Table 5 COVID-19 outbreak and CSR...

Table 5

COVID-19 outbreak and CSR disclosure – robustness checks

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Nonlinearity	Alternate independent variable: ROLL_COVID	Instrumental variable estimator: 2SLS
$C O V I D_{N Z, t}$	0.796*** (0.043)	1.647*** (0.033)	1.553*** (0.030)
$S Q_C O V I D_{N Z, t}$	0.129*** (0.011)
$R A N G E_{i, t}$	−0.225*** (0.082)	−0.370*** (0.082)	−0.338*** (0.081)
$I L L I Q_{i, t}$	−0.366*** (0.057)	−0.404*** (0.054)	−0.396*** (0.053)
$P R O F_{i, t}$	−0.185* (0.095)	−0.116 (0.089)	−0.132 (0.088)
$L E V_{i, t}$	0.029 (0.039)	0.049 (0.032)	0.044 (0.031)
$S I Z E_{i, t}$	1.119*** (0.187)	1.105*** (0.143)	1.119*** (0.141)
$A G E_{j, t}$	0.461*** (0.073)	0.492*** (0.074)	0.493*** (0.073)
$B E T A_{N Z, t}^{M K T}$	−0.057 (0.041)	−0.058 (0.042)	−0.060 (0.042)
$B E T A_{N Z, t}^{S M B}$	−0.340*** (0.107)	−0.356*** (0.116)	−0.348*** (0.115)
$B E T A_{N Z, t}^{H M L}$	0.178*** (0.065)	0.186** (0.092)	0.181** (0.091)
$B E T A_{N Z, t}^{M O M}$	−0.100** (0.040)	−0.099** (0.041)	−0.098** (0.040)
$C O N S T A N T_{i, t}$	5.045*** (0.718)	3.323*** (0.69)	4.180*** (0.678)
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672	2,672
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.557	0.521	0.535

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Nonlinearity	Alternate independent variable: ROLL_COVID	Instrumental variable estimator: 2SLS
$C O V I D_{N Z, t}$	0.796*** (0.043)	1.647*** (0.033)	1.553*** (0.030)
$S Q_C O V I D_{N Z, t}$	0.129*** (0.011)
$R A N G E_{i, t}$	−0.225*** (0.082)	−0.370*** (0.082)	−0.338*** (0.081)
$I L L I Q_{i, t}$	−0.366*** (0.057)	−0.404*** (0.054)	−0.396*** (0.053)
$P R O F_{i, t}$	−0.185* (0.095)	−0.116 (0.089)	−0.132 (0.088)
$L E V_{i, t}$	0.029 (0.039)	0.049 (0.032)	0.044 (0.031)
$S I Z E_{i, t}$	1.119*** (0.187)	1.105*** (0.143)	1.119*** (0.141)
$A G E_{j, t}$	0.461*** (0.073)	0.492*** (0.074)	0.493*** (0.073)
$B E T A_{N Z, t}^{M K T}$	−0.057 (0.041)	−0.058 (0.042)	−0.060 (0.042)
$B E T A_{N Z, t}^{S M B}$	−0.340*** (0.107)	−0.356*** (0.116)	−0.348*** (0.115)
$B E T A_{N Z, t}^{H M L}$	0.178*** (0.065)	0.186** (0.092)	0.181** (0.091)
$B E T A_{N Z, t}^{M O M}$	−0.100** (0.040)	−0.099** (0.041)	−0.098** (0.040)
$C O N S T A N T_{i, t}$	5.045*** (0.718)	3.323*** (0.69)	4.180*** (0.678)
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672	2,672
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.557	0.521	0.535

Note(s): Table 5 reports the results of the robustness checks in columns (1), (2) and (3). Column (1) presents the results for the test examining the nonlinear functional form of the model. In column (2), we check the consistency of baseline results using a 5-day rolling average of COVID (an alternate IV). We also confirm the robustness of baseline results by re-estimating the model using alternate estimator two-stage least square (2SLS) in column (3). 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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