Table 3 Baseline results using OLS...

Table 3

Baseline results using OLS regression

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROE	ROE	ROE
CSR	−0.017			−0.028
CSR	(−1.440)			(−1.535)
CSR×CSR_COM	0.031***			0.036*
CSR×CSR_COM	(2.652)			(1.917)
ENV		−0.020***			−0.023**
ENV		(−3.025)			(−2.452)
ENV×CSR_COM		0.027***			0.028**
ENV×CSR_COM		(3.759)			(2.323)
SOC			0.001			0.001
SOC			(0.155)			(0.172)
SOC×CSR_COM			0.040***			0.041***
SOC×CSR_COM			(3.544)			(3.590)
CSR_COM	−0.017***	−0.017***	−0.013***	−0.016*	−0.015*	−0.033***
CSR_COM	(−2.887)	(−3.246)	(−3.000)	(−1.646)	(−1.667)	(−4.873)
LEVERAGE	−0.209***	−0.209***	−0.209***	−0.267***	−0.266***	−0.107***
LEVERAGE	(−12.413)	(−12.418)	(−12.403)	(−7.471)	(−7.437)	(−8.640)
SIZE	0.024***	0.024***	0.024***	0.025***	0.025***	0.005***
SIZE	(4.858)	(4.985)	(4.863)	(3.622)	(3.698)	(3.600)
GROWTH	0.034***	0.034***	0.034***	0.070***	0.069***	0.057***
GROWTH	(7.136)	(7.112)	(7.144)	(9.940)	(9.927)	(7.314)
RD	−0.669	−0.645	−0.677	−0.336	−0.313	13.582***
RD	(−0.227)	(−0.219)	(−0.231)	(−0.100)	(−0.094)	(3.653)
B_SIZE	−0.004	−0.003	−0.003	−0.009	−0.008	0.019***
B_SIZE	(−1.067)	(−0.859)	(−1.034)	(−1.359)	(−1.237)	(4.614)
B_IND	0.041***	0.041***	0.041***	0.068***	0.067***	0.054***
B_IND	(4.832)	(4.777)	(4.848)	(4.432)	(4.375)	(4.972)
IQ	0.002***	0.002***	0.002***	0.005***	0.005***	0.006***
IQ	(5.554)	(5.337)	(5.451)	(7.147)	(7.034)	(7.497)
GDP	0.002***	0.002***	0.002***	0.003***	0.003***	0.003**
GDP	(4.472)	(4.299)	(4.478)	(3.187)	(3.066)	(2.197)
Constant	−0.462***	−0.463***	−0.464***	−0.670***	−0.675***	−0.572***
Constant	(−5.141)	(−5.211)	(−5.186)	(−5.219)	(−5.275)	(−7.422)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,278	12,278	12,278
Adjusted−R²	0.561	0.561	0.561	0.454	0.455	0.115

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROE	ROE	ROE
CSR	−0.017			−0.028
CSR	(−1.440)			(−1.535)
CSR×CSR_COM	0.031***			0.036*
CSR×CSR_COM	(2.652)			(1.917)
ENV		−0.020***			−0.023**
ENV		(−3.025)			(−2.452)
ENV×CSR_COM		0.027***			0.028**
ENV×CSR_COM		(3.759)			(2.323)
SOC			0.001			0.001
SOC			(0.155)			(0.172)
SOC×CSR_COM			0.040***			0.041***
SOC×CSR_COM			(3.544)			(3.590)
CSR_COM	−0.017***	−0.017***	−0.013***	−0.016*	−0.015*	−0.033***
CSR_COM	(−2.887)	(−3.246)	(−3.000)	(−1.646)	(−1.667)	(−4.873)
LEVERAGE	−0.209***	−0.209***	−0.209***	−0.267***	−0.266***	−0.107***
LEVERAGE	(−12.413)	(−12.418)	(−12.403)	(−7.471)	(−7.437)	(−8.640)
SIZE	0.024***	0.024***	0.024***	0.025***	0.025***	0.005***
SIZE	(4.858)	(4.985)	(4.863)	(3.622)	(3.698)	(3.600)
GROWTH	0.034***	0.034***	0.034***	0.070***	0.069***	0.057***
GROWTH	(7.136)	(7.112)	(7.144)	(9.940)	(9.927)	(7.314)
RD	−0.669	−0.645	−0.677	−0.336	−0.313	13.582***
RD	(−0.227)	(−0.219)	(−0.231)	(−0.100)	(−0.094)	(3.653)
B_SIZE	−0.004	−0.003	−0.003	−0.009	−0.008	0.019***
B_SIZE	(−1.067)	(−0.859)	(−1.034)	(−1.359)	(−1.237)	(4.614)
B_IND	0.041***	0.041***	0.041***	0.068***	0.067***	0.054***
B_IND	(4.832)	(4.777)	(4.848)	(4.432)	(4.375)	(4.972)
IQ	0.002***	0.002***	0.002***	0.005***	0.005***	0.006***
IQ	(5.554)	(5.337)	(5.451)	(7.147)	(7.034)	(7.497)
GDP	0.002***	0.002***	0.002***	0.003***	0.003***	0.003**
GDP	(4.472)	(4.299)	(4.478)	(3.187)	(3.066)	(2.197)
Constant	−0.462***	−0.463***	−0.464***	−0.670***	−0.675***	−0.572***
Constant	(−5.141)	(−5.211)	(−5.186)	(−5.219)	(−5.275)	(−7.422)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,278	12,278	12,278
Adjusted−R²	0.561	0.561	0.561	0.454	0.455	0.115

Note(s): This table presents results on the moderating role of the CSR committee in the association between CSR and FP (ROA), using OLS regression. The independent variable is CSR, measured by a firm's CSR score and its two components: environmental and social. The moderating variable is a firm's CSR committee, a dummy variable that takes the value 1 if a firm has a CSR committee and 0 otherwise. We control for firm-level financial and governance variables, namely, leverage, size, sales growth, R&D, board size, board independence, institutional quality (IQ) and gross domestic product (GDP) growth. We estimate the models using OLS regression with year and firm fixed effects. Moreover, standard errors are adjusted for heteroscedasticity and serial correlation using firm-level clustering. t-statistics are reported in the parentheses, whereas the *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively

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