Table 10 Empirical results of the impact...

Table 10

Empirical results of the impact of explanatory variables by industry

Variable	Model 1	Model 2	Model 3	Model 4
Bsize	0.668
Ownership		0.734^***
Duality			0.750^***
Bind				0.555^***
Csr	−1.229^***	−1.610^***	−1.604^***	−1.200^***
BsizeCsr*	−0.625
OwnershipCsr*		−0.697^**
DualityCsr*			−1.089^**
BindCsr*				−0.773^***
Obs.	1420	1420	1420	1420
R²	4.75	5.02	4.83	4.74

Variable	Model 1	Model 2	Model 3	Model 4
Bsize	0.668
Ownership		0.734^***
Duality			0.750^***
Bind				0.555^***
Csr	−1.229^***	−1.610^***	−1.604^***	−1.200^***
Bsize*Csr	−0.625
Ownership*Csr		−0.697^**
Duality*Csr			−1.089^**
Bind*Csr				−0.773^***
Obs.	1420	1420	1420	1420
R²	4.75	5.02	4.83	4.74

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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