Table 7 The role of the CSR committee...

Table 7

The role of the CSR committee across firms with strong and weak CSR

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	Strong CSR	Weak CSR	Strong CSR	Weak CSR	Strong CSR	Weak CSR
CSR	0.016	−0.017
CSR	(0.603)	(−0.840)
CSR×CSR_COM	−0.017	0.069**
CSR×CSR_COM	(−0.677)	(1.981)
ENV			−0.013	−0.022***
ENV			(−0.973)	(−2.901)
ENV×CSR_COM			0.020	0.024**
ENV×CSR_COM			(1.335)	(2.326)
SOC					0.005	−0.025**
SOC					(0.522)	(−2.209)
SOC×CSR_COM					0.001	0.035***
SOC×CSR_COM					(0.019)	(2.744)
CSR_COM	0.012	−0.031**	−0.014	−0.014**	0.001	−0.016***
CSR_COM	(0.707)	(−2.213)	(−1.064)	(−2.200)	(0.063)	(−2.728)
Constant	−0.146	−0.601***	−0.127	−0.603***	−0.140	−0.600***
Constant	(−1.121)	(−4.628)	(−0.992)	(−4.736)	(−1.069)	(−4.688)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	5,547	6,526	5,547	6,526	5,547	6,526
Adj-R²	0.555	0.578	0.555	0.578	0.555	0.578
Panel B: Results with ROE as a proxy of FP
CSR	0.043	−0.047
CSR	(0.686)	(−1.442)
CSR×CSR_COM	−0.088	0.121**
CSR×CSR_COM	(−1.368)	(2.097)
ENV			0.007	−0.054***
ENV			(0.262)	(−3.763)
ENV×CSR_COM			0.017	0.034*
ENV×CSR_COM			(0.549)	(1.878)
SOC					0.023	−0.018
SOC					(1.027)	(−0.824)
SOC×CSR_COM					−0.040	0.044*
SOC×CSR_COM					(−1.299)	(1.934)
CSR_COM	0.062	−0.051**	−0.007	−0.017	0.035	−0.022**
CSR_COM	(1.440)	(−2.305)	(−0.274)	(−1.642)	(1.368)	(−2.278)
Constant	−0.167	−0.815***	−0.142	−0.817***	−0.156	−0.824***
Constant	(−0.591)	(−4.480)	(−0.515)	(−4.540)	(−0.560)	(−4.588)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	5,547	6,526	5,547	6,526	5,547	6,526
Adj-R²	0.465	0.476	0.464	0.476	0.465	0.476

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	Strong CSR	Weak CSR	Strong CSR	Weak CSR	Strong CSR	Weak CSR
CSR	0.016	−0.017
CSR	(0.603)	(−0.840)
CSR×CSR_COM	−0.017	0.069**
CSR×CSR_COM	(−0.677)	(1.981)
ENV			−0.013	−0.022***
ENV			(−0.973)	(−2.901)
ENV×CSR_COM			0.020	0.024**
ENV×CSR_COM			(1.335)	(2.326)
SOC					0.005	−0.025**
SOC					(0.522)	(−2.209)
SOC×CSR_COM					0.001	0.035***
SOC×CSR_COM					(0.019)	(2.744)
CSR_COM	0.012	−0.031**	−0.014	−0.014**	0.001	−0.016***
CSR_COM	(0.707)	(−2.213)	(−1.064)	(−2.200)	(0.063)	(−2.728)
Constant	−0.146	−0.601***	−0.127	−0.603***	−0.140	−0.600***
Constant	(−1.121)	(−4.628)	(−0.992)	(−4.736)	(−1.069)	(−4.688)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	5,547	6,526	5,547	6,526	5,547	6,526
Adj-R²	0.555	0.578	0.555	0.578	0.555	0.578
Panel B: Results with ROE as a proxy of FP
CSR	0.043	−0.047
CSR	(0.686)	(−1.442)
CSR×CSR_COM	−0.088	0.121**
CSR×CSR_COM	(−1.368)	(2.097)
ENV			0.007	−0.054***
ENV			(0.262)	(−3.763)
ENV×CSR_COM			0.017	0.034*
ENV×CSR_COM			(0.549)	(1.878)
SOC					0.023	−0.018
SOC					(1.027)	(−0.824)
SOC×CSR_COM					−0.040	0.044*
SOC×CSR_COM					(−1.299)	(1.934)
CSR_COM	0.062	−0.051**	−0.007	−0.017	0.035	−0.022**
CSR_COM	(1.440)	(−2.305)	(−0.274)	(−1.642)	(1.368)	(−2.278)
Constant	−0.167	−0.815***	−0.142	−0.817***	−0.156	−0.824***
Constant	(−0.591)	(−4.480)	(−0.515)	(−4.540)	(−0.560)	(−4.588)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	5,547	6,526	5,547	6,526	5,547	6,526
Adj-R²	0.465	0.476	0.464	0.476	0.465	0.476

Note(s): This table reports the regression estimates separately for the samples of firms with CSR strengths and CSR weaknesses. Firms with CSR, ENV and SOC scores equal to or above the 50th percentile are grouped into the strong CSR group, and firms with scores below the 30th percentile are grouped into the weak CSR group. We estimate the models using OLS regression with year and firm fixed effects. Moreover, standard errors are adjusted for heteroscedasticity and serial correlation using clustering at the firm level. t-statistics are reported in the parentheses, whereas the *, ** and *** portray statistical significance at the 10%, 5% and 1% levels, respectively

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