*** (−25.213) | −0.033*** (−25.162) | −0.033*** (−25.134) | −0.034*** (−25.370) | −0.033*** (−25.180) | −0.033*** (−25.279) | −0.033*** (−25.112) | −0.033*** (−25.092) | −0.033*** (−25.229) |
| Leverage | 0.0074*** (6.439) | 0.0074*** (6.428) | 0.0074*** (6.372) | 0.0073*** (6.338) | 0.0076*** (6.566) | 0.0074*** (6.376) | 0.0073*** (6.355) | 0.0074*** (6.405) | 0.0074*** (6.366) | 0.0074*** (6.372) |
| Currentr | 0.00051*** (5.165) | 0.00051*** (5.153) | 0.00051*** (5.201) | 0.00051*** (5.174) | 0.00051*** (5.207) | 0.00051*** (5.157) | 0.00051*** (5.181) | 0.00051*** (5.156) | 0.00051*** (5.168) | 0.00050*** (5.152) |
| RDintensity | −0.0022*** (−2.763) | −0.0022*** (−2.758) | −0.0022*** (−2.729) | −0.0022*** (−2.731) | −0.0022*** (−2.784) | −0.0022*** (−2.751) | −0.0022*** (−2.741) | −0.0022*** (−2.726) | −0.0022*** (−2.737) | −0.0022*** (−2.742) |
| FFP | −0.0000022 (−0.195) | −0.0000023 (−0.204) | −0.0000022 (−0.192) | −0.0000015 (−0.131) | −0.0000017 (−0.153) | −0.0000017 (−0.156) | −0.0000028 (−0.245) | −0.0000013 (−0.119) | −0.0000020 (−0.175) | −0.0000022 (−0.200) |
| Constant | 0.098*** (17.021) | 0.097*** (16.898) | 0.100*** (17.585) | 0.099*** (17.334) | 0.095*** (16.681) | 0.10*** (17.712) | 0.098*** (17.271) | 0.10*** (17.859) | 0.10*** (17.936) | 0.097*** (16.935) |
| Firm-year effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 |
| R2 | 0.028 | 0.028 | 0.028 | 0.028 | 0.029 | 0.028 | 0.028 | 0.028 | 0.028 | 0.028 |
| F-stat. | 111.046*** | 111.195*** | 110.702*** | 111.150*** | 114.152*** | 111.161*** | 111.893*** | 110.416*** | 110.191*** | 111.512*** |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
|---|---|---|---|---|---|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA | StdROA |
| Resource | −0.000017 | |||||||||
| Emissions | −0.000018 | |||||||||
| Eco-innovation | −0.000012 | |||||||||
| Workforce | −0.000020 | |||||||||
| Humanrights | −0.000031 | |||||||||
| Community | −0.000019 | |||||||||
| Productresp | −0.000020 | |||||||||
| Management | −0.0000081 | |||||||||
| Shareholders | 0.0000015 (0.321) | |||||||||
| CSRstrategy | −0.000019 | |||||||||
| Bsize | 0.000086 (1.497) | 0.000085 (1.471) | 0.000087 (1.518) | 0.000086 (1.493) | 0.000077 (1.347) | 0.000089 (1.543) | 0.000083 (1.440) | 0.000081 (1.401) | 0.000090 (1.560) | 0.000087 (1.522) |
| Bgdiversity | −0.00015 | −0.00015 | −0.00015 | −0.00015 | −0.00014 | −0.00015 | −0.00015 | −0.00015 | −0.00016 | −0.00015 |
| Bindependence | −0.000017 | −0.000017 | −0.000017 | −0.000017 | −0.000017 | −0.000017 | −0.000017 | −0.000015 (−1.492) | −0.000017 | −0.000017 |
| CEOpow | 0.0014 | 0.0014 | 0.0014 | 0.0014 | 0.0013 | 0.0014 | 0.0014 | 0.0013 | 0.0014 | 0.0014 |
| Fsize | −0.0033 | −0.0033 | −0.0034 | −0.0033 | −0.0032 | −0.0034 | −0.0033 | −0.0035 | −0.0035 | −0.0033 |
| ROA | −0.033 | −0.033 | −0.033 | −0.033 | −0.034 | −0.033 | −0.033 | −0.033 | −0.033 | −0.033 |
| Leverage | 0.0074 | 0.0074 | 0.0074 | 0.0073 | 0.0076 | 0.0074 | 0.0073 | 0.0074 | 0.0074 | 0.0074 |
| Currentr | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00051 | 0.00050 |
| RDintensity | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 | −0.0022 |
| FFP | −0.0000022 (−0.195) | −0.0000023 (−0.204) | −0.0000022 (−0.192) | −0.0000015 (−0.131) | −0.0000017 (−0.153) | −0.0000017 (−0.156) | −0.0000028 (−0.245) | −0.0000013 (−0.119) | −0.0000020 (−0.175) | −0.0000022 (−0.200) |
| Constant | 0.098 | 0.097 | 0.100 | 0.099 | 0.095 | 0.10 | 0.098 | 0.10 | 0.10 | 0.097 |
| Firm-year effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | 49,305 | |
| 0.028 | 0.028 | 0.028 | 0.028 | 0.029 | 0.028 | 0.028 | 0.028 | 0.028 | 0.028 | |
| F-stat. | 111.046 | 111.195 | 110.702 | 111.150 | 114.152 | 111.161 | 111.893 | 110.416 | 110.191 | 111.512 |
Note(s): t-Statistics in parentheses. *p < 0.10, ***p < 0.01
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