Data and measures
| Variable | Definition | Data source | Literature support |
|---|---|---|---|
| CSR | A mean score of social strengths for firm i at year t | KLD | Kashmiri and Mahajan (2010), Kotchen and Moon (2012) |
| R&D expenditure | Research and development expenses for firm i at year t | COMPUSTAT | Luo and Homburg (2007) |
| Advertising expenditure | Advertising expenses for firm i at year t | COMPUSTAT | McAlister et al. (2016) |
| Financial leverage | The ratio of long-term debt to total assets for firm i at year t | COMPUSTAT | Tuli and Bharadwaj (2009) |
| Firm liquidity | The ratio of firm’s current total assets to its current total liabilities for firm i at year t | COMPUSTAT | Luo et al. (2014) |
| CSR history | Number of years that the firm i has appeared in KLD data base | KLD | |
| Brand value | BAV’s brand value for firm i at year t | BAV Consulting | Mizik and Jacobson (2008) Lovett et al. (2014) |
| Firm size | Natural logarithm of total assets for firm i at year t | COMPUSTAT | Mizik and Jacobson (2008) |
| Recessionary year | We consider 2008 and 2009 as recessionary years | Kashmiri and Mahajan (2010) |
| Variable | Definition | Data source | Literature support |
|---|---|---|---|
| CSR | A mean score of social strengths for firm | KLD | |
| R&D expenditure | Research and development expenses for firm | COMPUSTAT | |
| Advertising expenditure | Advertising expenses for firm | COMPUSTAT | |
| Financial leverage | The ratio of long-term debt to total assets for firm | COMPUSTAT | |
| Firm liquidity | The ratio of firm’s current total assets to its current total liabilities for firm | COMPUSTAT | |
| CSR history | Number of years that the firm | KLD | |
| Brand value | BAV’s brand value for firm | BAV Consulting | |
| Firm size | Natural logarithm of total assets for firm | COMPUSTAT | |
| Recessionary year | We consider 2008 and 2009 as recessionary years |
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