Table 4. Impact of CSR on brand outcomes...

Table 4.

Impact of CSR on brand outcomes

Independent variables	Model 1a BQ_t	Model 1b BQ_t Recession	Model 1c BDIFF_t	Model 1d BDIFF_t Recession	Model 1e BV_t	Model 1f BV_t Recession
Lagged DV_t₋₁	0.903 (0.016)***	0.835 (0.017)***	0.839 (0.023)***	0.838 (0.024)***	0.892 (0.016)***	0.881 (0.017)***
CSR_t	0.015 (0.028)	0.010 (0.028)	0.121 (0.035)***	0.118 (0.35)***	0.049 (0.026)	0.042 (0.029)
CSR_t × Recessionary environment_t		0.082 (0.032)*		0.041 (0.040)		0.112 (0.033)***
Advertising expenditure_t	0.022 (0.067)	0.032 (0.066)	0.049 (0.078)	0.044 (0.078)	−0.012 (0.069)	0.001 (0.069)
Research and development expenditure_t	0.054 (0.066)	0.083 (0.067)	0.136 (0.078)	0.157 (0.078)*	0.017 (0.068)	0.054 (0.069)
Financial leverage_t	−0.122 (0.046)*	−0.112 (0.046)*	−0.135 (0.055)*	−0.132 (0.054)*	−0.123 (0.048)*	−0.109 (0.049)*
Current ratio_t	−0.013 (0.033)	−0.015 (0.033)	0.037 (0.040)	0.038 (0.040)	−0.070 (0.035)*	−0.074 (0.034)*
Firm size_t	0.109 (0.090)	0.085 (0.091)	−0.313 (0.106)**	−0.227 (0.140)	0.156 (0.094)	0.124 (0.094)
History of social engagement_t	0.361 (0.087)***	0.357 (0.088)***	0.044 (0.097)	0.041 (0.094)	0.345 (0.091)***	0.340 (0.091)***
Recessionary environment_t	−0.099 (0.015)***	−0.211 (0.030)***	−0.059 (0.018)**	−0.111 (0.037)**	−0.057 (0.016)***	−0.130 (0.031)***
Constant	0.059 (0.089)	0.057 (0.089)	−0.113 (0.099)	−0.114 (0.096)	0.032 (0.093)	0.030 (0.093)
Observations	801	801	801	801	801	801
Adjusted R-square %	82.44	82.85	72.05	72.13	85.21	85.80
Wald χ²	306.04	315.68	148.50	159.55	287.14	325.48
AR(I) test	1.78*	3.60***	2.12**	4.11**	3.18**	1.68*
AR(II) test	1.43	0.61	1.53	0.71	2.41	0.14
Hansen-J	173.1	18.96	71.27	52.76	64.06	45.26
Hansen-C	7.96	20.31	12.18	32.18	30.86	33.34

Independent variables	Model 1aBQ_t	Model 1bBQ_t Recession	Model 1cBDIFF_t	Model 1dBDIFF_t Recession	Model 1eBV_t	Model 1f BV_tRecession
Lagged DV_t₋₁	0.903 (0.016)***	0.835 (0.017)***	0.839 (0.023)***	0.838 (0.024)***	0.892 (0.016)***	0.881 (0.017)***
CSR_t	0.015 (0.028)	0.010 (0.028)	0.121 (0.035)***	0.118 (0.35)***	0.049 (0.026)	0.042 (0.029)
CSR_t × Recessionary environment_t		0.082 (0.032)*		0.041 (0.040)		0.112 (0.033)***
Advertising expenditure_t	0.022 (0.067)	0.032 (0.066)	0.049 (0.078)	0.044 (0.078)	−0.012 (0.069)	0.001 (0.069)
Research and development expenditure_t	0.054 (0.066)	0.083 (0.067)	0.136 (0.078)	0.157 (0.078)*	0.017 (0.068)	0.054 (0.069)
Financial leverage_t	−0.122 (0.046)*	−0.112 (0.046)*	−0.135 (0.055)*	−0.132 (0.054)*	−0.123 (0.048)*	−0.109 (0.049)*
Current ratio_t	−0.013 (0.033)	−0.015 (0.033)	0.037 (0.040)	0.038 (0.040)	−0.070 (0.035)*	−0.074 (0.034)*
Firm size_t	0.109 (0.090)	0.085 (0.091)	−0.313 (0.106)**	−0.227 (0.140)	0.156 (0.094)	0.124 (0.094)
History of social engagement_t	0.361 (0.087)***	0.357 (0.088)***	0.044 (0.097)	0.041 (0.094)	0.345 (0.091)***	0.340 (0.091)***
Recessionary environment_t	−0.099 (0.015)***	−0.211 (0.030)***	−0.059 (0.018)**	−0.111 (0.037)**	−0.057 (0.016)***	−0.130 (0.031)***
Constant	0.059 (0.089)	0.057 (0.089)	−0.113 (0.099)	−0.114 (0.096)	0.032 (0.093)	0.030 (0.093)
Observations	801	801	801	801	801	801
Adjusted R-square %	82.44	82.85	72.05	72.13	85.21	85.80
Wald χ²	306.04	315.68	148.50	159.55	287.14	325.48
AR(I) test	1.78*	3.60***	2.12**	4.11**	3.18**	1.68*
AR(II) test	1.43	0.61	1.53	0.71	2.41	0.14
Hansen-J	173.1	18.96	71.27	52.76	64.06	45.26
Hansen-C	7.96	20.31	12.18	32.18	30.86	33.34

Notes:

***p < 0.001; **p < 0.01; *p < 0.05. Standard errors in parentheses. Industry dummies included. All coefficients are standardized. BQ, brand quality; BDIFF, brand differentiation; BV, brand value. One period lagged dependent variable (DV) is included in the model

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