Impact of CSR on knowledge and relevance brand outcomes
| Independent variables | Model 1a Brand relevancet | Model 1b Brand knowledget | Model 1c Brand relevancet Recession | Model 1d Brand knowledget Recession |
|---|---|---|---|---|
| Lagged DVt−1 | 0.840 (0.024)*** | 0.839 (0.024)*** | 0.961 (0.012)*** | 0.961 (0.012)*** |
| CSRt | −0.025 (0.030) | −0.054 (0.038) | −0.017 (0.019) | −0.059 (0.032) |
| CSRt × Recessionary environmentt | −0.010 (0.011) | 0.061 (0.042) | ||
| Advertising expendituret | 0.026 (0.050) | 0.017 (0.059) | 0.054 (0.049) | 0.032 (0.058) |
| Research and development expendituret | 0.149 (0.049)** | −0.029 (0.058) | 0.114 (0.049)* | 0.007 (0.058) |
| Financial leveraget | −0.061 (0.032) | −0.048 (0.041) | −0.058 (0.034) | −0.035 (0.041) |
| Current ratiot | −0.053 (0.022)* | −0.113 (0.028)*** | −0.053 (0.022)* | −0.115 (0.027)*** |
| Firm sizet | 0.539 (0.079)*** | 0.301 (0.083)*** | 0.304 (0.071)*** | 0.274 (0.083) |
| History of social responsibility engagementt | 0.167 (0.119) | 0.206 (0.102)* | 0.346 (0.099)*** | 0.202 (0.101)* |
| Recessionary yeart | −0.031 (0.014)* | −0.054 (0.012)*** | −0.034 (0.010)*** | −0.061 (0.012) |
| Constant | 0.231 (0.101)* | 0.122 (0.105) | 0.231 (0.102)* | 0.122 (0.104) |
| Observations | 801 | 801 | 801 | 801 |
| Adjusted R-square % | 85.59 | 77.84 | 85.67 | 77.95 |
| Wald χ2 | 267.96 | 251.25 | 263.61 | 247.14 |
| AR(I) test | 3.27** | 1.94 | 2.17* | 2.06* |
| AR(II) test | −1.1 | −0.4 | 0.95 | −0.39 |
| Hansen-J | 23.86 | 42.17 | 27.32 | 91.21 |
| Hansen-C | 23.16 | 24.28 | 21.51 | 13.59 |
| Independent variables | Model 1a | Model 1b | Model 1c | Model 1d |
|---|---|---|---|---|
| Lagged DV | 0.840 (0.024) | 0.839 (0.024) | 0.961 (0.012) | 0.961 (0.012) |
| CSR | −0.025 (0.030) | −0.054 (0.038) | −0.017 (0.019) | −0.059 (0.032) |
| CSR | −0.010 (0.011) | 0.061 (0.042) | ||
| Advertising expenditure | 0.026 (0.050) | 0.017 (0.059) | 0.054 (0.049) | 0.032 (0.058) |
| Research and development expenditure | 0.149 (0.049) | −0.029 (0.058) | 0.114 (0.049) | 0.007 (0.058) |
| Financial leverage | −0.061 (0.032) | −0.048 (0.041) | −0.058 (0.034) | −0.035 (0.041) |
| Current ratio | −0.053 (0.022) | −0.113 (0.028) | −0.053 (0.022) | −0.115 (0.027) |
| Firm size | 0.539 (0.079) | 0.301 (0.083) | 0.304 (0.071) | 0.274 (0.083) |
| History of social responsibility engagement | 0.167 (0.119) | 0.206 (0.102) | 0.346 (0.099) | 0.202 (0.101) |
| Recessionary year | −0.031 (0.014) | −0.054 (0.012) | −0.034 (0.010) | −0.061 (0.012) |
| Constant | 0.231 (0.101) | 0.122 (0.105) | 0.231 (0.102) | 0.122 (0.104) |
| Observations | 801 | 801 | 801 | 801 |
| Adjusted | 85.59 | 77.84 | 85.67 | 77.95 |
| Wald | 267.96 | 251.25 | 263.61 | 247.14 |
| AR(I) test | 3.27 | 1.94 | 2.17 | 2.06 |
| AR(II) test | −1.1 | −0.4 | 0.95 | −0.39 |
| Hansen-J | 23.86 | 42.17 | 27.32 | 91.21 |
| Hansen-C | 23.16 | 24.28 | 21.51 | 13.59 |
Notes:
***p < 0.001; **p < 0.01; *p < 0.05. Standard errors in parentheses. All coefficients are standardized. One period lagged dependent variable (DV) is included in the model
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