Table 8 Mandatory CSR reporting: further...

Table 8

Mandatory CSR reporting: further analyses

	Dependent variable: NPOP
	(1)	(2)	(3)	(4)	(5)	(6)
	Controlling for governance (GOV)		PSM		Voluntary CSR reporting
logTPA_EXP	0.7280***	1.4068***	0.5201***	0.3302	0.5782***	1.2170***
logTPA_EXP	(5.89)	(6.47)	(3.62)	(0.90)	(5.11)	(5.97)
SOElogTPA_EXP*		−0.6913***		−0.5984***		−0.6600***
SOElogTPA_EXP*		(−3.89)		(−2.69)		(−4.23)
PClogTPA_EXP*		−0.2259		−0.3531		−0.2134
PClogTPA_EXP*		(−1.05)		(−1.01)		(−1.03)
POVERTYlogTPA_EXP*		−0.4410***		0.0961		−0.4013**
POVERTYlogTPA_EXP*		(−2.65)		(0.33)		(−2.50)
DECENTRALlogTPA_EXP*		0.2464***		0.4938***		0.2206***
DECENTRALlogTPA_EXP*		(3.07)		(2.81)		(2.91)
ADVlogTPA_EXP*		0.4933		2.0012		0.4125
ADVlogTPA_EXP*		(0.45)		(1.34)		(0.39)
COVERlogTPA_EXP*		−0.1788**		−0.0188		−0.1031
COVERlogTPA_EXP*		(−2.13)		(−0.17)		(−1.30)
MAND_CSRlogTPA_EXP*	0.3736**	0.3405**	0.4428*	0.4088*	0.4621**	0.3931**
MAND_CSRlogTPA_EXP*	(2.16)	(1.97)	(1.96)	(1.83)	(2.31)	(1.98)
ADJ_ROAlog_TPA_EXP*		7.7647***		12.0608***		7.5861***
ADJ_ROAlog_TPA_EXP*		(3.88)		(4.61)		(4.18)
Gov	−1.1862**	−0.1018
Gov	(−2.17)	(−0.19)
Govlog_TPA_EXP*	0.2082**	−0.0291
Govlog_TPA_EXP*	(2.28)	(−0.31)
VOL_CSR					−0.6293	0.1563
VOL_CSR					(−0.57)	(0.16)
VOL_CSRlogTPA_EXP*					0.3038	0.2898
VOL_CSRlogTPA_EXP*					(1.54)	(1.50)
IMR	−0.7417	3.0376**	0.6244	0.4952	−0.3663	2.5420**
IMR	(−0.35)	(2.38)	(0.43)	(0.36)	(−0.20)	(2.35)
Constant	−2.0856	−13.7427***	−4.8618	−6.0148*	−2.9638	−12.5980***
Constant	(−0.46)	(−4.88)	(−1.28)	(−1.89)	(−0.73)	(−5.10)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes
Pseudo R²	0.0594	0.0756	0.0547	0.0742	0.0557	0.0715
N	816	816	596	596	881	881

	Dependent variable: NPOP
	(1)	(2)	(3)	(4)	(5)	(6)
	Controlling for governance (GOV)		PSM		Voluntary CSR reporting
logTPA_EXP	0.7280***	1.4068***	0.5201***	0.3302	0.5782***	1.2170***
logTPA_EXP	(5.89)	(6.47)	(3.62)	(0.90)	(5.11)	(5.97)
SOE*logTPA_EXP		−0.6913***		−0.5984***		−0.6600***
SOE*logTPA_EXP		(−3.89)		(−2.69)		(−4.23)
PC*logTPA_EXP		−0.2259		−0.3531		−0.2134
PC*logTPA_EXP		(−1.05)		(−1.01)		(−1.03)
POVERTY*logTPA_EXP		−0.4410***		0.0961		−0.4013**
POVERTY*logTPA_EXP		(−2.65)		(0.33)		(−2.50)
DECENTRAL*logTPA_EXP		0.2464***		0.4938***		0.2206***
DECENTRAL*logTPA_EXP		(3.07)		(2.81)		(2.91)
ADV*logTPA_EXP		0.4933		2.0012		0.4125
ADV*logTPA_EXP		(0.45)		(1.34)		(0.39)
COVER*logTPA_EXP		−0.1788**		−0.0188		−0.1031
COVER*logTPA_EXP		(−2.13)		(−0.17)		(−1.30)
MAND_CSR*logTPA_EXP	0.3736**	0.3405**	0.4428*	0.4088*	0.4621**	0.3931**
MAND_CSR*logTPA_EXP	(2.16)	(1.97)	(1.96)	(1.83)	(2.31)	(1.98)
ADJ_ROA*log_TPA_EXP		7.7647***		12.0608***		7.5861***
ADJ_ROA*log_TPA_EXP		(3.88)		(4.61)		(4.18)
Gov	−1.1862**	−0.1018
Gov	(−2.17)	(−0.19)
Gov*log_TPA_EXP	0.2082**	−0.0291
Gov*log_TPA_EXP	(2.28)	(−0.31)
VOL_CSR					−0.6293	0.1563
VOL_CSR					(−0.57)	(0.16)
VOL_CSR*logTPA_EXP					0.3038	0.2898
VOL_CSR*logTPA_EXP					(1.54)	(1.50)
IMR	−0.7417	3.0376**	0.6244	0.4952	−0.3663	2.5420**
IMR	(−0.35)	(2.38)	(0.43)	(0.36)	(−0.20)	(2.35)
Constant	−2.0856	−13.7427***	−4.8618	−6.0148*	−2.9638	−12.5980***
Constant	(−0.46)	(−4.88)	(−1.28)	(−1.89)	(−0.73)	(−5.10)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes
Pseudo R²	0.0594	0.0756	0.0547	0.0742	0.0557	0.0715
N	816	816	596	596	881	881

Note(s): This table presents additional analyses regarding the impacts of mandatory CSR reporting on ID-TPA efficiency. The dependent variable is NPOP, the number of people lifted out of poverty by a company in the current year. Column (1) and (2) report the regression results after controlling for Gov (corporate governance index) and its interaction with logTPA_EXP (the natural log of current year expenditures on ID-TPA projects) without and with other test variables, respectively; column (3) and (4) report the regression results with the propensity-score-matched sample without and with other test variables, respectively; column (5) and (6) report the regression results after controlling for VOL_CSR (an indicator variable equal to one if a company voluntarily issues a CSR report) and its interaction with logTPA_EXP (the natural log of current year expenditures on ID-TPA projects) without and with other test variables, respectively. Numbers reported in parentheses are t-statistics. ***/**/*: significant at the 1%/5%/10% level (two-tailed), respectively. Please refer to Appendix 2 for the definitions of the remaining variables

Source(s): Table by authors

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