Table 11 Potential channels through...

Table 11

Potential channels through which CSR_COM enhances the CSR's impact on FP

Panel A: The influence of the CSR committee on the CSR–ROA relationship through the CSR-related controversies channel
	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROA	ROA	ROA
CSR	0.035**			0.058***
CSR	(2.518)			(3.622)
CSR_CONT×CSR	−0.071***			−0.084***
CSR_CONT×CSR	(−3.184)			(−2.730)
ENV		0.027***			0.028**
ENV		(2.811)			(2.368)
CSR_CONT×ENV		−0.069***			−0.076***
CSR_CONT×ENV		(−4.452)			(−3.521)
SOC			0.028***			0.039***
SOC			(3.232)			(3.716)
CSR_CONT×SOC			−0.056***			−0.074***
CSR_CONT×SOC			(−3.978)			(−3.720)
CSR_CONT×CSR×CSR_COM				0.027*
CSR_CONT×CSR×CSR_COM				(1.831)
CSR_CONT×ENV×CSR_COM					0.041***
CSR_CONT×ENV×CSR_COM					(4.125)
CSR_CONT×SOC×CSR_COM						0.040***
CSR_CONT×SOC×CSR_COM						(4.013)
CSR_COM				−0.016***	−0.017***	−0.019***
CSR_COM				(−3.543)	(−3.878)	(−5.128)
CSR_CONT	0.057***	0.062***	0.051***	0.071***	0.062***	0.060***
CSR_CONT	(3.892)	(4.881)	(4.700)	(4.061)	(3.921)	(4.413)
Constant	−0.491***	−0.489***	−0.488***	−0.017	−0.007	−0.005
Constant	(−7.075)	(−7.075)	(−7.047)	(−0.754)	(−0.295)	(−0.229)
Controls included	Yes	Yes	Yes	Yes	Yes	Yes
Year and Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,285	12,285	12,285
Adjusted-R²	0.561	0.562	0.561	0.114	0.114	0.114

Panel A: The influence of the CSR committee on the CSR–ROA relationship through the CSR-related controversies channel
	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ROA	ROA	ROA	ROA	ROA	ROA
CSR	0.035**			0.058***
CSR	(2.518)			(3.622)
CSR_CONT×CSR	−0.071***			−0.084***
CSR_CONT×CSR	(−3.184)			(−2.730)
ENV		0.027***			0.028**
ENV		(2.811)			(2.368)
CSR_CONT×ENV		−0.069***			−0.076***
CSR_CONT×ENV		(−4.452)			(−3.521)
SOC			0.028***			0.039***
SOC			(3.232)			(3.716)
CSR_CONT×SOC			−0.056***			−0.074***
CSR_CONT×SOC			(−3.978)			(−3.720)
CSR_CONT×CSR×CSR_COM				0.027*
CSR_CONT×CSR×CSR_COM				(1.831)
CSR_CONT×ENV×CSR_COM					0.041***
CSR_CONT×ENV×CSR_COM					(4.125)
CSR_CONT×SOC×CSR_COM						0.040***
CSR_CONT×SOC×CSR_COM						(4.013)
CSR_COM				−0.016***	−0.017***	−0.019***
CSR_COM				(−3.543)	(−3.878)	(−5.128)
CSR_CONT	0.057***	0.062***	0.051***	0.071***	0.062***	0.060***
CSR_CONT	(3.892)	(4.881)	(4.700)	(4.061)	(3.921)	(4.413)
Constant	−0.491***	−0.489***	−0.488***	−0.017	−0.007	−0.005
Constant	(−7.075)	(−7.075)	(−7.047)	(−0.754)	(−0.295)	(−0.229)
Controls included	Yes	Yes	Yes	Yes	Yes	Yes
Year and Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,285	12,285	12,285
Adjusted-R²	0.561	0.562	0.561	0.114	0.114	0.114

Panel B: Results with ROE as a proxy of FP
	ROE	ROE	ROE	ROE	ROE	ROE
CSR	0.037			0.090***
CSR	(1.191)			(2.726)
CSR_CONT×CSR	−0.080*			−0.128**
CSR_CONT×CSR	(−1.662)			(−2.082)
ENV		0.027			0.031
ENV		(1.298)			(1.329)
CSR_CONT×ENV		−0.068**			−0.105**
CSR_CONT×ENV		(−2.097)			(−2.532)
SOC			0.028			0.050**
SOC			(1.459)			(2.380)
CSR_CONT×SOC			−0.040			−0.071*
CSR_CONT×SOC			(−1.345)			(−1.820)
CSR_CONT×CSR×CSR_COM				0.054*
CSR_CONT×CSR×CSR_COM				(1.809)
CSR_CONT×ENV×CSR_COM					0.067***
CSR_CONT×ENV×CSR_COM					(3.666)
CSR_CONT×SOC×CSR_COM						0.048***
CSR_CONT×SOC×CSR_COM						(2.579)
CSR_COM				−0.026***	−0.024***	−0.027***
CSR_COM				(−2.986)	(−3.110)	(−4.186)
CSR_CONT	0.084***	0.084***	0.063***	0.116***	0.097***	0.084***
CSR_CONT	(2.774)	(3.300)	(2.894)	(3.386)	(3.245)	(3.219)
Constant	−0.734***	−0.730***	−0.726***	0.002	0.019	0.027
Constant	(−5.679)	(−5.657)	(−5.636)	(0.040)	(0.407)	(0.577)
Year and Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,285	12,285	12,285
Adjusted-R²	0.455	0.456	0.455	0.453	0.451	0.451

Panel B: Results with ROE as a proxy of FP
	ROE	ROE	ROE	ROE	ROE	ROE
CSR	0.037			0.090***
CSR	(1.191)			(2.726)
CSR_CONT×CSR	−0.080*			−0.128**
CSR_CONT×CSR	(−1.662)			(−2.082)
ENV		0.027			0.031
ENV		(1.298)			(1.329)
CSR_CONT×ENV		−0.068**			−0.105**
CSR_CONT×ENV		(−2.097)			(−2.532)
SOC			0.028			0.050**
SOC			(1.459)			(2.380)
CSR_CONT×SOC			−0.040			−0.071*
CSR_CONT×SOC			(−1.345)			(−1.820)
CSR_CONT×CSR×CSR_COM				0.054*
CSR_CONT×CSR×CSR_COM				(1.809)
CSR_CONT×ENV×CSR_COM					0.067***
CSR_CONT×ENV×CSR_COM					(3.666)
CSR_CONT×SOC×CSR_COM						0.048***
CSR_CONT×SOC×CSR_COM						(2.579)
CSR_COM				−0.026***	−0.024***	−0.027***
CSR_COM				(−2.986)	(−3.110)	(−4.186)
CSR_CONT	0.084***	0.084***	0.063***	0.116***	0.097***	0.084***
CSR_CONT	(2.774)	(3.300)	(2.894)	(3.386)	(3.245)	(3.219)
Constant	−0.734***	−0.730***	−0.726***	0.002	0.019	0.027
Constant	(−5.679)	(−5.657)	(−5.636)	(0.040)	(0.407)	(0.577)
Year and Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Baseline controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,278	12,278	12,278	12,285	12,285	12,285
Adjusted-R²	0.455	0.456	0.455	0.453	0.451	0.451

Note(s): This table provides results for the CSR-related controversies as a channel through which CSR_COM influences the link between CSR and FP. Columns 1–3 report the effect of the interaction between CSR-related controversies and CSR on ROA (ROE) in Panel A (B). Columns 4–6 of Panel A(B) report the results for the role of CSR_COM in influencing the joint effect of CSR_CONT and CSR on ROA (ROE) for all three measures of CSR. Moreover, standard errors are adjusted for heteroscedasticity and serial correlation using clustering at the firm level. t-statistics are reported in the parenthesis, whereas the *, ** and *** portray statistical significance at the 10%, 5% and 1% levels, respectively

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