Table 4 COVID-19 outbreak and CSR...

Table 4

COVID-19 outbreak and CSR disclosure – baseline result

Panel 4A: COVID-19 outbreak and CSR disclosure – baseline result
Explanatory variables	(1)	(3)
Explanatory variables	CSR disclosure	ROLL_CSR
$C O V I D_{N Z, t}$	1.386*** (0.023)	1.379*** (0.022)
$R A N G E_{i, t}$	−0.376*** (0.081)	−0.370*** (0.077)
$I L L I Q_{i, t}$	−0.425*** (0.057)	−0.411*** (0.055)
$P R O F_{i, t}$	0.163* (0.098)	0.156* (0.094)
$L E V_{i, t}$	0.041 (0.04)	0.041 (0.038)
$S I Z E_{i, t}$	1.133*** (0.187)	1.080*** (0.179)
$A G E_{j, t}$	0.503*** (0.072)	0.481*** (0.069)
$B E T A_{N Z, t}^{M K T}$	−0.059 (0.041)	−0.061 (0.039)
$B E T A_{N Z, t}^{S M B}$	−0.353*** (0.110)	−0.324*** (0.106)
$B E T A_{N Z, t}^{H M L}$	−0.190*** (0.067)	−0.171*** (0.066)
$B E T A_{N Z, t}^{M O M}$	−0.097** (0.041)	−0.094** (0.039)
$C O N S T A N T_{i, t}$	4.715*** (0.727)	4.164*** (0.695)
$I n d u s t r y e f f e c t$	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672
$F - s t a t (p - v a l u e)$	0.000	0.000
$A d j R^{2}$	0.542	0.559

Panel 4A: COVID-19 outbreak and CSR disclosure – baseline result
Explanatory variables	(1)	(3)
Explanatory variables	CSR disclosure	ROLL_CSR
$C O V I D_{N Z, t}$	1.386*** (0.023)	1.379*** (0.022)
$R A N G E_{i, t}$	−0.376*** (0.081)	−0.370*** (0.077)
$I L L I Q_{i, t}$	−0.425*** (0.057)	−0.411*** (0.055)
$P R O F_{i, t}$	0.163* (0.098)	0.156* (0.094)
$L E V_{i, t}$	0.041 (0.04)	0.041 (0.038)
$S I Z E_{i, t}$	1.133*** (0.187)	1.080*** (0.179)
$A G E_{j, t}$	0.503*** (0.072)	0.481*** (0.069)
$B E T A_{N Z, t}^{M K T}$	−0.059 (0.041)	−0.061 (0.039)
$B E T A_{N Z, t}^{S M B}$	−0.353*** (0.110)	−0.324*** (0.106)
$B E T A_{N Z, t}^{H M L}$	−0.190*** (0.067)	−0.171*** (0.066)
$B E T A_{N Z, t}^{M O M}$	−0.097** (0.041)	−0.094** (0.039)
$C O N S T A N T_{i, t}$	4.715*** (0.727)	4.164*** (0.695)
$I n d u s t r y e f f e c t$	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672
$F - s t a t (p - v a l u e)$	0.000	0.000
$A d j R^{2}$	0.542	0.559

Panel 4B: Difference between the CSR disclosure during and pre-pandemic period
Variable	Mean		Difference of means	Std. error	T-stat	P-value
Variable	During pandemic	Pre-pandemic (2015–2019)	Difference of means	Std. error	T-stat	P-value
CSR disclosure	6.5156	3.9508	2.5648	0.1397	39.5530	0.0000

Panel 4B: Difference between the CSR disclosure during and pre-pandemic period
Variable	Mean		Difference of means	Std. error	T-stat	P-value
Variable	During pandemic	Pre-pandemic (2015–2019)	Difference of means	Std. error	T-stat	P-value
CSR disclosure	6.5156	3.9508	2.5648	0.1397	39.5530	0.0000

Note(s): Table 4 reports the baseline results for the relationship between COVID-19 outbreak and CSR disclosure. Columns (1) and (2) of Panel 4A present the results for two alternative proxies of CSR disclosure, and Panel 4B reports the results of paired samples t-test to check the difference between the average CSR disclosure during and pre-pandemic period. The robust standard errors are reported in the parentheses. And “***”, “**” and “*” represent the significance at 1, 5 and 10% levels, respectively. The variables are defined as in Appendix

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