Table 4 Regression results of...

Table 4

Regression results of association between presence of sustainability committee and CSR performance

	Dependent variable = CSR_PERF_t+1
	Model (1)	Model (2)	Model (3)	Model (4)
SUSTCOM	0.091^***	–	0.037^***	0.032^***
SUSTCOM	(6.163)		(2.897)	(4.468)
FSIZE		0.046^***	0.045^***	0.011^***
FSIZE		(19.384)	(18.874)	(5.724)
LEV		−0.011	−0.011	0.014^*
LEV		(−1.214)	(−1.236)	(1.713)
MB		0.002	0.002^*	0.002^**
MB		(1.619)	(1.848)	(2.380)
ROA		0.004	0.006	0.035^***
ROA		(0.409)	(0.660)	(3.897)
FIN		0.006	0.006	0.007^*
FIN		(1.504)	(1.436)	(1.832)
COMPET		0.007^***	0.007^***	0.007^***
COMPET		(4.061)	(4.072)	(7.426)
GLOBAL		0.011^**	0.011^**	0.001
GLOBAL		(2.368)	(2.352)	(0.368)
LIQUID		−0.003^**	−0.003^**	−0.001
LIQUID		(-2.384)	(-2.483)	(-1.120)
LITG		0.044^**	0.045^***	–
LITG		(2.549)	(2.718)
FAGE		0.017^***	0.016^***	−0.026^***
FAGE		(4.876)	(4.564)	(-3.794)
CAPEX		0.010^**	0.010^**	0.006
CAPEX		(2.493)	(2.575)	(1.407)
EM		−0.007	−0.007	−0.022^**
EM		(-0.701)	(-0.640)	(-2.270)
CGOV		0.076^***	0.075^***	0.056^***
CGOV		(8.826)	(8.768)	(12.444)
Constant	0.566^***	0.140^***	0.142^***	0.326^***
Constant	(27.001)	(4.746)	(4.826)	(13.812)
Year Fixed Effects	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	No
Firm Fixed Effects	No	No	No	Yes
Observations	27,966	27,966	27,966	27,966
R-squared	0.194	0.294	0.296	0.615
F-statistics	50.265^***	62.394^***	61.034^***	123.446^***
Gujarati's (2003) ΔR²-F-statistic			106.16^***

	Dependent variable = CSR_PERF_t+1
	Model (1)	Model (2)	Model (3)	Model (4)
SUSTCOM	0.091^***	–	0.037^***	0.032^***
SUSTCOM	(6.163)		(2.897)	(4.468)
FSIZE		0.046^***	0.045^***	0.011^***
FSIZE		(19.384)	(18.874)	(5.724)
LEV		−0.011	−0.011	0.014^*
LEV		(−1.214)	(−1.236)	(1.713)
MB		0.002	0.002^*	0.002^**
MB		(1.619)	(1.848)	(2.380)
ROA		0.004	0.006	0.035^***
ROA		(0.409)	(0.660)	(3.897)
FIN		0.006	0.006	0.007^*
FIN		(1.504)	(1.436)	(1.832)
COMPET		0.007^***	0.007^***	0.007^***
COMPET		(4.061)	(4.072)	(7.426)
GLOBAL		0.011^**	0.011^**	0.001
GLOBAL		(2.368)	(2.352)	(0.368)
LIQUID		−0.003^**	−0.003^**	−0.001
LIQUID		(-2.384)	(-2.483)	(-1.120)
LITG		0.044^**	0.045^***	–
LITG		(2.549)	(2.718)
FAGE		0.017^***	0.016^***	−0.026^***
FAGE		(4.876)	(4.564)	(-3.794)
CAPEX		0.010^**	0.010^**	0.006
CAPEX		(2.493)	(2.575)	(1.407)
EM		−0.007	−0.007	−0.022^**
EM		(-0.701)	(-0.640)	(-2.270)
CGOV		0.076^***	0.075^***	0.056^***
CGOV		(8.826)	(8.768)	(12.444)
Constant	0.566^***	0.140^***	0.142^***	0.326^***
Constant	(27.001)	(4.746)	(4.826)	(13.812)
Year Fixed Effects	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	No
Firm Fixed Effects	No	No	No	Yes
Observations	27,966	27,966	27,966	27,966
R-squared	0.194	0.294	0.296	0.615
F-statistics	50.265^***	62.394^***	61.034^***	123.446^***
Gujarati's (2003) ΔR²-F-statistic			106.16^***

Note(s): This table shows the regression results of the association between the presence of a sustainability committee and CSR performance. Model (1) shows the regression results between the presence of a sustainability committee and CSR performance without firm-level control variables; Model (2) reports the regression results between CSR performance and only the control variables; Model (3) shows the regression results between the presence of a sustainability committee and CSR performance including all control variables; and Model (4) shows the regression results between the presence of a sustainability committee and CSR performance using firm fixed effects. The numbers in parentheses are t-statistics. All variables are defined in Appendix

***, ** and * represent statistical significance at the 1%, 5% and 10% levels, respectively

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