Table 8 COVID-19 outbreak and CSR...

Table 8

COVID-19 outbreak and CSR disclosure – the moderating role of external factors

Variables	Dependent variable: CSR disclosure
	(1)	(3)	(4)
	Stringency of government response	Peer CSR performance	Media coverage
$C O V I D_{N Z, t}$	1.047*** (0.550)	2.571*** (0.143)	1.957*** (0.073)
$S T R I N G E_{N Z, t}$	0.103*** (0.017)
$C O V I D_{N Z, t} \times S T R I N G E_{N Z, t}$	0.128*** (0.050)
${\bar{P E E R C S R}}_{i, t}$		0.326*** (0.024)
$C O V I D_{N Z, t} \times {\bar{P E E R C S R}}_{i, t}$		1.198*** (0.138)
$M E D I A_{N Z, t}$			0.857*** (0.125)
$C O V I D_{N Z, t} \times M E D I A_{N Z, t}$			0.663*** (0.085)
$C O N S T A N T_{i, t}$	5.112* (2.633)	5.712*** (0.442)	2.948*** (0.794)
$C o n t r o l v a r i a b l e s$	Yes	Yes	Yes
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,616	2,330	2,317
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.565	0.810	0.551

Variables	Dependent variable: CSR disclosure
	(1)	(3)	(4)
	Stringency of government response	Peer CSR performance	Media coverage
$C O V I D_{N Z, t}$	1.047*** (0.550)	2.571*** (0.143)	1.957*** (0.073)
$S T R I N G E_{N Z, t}$	0.103*** (0.017)
$C O V I D_{N Z, t} \times S T R I N G E_{N Z, t}$	0.128*** (0.050)
${\bar{P E E R C S R}}_{i, t}$		0.326*** (0.024)
$C O V I D_{N Z, t} \times {\bar{P E E R C S R}}_{i, t}$		1.198*** (0.138)
$M E D I A_{N Z, t}$			0.857*** (0.125)
$C O V I D_{N Z, t} \times M E D I A_{N Z, t}$			0.663*** (0.085)
$C O N S T A N T_{i, t}$	5.112* (2.633)	5.712*** (0.442)	2.948*** (0.794)
$C o n t r o l v a r i a b l e s$	Yes	Yes	Yes
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,616	2,330	2,317
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.565	0.810	0.551

Note(s): Table 8 reports the regression results for the moderating role of exogenous factors such as government stringency response, peer CSR pressure and media coverage in COVID-CSR disclosure relation, respectively. 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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