Table 8 Heckman's (1979) two-stage...

Table 8

Heckman's (1979) two-stage regression results of association between presence of a sustainability committee and CSR performance

Panel A: Heckman (1979) first-stage probit regression results
	Dependent variable = SUSTCOM
	Coefficient	z-statistics	p-value
PROPCOM	10.472	10.160	0.000^***
FSIZE	0.244	9.080	0.000^***
LEV	0.409	2.710	0.007^***
MB	−0.208	−4.750	0.000^***
ROA	0.118	0.520	0.605
CGOV	0.112	1.390	0.164
FIN	−0.245	−1.530	0.118
COMPET	−0.042	−3.780	0.000^***
GLOBAL	0.009	0.120	0.905
LIQUID	0.059	2.970	0.003^***
LITG	−0.207	−1.650	0.099^*
FAGE	0.289	4.990	0.000^***
Intercept	−4.129	−15.520	0.000^***
Year Fixed Effects		Yes
Industry Fixed Effects		Yes
Observations		27,966
Pseudo R-squared		0.227
Area under ROC curve		0.849

Panel A: Heckman (1979) first-stage probit regression results
	Dependent variable = SUSTCOM
	Coefficient	z-statistics	p-value
PROPCOM	10.472	10.160	0.000^***
FSIZE	0.244	9.080	0.000^***
LEV	0.409	2.710	0.007^***
MB	−0.208	−4.750	0.000^***
ROA	0.118	0.520	0.605
CGOV	0.112	1.390	0.164
FIN	−0.245	−1.530	0.118
COMPET	−0.042	−3.780	0.000^***
GLOBAL	0.009	0.120	0.905
LIQUID	0.059	2.970	0.003^***
LITG	−0.207	−1.650	0.099^*
FAGE	0.289	4.990	0.000^***
Intercept	−4.129	−15.520	0.000^***
Year Fixed Effects		Yes
Industry Fixed Effects		Yes
Observations		27,966
Pseudo R-squared		0.227
Area under ROC curve		0.849

Panel B: Heckman (1979) second-stage regression results
	Dependent variable = CSR_PERF_t+1
	Model (1)
SUSTCOM	0.037^***
SUSTCOM	(2.898)
IMR	0.135^***
IMR	(5.513)
Constant	−0.360^***
Constant	(−3.883)
Control variables	Yes
Year fixed effects	Yes
Industry fixed effects	Yes
Observations	27,966
R-squared	0.299
F-statistic	60.189^***

Panel B: Heckman (1979) second-stage regression results
	Dependent variable = CSR_PERF_t+1
	Model (1)
SUSTCOM	0.037^***
SUSTCOM	(2.898)
IMR	0.135^***
IMR	(5.513)
Constant	−0.360^***
Constant	(−3.883)
Control variables	Yes
Year fixed effects	Yes
Industry fixed effects	Yes
Observations	27,966
R-squared	0.299
F-statistic	60.189^***

Note(s): This table shows Heckman's (1979) two-stage regression results of the association between the presence of a sustainability committee and CSR performance. Panel A shows the Heckman's (1979) first-stage probit regression results. Panel B shows Heckman's (1979) second-stage regression results between the presence of a sustainability committee and CSR performance. 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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