Table 5 Second-stage ID-TPA efficiency...

Table 5

Second-stage ID-TPA efficiency estimates

Dependent variable: NPOP
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	No interactions	Political pressure ×logTPA_EXP	Visibility × logTPA_EXP	CSR reporting mandate × logTPA_EXP	Competence × logTPA_EXP	All	OLS
logTPA_EXP	0.7632***	1.4376***	0.5438***	0.5480***	0.7028***	1.2216***	0.8664***
logTPA_EXP	(9.18)	(10.75)	(3.31)	(4.89)	(8.63)	(6.04)	(6.40)
SOElogTPA_EXP*		−0.8036***				−0.6552***	−0.3932***
SOElogTPA_EXP*		(−5.24)				(−4.24)	(−3.90)
PClogTPA_EXP*		−0.3008				−0.2080	−0.0829
PClogTPA_EXP*		(−1.41)				(−1.00)	(−0.59)
POVERTYlogTPA_EXP*		−0.5057***				−0.4122***	−0.2885***
POVERTYlogTPA_EXP*		(−3.10)				(−2.60)	(−2.75)
DECENTRALlogTPA_EXP*		0.2178***				0.2233***	0.1541***
DECENTRALlogTPA_EXP*		(2.60)				(2.95)	(3.23)
ADVlogTPA_EXP*			0.7616			0.4152	0.2103
ADVlogTPA_EXP*			(0.68)			(0.39)	(0.31)
COVERlogTPA_EXP*			0.1030			−0.1068	−0.1075**
COVERlogTPA_EXP*			(1.35)			(−1.36)	(−2.05)
MAND_CSRlogTPA_EXP*				0.4064**		0.3584**	0.2022*
MAND_CSRlogTPA_EXP*				(2.49)		(2.18)	(1.82)
ADJ_ROAlogTPA_EXP*					10.5597***	7.5707***	6.7381***
ADJ_ROAlogTPA_EXP*					(6.10)	(4.18)	(5.42)
SOE	0.0112	4.1876***	−0.0009	1.0378	−0.0928	4.4165***	1.3077**
SOE	(0.01)	(3.69)	(−0.00)	(1.56)	(−0.11)	(4.54)	(2.46)
PC	−0.1282	1.3043	−0.1363	0.3365	−0.2643	1.3520	0.4842
PC	(−0.20)	(1.11)	(−0.22)	(0.59)	(−0.43)	(1.24)	(0.67)
POVERTY	−0.6609	1.8733*	−0.6553	0.3978	−0.5365	2.5404***	0.7713
POVERTY	(−0.84)	(1.87)	(−0.83)	(0.70)	(−0.70)	(2.89)	(1.48)
DECENTRAL	0.3547	−0.7445*	0.3549	0.0835	0.3786	−1.0524***	−0.5601**
DECENTRAL	(1.40)	(−1.69)	(1.41)	(0.40)	(1.55)	(−2.71)	(−2.43)
ADV	1.4125	2.9745	−1.6096	2.3366	2.5870	1.4911	1.1711
ADV	(0.51)	(1.11)	(−0.30)	(0.88)	(0.95)	(0.29)	(0.36)
COVER	−0.3593*	−0.2382	−0.8255**	−0.3731*	−0.4008*	0.2144	0.4512*
COVER	(−1.65)	(−1.15)	(−2.03)	(−1.72)	(−1.89)	(0.53)	(1.72)
MAND_CSR	0.4963	0.4886	0.4968	−0.4175	0.4430	−0.1819	−0.5161
MAND_CSR	(0.69)	(0.72)	(0.69)	(−0.47)	(0.64)	(−0.22)	(−0.98)
ADJ_ROA	−1.6898	0.8031	−1.3646	1.7303	−46.7754***	−27.6137***	−21.9077***
ADJ_ROA	(−0.30)	(0.15)	(−0.24)	(0.33)	(−5.03)	(−2.94)	(−3.51)
SIZE	−1.5804***	−1.3820***	−1.3919**	−0.6562	−1.4633***	−0.7522*	−1.1258***
SIZE	(−2.94)	(−2.71)	(−2.50)	(−1.55)	(−2.81)	(−1.81)	(−4.77)
SIZE logTPA_EXP*	0.3344***	0.3314***	0.2974***	0.2553***	0.3126***	0.3103***	0.2786***
SIZE logTPA_EXP*	(5.45)	(5.58)	(4.31)	(3.88)	(5.24)	(4.55)	(6.09)
LEV	0.4000	0.6317	0.5147	1.1905	1.1129	2.2509**	0.8642
LEV	(0.28)	(0.47)	(0.37)	(0.97)	(0.81)	(1.97)	(1.21)
SLACK	1.2770	1.7150	1.3994	1.1054	2.2147	2.1132	−0.5035
SLACK	(0.50)	(0.70)	(0.54)	(0.43)	(0.88)	(0.87)	(−0.31)
IMR	−0.9950	−0.5342	−0.9249	2.0031	−0.8279	2.6143**
IMR	(−0.51)	(−0.29)	(−0.47)	(1.63)	(−0.44)	(2.41)
Constant	−2.2649	−6.6327	−1.5446	−8.5544***	−3.3465	−12.6942***	−3.3401***
Constant	(−0.53)	(−1.60)	(−0.36)	(−2.58)	(−0.80)	(−5.14)	(−4.05)
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Pseudo R²	0.0540	0.0724	0.0547	0.0528	0.0643	0.0715	0.2867
N	881	881	881	881	881	881	881

Dependent variable: NPOP
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	No interactions	Political pressure ×logTPA_EXP	Visibility × logTPA_EXP	CSR reporting mandate × logTPA_EXP	Competence × logTPA_EXP	All	OLS
logTPA_EXP	0.7632***	1.4376***	0.5438***	0.5480***	0.7028***	1.2216***	0.8664***
logTPA_EXP	(9.18)	(10.75)	(3.31)	(4.89)	(8.63)	(6.04)	(6.40)
SOE*logTPA_EXP		−0.8036***				−0.6552***	−0.3932***
SOE*logTPA_EXP		(−5.24)				(−4.24)	(−3.90)
PC*logTPA_EXP		−0.3008				−0.2080	−0.0829
PC*logTPA_EXP		(−1.41)				(−1.00)	(−0.59)
POVERTY*logTPA_EXP		−0.5057***				−0.4122***	−0.2885***
POVERTY*logTPA_EXP		(−3.10)				(−2.60)	(−2.75)
DECENTRAL*logTPA_EXP		0.2178***				0.2233***	0.1541***
DECENTRAL*logTPA_EXP		(2.60)				(2.95)	(3.23)
ADV*logTPA_EXP			0.7616			0.4152	0.2103
ADV*logTPA_EXP			(0.68)			(0.39)	(0.31)
COVER*logTPA_EXP			0.1030			−0.1068	−0.1075**
COVER*logTPA_EXP			(1.35)			(−1.36)	(−2.05)
MAND_CSR*logTPA_EXP				0.4064**		0.3584**	0.2022*
MAND_CSR*logTPA_EXP				(2.49)		(2.18)	(1.82)
ADJ_ROA*logTPA_EXP					10.5597***	7.5707***	6.7381***
ADJ_ROA*logTPA_EXP					(6.10)	(4.18)	(5.42)
SOE	0.0112	4.1876***	−0.0009	1.0378	−0.0928	4.4165***	1.3077**
SOE	(0.01)	(3.69)	(−0.00)	(1.56)	(−0.11)	(4.54)	(2.46)
PC	−0.1282	1.3043	−0.1363	0.3365	−0.2643	1.3520	0.4842
PC	(−0.20)	(1.11)	(−0.22)	(0.59)	(−0.43)	(1.24)	(0.67)
POVERTY	−0.6609	1.8733*	−0.6553	0.3978	−0.5365	2.5404***	0.7713
POVERTY	(−0.84)	(1.87)	(−0.83)	(0.70)	(−0.70)	(2.89)	(1.48)
DECENTRAL	0.3547	−0.7445*	0.3549	0.0835	0.3786	−1.0524***	−0.5601**
DECENTRAL	(1.40)	(−1.69)	(1.41)	(0.40)	(1.55)	(−2.71)	(−2.43)
ADV	1.4125	2.9745	−1.6096	2.3366	2.5870	1.4911	1.1711
ADV	(0.51)	(1.11)	(−0.30)	(0.88)	(0.95)	(0.29)	(0.36)
COVER	−0.3593*	−0.2382	−0.8255**	−0.3731*	−0.4008*	0.2144	0.4512*
COVER	(−1.65)	(−1.15)	(−2.03)	(−1.72)	(−1.89)	(0.53)	(1.72)
MAND_CSR	0.4963	0.4886	0.4968	−0.4175	0.4430	−0.1819	−0.5161
MAND_CSR	(0.69)	(0.72)	(0.69)	(−0.47)	(0.64)	(−0.22)	(−0.98)
ADJ_ROA	−1.6898	0.8031	−1.3646	1.7303	−46.7754***	−27.6137***	−21.9077***
ADJ_ROA	(−0.30)	(0.15)	(−0.24)	(0.33)	(−5.03)	(−2.94)	(−3.51)
SIZE	−1.5804***	−1.3820***	−1.3919**	−0.6562	−1.4633***	−0.7522*	−1.1258***
SIZE	(−2.94)	(−2.71)	(−2.50)	(−1.55)	(−2.81)	(−1.81)	(−4.77)
SIZE *logTPA_EXP	0.3344***	0.3314***	0.2974***	0.2553***	0.3126***	0.3103***	0.2786***
SIZE *logTPA_EXP	(5.45)	(5.58)	(4.31)	(3.88)	(5.24)	(4.55)	(6.09)
LEV	0.4000	0.6317	0.5147	1.1905	1.1129	2.2509**	0.8642
LEV	(0.28)	(0.47)	(0.37)	(0.97)	(0.81)	(1.97)	(1.21)
SLACK	1.2770	1.7150	1.3994	1.1054	2.2147	2.1132	−0.5035
SLACK	(0.50)	(0.70)	(0.54)	(0.43)	(0.88)	(0.87)	(−0.31)
IMR	−0.9950	−0.5342	−0.9249	2.0031	−0.8279	2.6143**
IMR	(−0.51)	(−0.29)	(−0.47)	(1.63)	(−0.44)	(2.41)
Constant	−2.2649	−6.6327	−1.5446	−8.5544***	−3.3465	−12.6942***	−3.3401***
Constant	(−0.53)	(−1.60)	(−0.36)	(−2.58)	(−0.80)	(−5.14)	(−4.05)
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Pseudo R²	0.0540	0.0724	0.0547	0.0528	0.0643	0.0715	0.2867
N	881	881	881	881	881	881	881

Note(s): This table presents the second-stage estimation results of the two-stage Heckman selection model (Eq. (2)). The dependent variable is NPOP, the number of people lifted out of poverty by a company in the current year. Columns (2)–(5) report the results when the test variables for hypotheses H1–H4 are individually interacted with logTPA_EXP (the natural log of current year expenditures on ID-TPA projects), respectively; while columns (1) and (6) report the results when no interaction is added, or when the interactions between logTPA_EXP and all test variables are simultaneously added, respectively. Column (7) presents the OLS estimation results of Eq. (2) as a robustness check. Numbers reported in parentheses are t-statistics. ***/**/*: significant at the 1%/5%/10% level (two-tailed), respectively. Please refer to Appendix 2 for variable definitions

Source(s): Table by authors

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