Table 7 The life-cycle stage of ID-TPA...

Table 7

The life-cycle stage of ID-TPA projects

	Dependent variable: NPOP
	(1)	(2)	(3)
	Using sample averages	Control for accumulated prior expenditures	Control for project ages
logTPA_EXP	0.8092***	1.2401***	1.5638***
logTPA_EXP	(3.09)	(5.70)	(5.36)
SOElogTPA_EXP*	−0.3612*	−0.6644***	−0.6428***
SOElogTPA_EXP*	(−1.95)	(−4.21)	(−4.15)
PClogTPA_EXP*	−0.1176	−0.2005	−0.2114
PClogTPA_EXP*	(−0.59)	(−0.95)	(−1.01)
POVERTYlogTPA_EXP*	−0.3498	−0.4124***	−0.3728**
POVERTYlogTPA_EXP*	(−1.59)	(−2.59)	(−2.34)
DECENTRALlogTPA_EXP*	0.2780**	0.2197***	0.2310***
DECENTRALlogTPA_EXP*	(2.37)	(2.89)	(3.04)
ADVlogTPA_EXP*	0.5335	0.2681	0.4241
ADVlogTPA_EXP*	(0.44)	(0.25)	(0.40)
COVERlogTPA_EXP*	−0.0111	−0.1022	−0.1017
COVERlogTPA_EXP*	(−0.13)	(−1.30)	(−1.29)
MAND_CSRlogTPA_EXP*	0.3895*	0.3580**	0.3711**
MAND_CSRlogTPA_EXP*	(1.90)	(2.16)	(2.25)
ADJ_ROAlogTPA_EXP*	6.9142***	7.6459***	7.2468***
ADJ_ROAlogTPA_EXP*	(3.45)	(4.20)	(3.96)
logAPEXP		0.1805
logAPEXP		(1.20)
logAPEXPlogTPA_EXP*		−0.0175
logAPEXPlogTPA_EXP*		(−0.85)
Age			1.8050*
Age			(1.76)
AgelogTPA_EXP*			−0.3659*
AgelogTPA_EXP*			(−1.80)
IMR	1.1683	2.6203**	2.8840***
IMR	(1.20)	(2.41)	(2.79)
Constant	−7.9825***	−13.0120***	−14.9763***
Constant	(−3.22)	(−5.18)	(−5.61)
Control variables	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes
Year dummies	No	Yes	Yes
Pseudo R²	0.0896	0.0719	0.0726
N	479	881	881

	Dependent variable: NPOP
	(1)	(2)	(3)
	Using sample averages	Control for accumulated prior expenditures	Control for project ages
logTPA_EXP	0.8092***	1.2401***	1.5638***
logTPA_EXP	(3.09)	(5.70)	(5.36)
SOE*logTPA_EXP	−0.3612*	−0.6644***	−0.6428***
SOE*logTPA_EXP	(−1.95)	(−4.21)	(−4.15)
PC*logTPA_EXP	−0.1176	−0.2005	−0.2114
PC*logTPA_EXP	(−0.59)	(−0.95)	(−1.01)
POVERTY*logTPA_EXP	−0.3498	−0.4124***	−0.3728**
POVERTY*logTPA_EXP	(−1.59)	(−2.59)	(−2.34)
DECENTRAL*logTPA_EXP	0.2780**	0.2197***	0.2310***
DECENTRAL*logTPA_EXP	(2.37)	(2.89)	(3.04)
ADV*logTPA_EXP	0.5335	0.2681	0.4241
ADV*logTPA_EXP	(0.44)	(0.25)	(0.40)
COVER*logTPA_EXP	−0.0111	−0.1022	−0.1017
COVER*logTPA_EXP	(−0.13)	(−1.30)	(−1.29)
MAND_CSR*logTPA_EXP	0.3895*	0.3580**	0.3711**
MAND_CSR*logTPA_EXP	(1.90)	(2.16)	(2.25)
ADJ_ROA*logTPA_EXP	6.9142***	7.6459***	7.2468***
ADJ_ROA*logTPA_EXP	(3.45)	(4.20)	(3.96)
logAPEXP		0.1805
logAPEXP		(1.20)
logAPEXP*logTPA_EXP		−0.0175
logAPEXP*logTPA_EXP		(−0.85)
Age			1.8050*
Age			(1.76)
Age*logTPA_EXP			−0.3659*
Age*logTPA_EXP			(−1.80)
IMR	1.1683	2.6203**	2.8840***
IMR	(1.20)	(2.41)	(2.79)
Constant	−7.9825***	−13.0120***	−14.9763***
Constant	(−3.22)	(−5.18)	(−5.61)
Control variables	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes
Year dummies	No	Yes	Yes
Pseudo R²	0.0896	0.0719	0.0726
N	479	881	881

Note(s): This table presents the second-stage estimation results of the two-stage Heckman selection model (Eq. (2)) after controlling for the life-cycle stage of ID-TPA projects. The dependent variable is NPOP, the number of people lifted out of poverty by a company in the current year. Column (1) controls for the life-cycle stage of ID-TPA projects by using the by-firm sample average of each variable in the regression; column (2) controls for the life-cycle stage of ID-TPA projects by adding logAPEXP (the natural log of accumulated past ID-TPA expenditures) and its interaction with logTPA_EXP (the natural log of current year expenditures on ID-TPA projects); column (3) controls for the life-cycle stage of ID-TPA projects by adding Age (the age of ID-TPA projects) and its interaction with logTPA_EXP. Numbers reported in parentheses are t-statistics. ***/**/*: significant at the 1%/5%/10% level (two-tailed), respectively. Please refer to Appendix 2 for definitions of the remaining variables

Source(s): Table by authors

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