Table 8 Robustness checks Panel A:...

Table 8

Robustness checks

Panel A: Results with Tobin's Q as a proxy of FP
	(1)	(2)	(3)
Variables	Tobin's Q	Tobin's Q	Tobin's Q
CSR	0.207
CSR	(0.751)
CSR×CSR_COM	0.858***
CSR×CSR_COM	(2.730)
ENV		0.050
ENV		(0.318)
ENV×CSR_COM		0.542***
ENV×CSR_COM		(3.210)
SOC			0.037
SOC			(0.222)
SOC×CSR_COM			0.462***
SOC×CSR_COM			(2.776)
CSR_COM	−0.417***	−0.304**	−0.219**
CSR_COM	(−2.686)	(−2.506)	(−2.331)
Constant	4.120**	4.085**	4.199**
Constant	(2.091)	(2.068)	(2.121)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes
Observations	12,278	12,278	12,278
Adjusted-R²	0.743	0.743	0.743

Panel A: Results with Tobin's Q as a proxy of FP
	(1)	(2)	(3)
Variables	Tobin's Q	Tobin's Q	Tobin's Q
CSR	0.207
CSR	(0.751)
CSR×CSR_COM	0.858***
CSR×CSR_COM	(2.730)
ENV		0.050
ENV		(0.318)
ENV×CSR_COM		0.542***
ENV×CSR_COM		(3.210)
SOC			0.037
SOC			(0.222)
SOC×CSR_COM			0.462***
SOC×CSR_COM			(2.776)
CSR_COM	−0.417***	−0.304**	−0.219**
CSR_COM	(−2.686)	(−2.506)	(−2.331)
Constant	4.120**	4.085**	4.199**
Constant	(2.091)	(2.068)	(2.121)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes
Observations	12,278	12,278	12,278
Adjusted-R²	0.743	0.743	0.743

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROE	ROE	ROE
Panel B: Results with industry fixed effect
CSR	−0.003			0.004
CSR	(−0.264)			(0.274)
CSR×CSR_COM	0.038**			0.047**
CSR×CSR_COM	(2.055)			(2.404)
ENV		−0.019***			−0.034***
ENV		(−2.928)			(−4.592)
ENV×CSR_COM		0.033***			0.046***
ENV×CSR_COM		(2.688)			(3.848)
SOC			−0.011*			0.004
SOC			(−1.662)			(0.498)
SOC×CSR_COM			0.021***			0.039***
SOC×CSR_COM			(3.044)			(3.476)
CSR_COM	−0.028***	−0.024**	−0.013***	−0.036***	−0.030***	−0.035***
CSR_COM	(−2.625)	(−2.470)	(−3.000)	(−3.496)	(−3.466)	(−5.087)
Constant	0.046	0.047	−0.464***	0.099**	0.102**	0.104**
Constant	(1.192)	(1.222)	(−5.186)	(2.207)	(2.303)	(2.352)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,285	12,285	12,285	12,285	12,285	12,285
Adjusted-R²	0.115	0.116	0.116	0.0946	0.0952	0.0955
Panel C: Country Fixed-Effect Regression
CSR	0.004			0.009
CSR	(0.572)			(0.656)
CSR×CSR_COM	0.046***			0.056***
CSR×CSR_COM	(4.778)			(3.053)
ENV		−0.005			0.001
ENV		(−0.984)			(0.128)
ENV×CSR_COM		0.036***			0.040***
ENV×CSR_COM		(5.780)			(3.163)
SOC			−0.011***			−0.025***
SOC			(−2.755)			(−2.952)
SOC×CSR_COM			0.036***			0.053***
SOC×CSR_COM			(5.538)			(3.760)
CSR_COM	−0.030***	−0.025***	−0.025***	−0.040***	−0.033***	−0.036***
CSR_COM	(−5.412)	(−5.216)	(−4.735)	(−3.933)	(−3.668)	(−3.501)
Constant	−0.240***	−0.230***	−0.230***	−0.593***	−0.580***	−0.570***
Constant	(−3.568)	(−3.512)	(−3.598)	(−4.889)	(−4.906)	(−4.904)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,285	12,285	12,285	12,285	12,285	12,285
Adjusted-R²	0.132	0.132	0.131	0.115	0.115	0.115
Panel D: The effect of previous year CSR and CSR_COM
CSR _t-1	−0.026***			−0.002
CSR _t-1	(−2.581)			(−0.133)
CSR_t-1×CSR_COM_t-1	0.018*			0.061***
CSR_t-1×CSR_COM_t-1	(1.806)			(2.900)
ENV_t-1		−0.012**			−0.022**
ENV_t-1		(−2.438)			(−2.061)
ENV_t-1×CSR_COM_t-1		0.020***			0.032**
ENV_t-1×CSR_COM_t-1		(2.953)			(2.397)
SOC_t-1			−0.006			−0.008
SOC_t-1			(−1.016)			(−0.621)
SOC_t-1×CSR_COM_t-1			0.013**			0.005
SOC_t-1×CSR_COM_t-1			(2.166)			(0.433)
CSR_COM_t-1	−0.011**	−0.015***	−0.011***	−0.043***	−0.026**	−0.010
CSR_COM_t-1	(−2.103)	(−2.849)	(−2.703)	(−3.958)	(−2.558)	(−1.266)
Constant	0.255***	0.247***	0.247***	0.251***	0.333**	0.330**
Constant	(3.485)	(3.407)	(3.385)	(6.508)	(2.392)	(2.362)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	10,866	10,866	10,866	10,866	10,866	10,866
Adjusted-R²	0.535	0.535	0.535	0.448	0.448	0.448

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROE	ROE	ROE
Panel B: Results with industry fixed effect
CSR	−0.003			0.004
CSR	(−0.264)			(0.274)
CSR×CSR_COM	0.038**			0.047**
CSR×CSR_COM	(2.055)			(2.404)
ENV		−0.019***			−0.034***
ENV		(−2.928)			(−4.592)
ENV×CSR_COM		0.033***			0.046***
ENV×CSR_COM		(2.688)			(3.848)
SOC			−0.011*			0.004
SOC			(−1.662)			(0.498)
SOC×CSR_COM			0.021***			0.039***
SOC×CSR_COM			(3.044)			(3.476)
CSR_COM	−0.028***	−0.024**	−0.013***	−0.036***	−0.030***	−0.035***
CSR_COM	(−2.625)	(−2.470)	(−3.000)	(−3.496)	(−3.466)	(−5.087)
Constant	0.046	0.047	−0.464***	0.099**	0.102**	0.104**
Constant	(1.192)	(1.222)	(−5.186)	(2.207)	(2.303)	(2.352)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,285	12,285	12,285	12,285	12,285	12,285
Adjusted-R²	0.115	0.116	0.116	0.0946	0.0952	0.0955
Panel C: Country Fixed-Effect Regression
CSR	0.004			0.009
CSR	(0.572)			(0.656)
CSR×CSR_COM	0.046***			0.056***
CSR×CSR_COM	(4.778)			(3.053)
ENV		−0.005			0.001
ENV		(−0.984)			(0.128)
ENV×CSR_COM		0.036***			0.040***
ENV×CSR_COM		(5.780)			(3.163)
SOC			−0.011***			−0.025***
SOC			(−2.755)			(−2.952)
SOC×CSR_COM			0.036***			0.053***
SOC×CSR_COM			(5.538)			(3.760)
CSR_COM	−0.030***	−0.025***	−0.025***	−0.040***	−0.033***	−0.036***
CSR_COM	(−5.412)	(−5.216)	(−4.735)	(−3.933)	(−3.668)	(−3.501)
Constant	−0.240***	−0.230***	−0.230***	−0.593***	−0.580***	−0.570***
Constant	(−3.568)	(−3.512)	(−3.598)	(−4.889)	(−4.906)	(−4.904)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,285	12,285	12,285	12,285	12,285	12,285
Adjusted-R²	0.132	0.132	0.131	0.115	0.115	0.115
Panel D: The effect of previous year CSR and CSR_COM
CSR _t-1	−0.026***			−0.002
CSR _t-1	(−2.581)			(−0.133)
CSR_t-1×CSR_COM_t-1	0.018*			0.061***
CSR_t-1×CSR_COM_t-1	(1.806)			(2.900)
ENV_t-1		−0.012**			−0.022**
ENV_t-1		(−2.438)			(−2.061)
ENV_t-1×CSR_COM_t-1		0.020***			0.032**
ENV_t-1×CSR_COM_t-1		(2.953)			(2.397)
SOC_t-1			−0.006			−0.008
SOC_t-1			(−1.016)			(−0.621)
SOC_t-1×CSR_COM_t-1			0.013**			0.005
SOC_t-1×CSR_COM_t-1			(2.166)			(0.433)
CSR_COM_t-1	−0.011**	−0.015***	−0.011***	−0.043***	−0.026**	−0.010
CSR_COM_t-1	(−2.103)	(−2.849)	(−2.703)	(−3.958)	(−2.558)	(−1.266)
Constant	0.255***	0.247***	0.247***	0.251***	0.333**	0.330**
Constant	(3.485)	(3.407)	(3.385)	(6.508)	(2.392)	(2.362)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	10,866	10,866	10,866	10,866	10,866	10,866
Adjusted-R²	0.535	0.535	0.535	0.448	0.448	0.448

Note(s): This table provides the findings from the robustness tests. Panel A of this table provides the results for the moderating effect of the CSR committee and is estimated using Tobin's Q as a market-based measure of FP. Panel B of the table reports estimates of the moderating effect of the CSR committee using firm fixed effects as an alternative specification for robustness. Panel C reports estimates of the country fixed effect as an alternative specification for robustness. Lastly, we present the results from the lagged-variable regression in panel D. Moreover, standard errors are adjusted for heteroscedasticity and serial correlation by 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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