Table 7 Propensity score matching (PSM)...

Table 7

Propensity score matching (PSM) regression results of association between presence of a sustainability committee and CSR performance

Panel A: PSM first-stage logistic regression results
	Coefficient	z-statistics	p-value
FSIZE	0.520	24.650	0.000^***
LEV	0.532	3.530	0.000^***
MB	−0.456	−11.280	0.000^***
ROA	−0.191	−0.600	0.550
FIN	−0.341	−1.530	0.125
COMPET	0.001	0.050	0.962
GLOBAL	0.086	1.340	0.182
LIQUID	0.128	7.430	0.000^***
LITG	−1.164	−4.480	0.000^***
FAGE	0.525	11.990	0.000^***
CAPEX	−0.119	−1.020	0.306
EM	−0.769	−2.230	0.026^**
CGOV	0.104	1.060	0.290
Year Fixed Effects		Yes
Industry Fixed Effects		Yes
Observations		27,966
Pseudo R-squared		0.239
Log likelihood		−5430.25

Panel A: PSM first-stage logistic regression results
	Coefficient	z-statistics	p-value
FSIZE	0.520	24.650	0.000^***
LEV	0.532	3.530	0.000^***
MB	−0.456	−11.280	0.000^***
ROA	−0.191	−0.600	0.550
FIN	−0.341	−1.530	0.125
COMPET	0.001	0.050	0.962
GLOBAL	0.086	1.340	0.182
LIQUID	0.128	7.430	0.000^***
LITG	−1.164	−4.480	0.000^***
FAGE	0.525	11.990	0.000^***
CAPEX	−0.119	−1.020	0.306
EM	−0.769	−2.230	0.026^**
CGOV	0.104	1.060	0.290
Year Fixed Effects		Yes
Industry Fixed Effects		Yes
Observations		27,966
Pseudo R-squared		0.239
Log likelihood		−5430.25

Panel B: Mean test between treatment and control samples
	Treatment	Control	t-test (p-value)
FSIZE	8.595	8.576	0.682
LEV	0.294	0.294	0.838
MB	1.631	1.647	0.511
ROA	0.040	0.039	0.899
FIN	0.009	0.009	0.983
COMPET	0.688	0.591	0.419
GLOBAL	0.541	0.535	0.747
LIQUID	2.422	2.414	0.886
LITG	0.116	0.119	0.803
FAGE	3.492	3.504	0.552
CAPEX	0.125	0.122	0.711
EM	0.068	0.068	0.830
CGOV	0.551	0.547	0.658

Panel B: Mean test between treatment and control samples
	Treatment	Control	t-test (p-value)
FSIZE	8.595	8.576	0.682
LEV	0.294	0.294	0.838
MB	1.631	1.647	0.511
ROA	0.040	0.039	0.899
FIN	0.009	0.009	0.983
COMPET	0.688	0.591	0.419
GLOBAL	0.541	0.535	0.747
LIQUID	2.422	2.414	0.886
LITG	0.116	0.119	0.803
FAGE	3.492	3.504	0.552
CAPEX	0.125	0.122	0.711
EM	0.068	0.068	0.830
CGOV	0.551	0.547	0.658

Panel C: Regression results using PSM sample
	Dependent variable = CSR_PERF_t+1
	Model (1)
SUSTCOM	0.039^***
SUSTCOM	(3.071)
Constant	−0.056
Constant	(−0.944)
Control variables	Yes
Year fixed effects	Yes
Industry fixed effects	Yes
Observations	3,909
R-squared	0.200
F-statistic	8.487^***

Panel C: Regression results using PSM sample
	Dependent variable = CSR_PERF_t+1
	Model (1)
SUSTCOM	0.039^***
SUSTCOM	(3.071)
Constant	−0.056
Constant	(−0.944)
Control variables	Yes
Year fixed effects	Yes
Industry fixed effects	Yes
Observations	3,909
R-squared	0.200
F-statistic	8.487^***

Note(s): This table shows the propensity score matching (PSM) regression results. Panel A shows the first-stage logistics regression results. Panel B shows the mean-test between treatment and control sample. Panel C shows regression results using PSM sample. 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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