Table 9 Estimation results of the impact...

Table 9

Estimation results of the impact of explanatory variables by industry

Variable	Group 1	Group 2	Group 3	Group 4	Group 5	Group 6	Group 7	Group 8
Cgi	2.850^***	2.028^**	1.475^***	0.323^***	0.491^**	0.014^***	0.504^***	0.267^***
Csr	−1.638^***	−1.796^**	−2.860^***	−1.959^***	−1.493^**	−1.685^***	−0.886	−1.101^***
CgiCsr*	−3.838^**	−2.206	−0.643^***	−0.054^***	−1.126	−0.123^***	−0.013	−0.405^***
Obs.	260	40	340	250	90	130	60	250
R²	12.30	33.95	8.85	8.17	9.35	27.61	51.32	7.09

Variable	Group 1	Group 2	Group 3	Group 4	Group 5	Group 6	Group 7	Group 8
Cgi	2.850^***	2.028^**	1.475^***	0.323^***	0.491^**	0.014^***	0.504^***	0.267^***
Csr	−1.638^***	−1.796^**	−2.860^***	−1.959^***	−1.493^**	−1.685^***	−0.886	−1.101^***
Cgi*Csr	−3.838^**	−2.206	−0.643^***	−0.054^***	−1.126	−0.123^***	−0.013	−0.405^***
Obs.	260	40	340	250	90	130	60	250
R²	12.30	33.95	8.85	8.17	9.35	27.61	51.32	7.09

Note(s): ** and *** indicate statistical significance at the 95% and 99% confidence levels, respectively. Other explanatory variables were included in the model; however, their coefficients are not reported due to summarization

Source(s): Authors’ own work

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