Panel regression (fixed effect model)
| Variables | Pooled | Without CSR committee | With CSR committee | CSR committee as moderator |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| EMISSION_SC | EMISSION_SC | EMISSION_SC | EMISSION_SC | |
| AUDIT_COM | 0.0279*** | 0.0168*** | 0.0228** | −0.0220*** |
| (0.00317) | (0.00299) | (0.0112) | (0.00300) | |
| CSR_COM | 0.157*** | |||
| (0.00787) | ||||
| AUDIT_COM#CSR_COM | 0.0414*** | |||
| (0.00808) | ||||
| ROA | −0.0605*** | −0.0299*** | −0.00288 | −0.0329*** |
| (0.00789) | (0.00693) | (0.0177) | (0.00716) | |
| FIRM_SZ | 0.148*** | 0.0657*** | 0.237*** | 0.105*** |
| (0.00482) | (0.00447) | (0.0116) | (0.00441) | |
| LEVERAGE | 0.0274*** | 0.0247*** | 0.00426 | 0.0188** |
| (0.00841) | (0.00783) | (0.0177) | (0.00762) | |
| logGDP | 0.120*** | 0.0380*** | 0.131*** | 0.0812*** |
| (0.0119) | (0.0144) | (0.0161) | (0.0108) | |
| INF | 0.00285*** | 0.00246*** | 0.00199*** | 0.00181*** |
| (0.000205) | (0.000389) | (0.000219) | (0.000186) | |
| BD_SIZE | −0.00840*** | −0.00828*** | −0.00599** | −0.00680*** |
| (0.00149) | (0.00152) | (0.00244) | (0.00135) | |
| BD_GEND | 0.00234*** | 0.00131*** | 0.000918* | 0.00150*** |
| (0.000378) | (0.000429) | (0.000530) | (0.000342) | |
| SECTOR | Included | Included | Included | Included |
| COUNTRY | Included | Included | Included | Included |
| Constant | −2.313*** | −0.804*** | −3.107*** | −1.536*** |
| (0.134) | (0.161) | (0.200) | (0.122) | |
| Observations | 32,880 | 18,709 | 14,171 | 32,880 |
| R-squared | 0.074 | 0.038 | 0.066 | 0.240 |
| Number of ID | 5,480 | 4,090 | 3,568 | 5,480 |
| F-value | 271.5*** | 71.12*** | 93.09*** | 862*** |
| Variables | Pooled | Without CSR committee | With CSR committee | CSR committee as moderator |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| EMISSION_SC | EMISSION_SC | EMISSION_SC | EMISSION_SC | |
| AUDIT_COM | 0.0279*** | 0.0168*** | 0.0228** | −0.0220*** |
| (0.00317) | (0.00299) | (0.0112) | (0.00300) | |
| CSR_COM | 0.157*** | |||
| (0.00787) | ||||
| AUDIT_COM#CSR_COM | 0.0414*** | |||
| (0.00808) | ||||
| ROA | −0.0605*** | −0.0299*** | −0.00288 | −0.0329*** |
| (0.00789) | (0.00693) | (0.0177) | (0.00716) | |
| FIRM_SZ | 0.148*** | 0.0657*** | 0.237*** | 0.105*** |
| (0.00482) | (0.00447) | (0.0116) | (0.00441) | |
| LEVERAGE | 0.0274*** | 0.0247*** | 0.00426 | 0.0188** |
| (0.00841) | (0.00783) | (0.0177) | (0.00762) | |
| logGDP | 0.120*** | 0.0380*** | 0.131*** | 0.0812*** |
| (0.0119) | (0.0144) | (0.0161) | (0.0108) | |
| INF | 0.00285*** | 0.00246*** | 0.00199*** | 0.00181*** |
| (0.000205) | (0.000389) | (0.000219) | (0.000186) | |
| BD_SIZE | −0.00840*** | −0.00828*** | −0.00599** | −0.00680*** |
| (0.00149) | (0.00152) | (0.00244) | (0.00135) | |
| BD_GEND | 0.00234*** | 0.00131*** | 0.000918* | 0.00150*** |
| (0.000378) | (0.000429) | (0.000530) | (0.000342) | |
| SECTOR | Included | Included | Included | Included |
| COUNTRY | Included | Included | Included | Included |
| Constant | −2.313*** | −0.804*** | −3.107*** | −1.536*** |
| (0.134) | (0.161) | (0.200) | (0.122) | |
| Observations | 32,880 | 18,709 | 14,171 | 32,880 |
| 0.074 | 0.038 | 0.066 | 0.240 | |
| Number of ID | 5,480 | 4,090 | 3,568 | 5,480 |
| 271.5*** | 71.12*** | 93.09*** | 862*** |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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