Table 3 Timeline results Variables (1)...

Table 3

Timeline results

Variables	(1)	(2)	(3)	(4)	(5)
Variables	CSRLatter_t−2	CSRLatter_t−1	CSRLatter_t	CSRLatter_t+1	CSRLatter_t+2
Panel A: CSRFormer_t−2
CSRFormer_t−2	0.005	0.010	0.004	0.009	0.006
CSRFormer_t−2	(0.007)	(0.007)	(0.007)	(0.006)	(0.006)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,404	8,139	9,173	10,143	7,627
R²	0.795	0.766	0.739	0.717	0.731
Panel B: CSRFormer_t−1
CSRFormer_t−1	0.011	0.008	0.018**	0.013**	0.000
CSRFormer_t−1	(0.007)	(0.007)	(0.007)	(0.006)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,782	9,063	9,945	11,023	8,463
R²	0.797	0.767	0.728	0.706	0.727
Panel C: CSRFormer_t
CSRFormer_t	0.009	0.015	0.034***	0.017**	−0.004
CSRFormer_t	(0.006)	(0.009)	(0.008)	(0.007)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,969	9,227	9,900	10,964	7,445
R²	0.797	0.770	0.726	0.702	0.739
Panel D: CSRFormer_t+1
CSRFormer_t+1	0.007	0.013	0.025	−0.002	0.007
CSRFormer_t+1	(0.006)	(0.009)	(0.014)	(0.008)	(0.005)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,895	9,251	9,492	10,049	7,797
R²	0.801	0.767	0.719	0.711	0.735
Panel E: CSRFormer_t+2
CSRFormer_t+2	0.008	0.006	0.009	0.003	0.005
CSRFormer_t+2	(0.008)	(0.007)	(0.008)	(0.006)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,505	8,962	9,365	10,022	7,780
R²	0.791	0.766	0.720	0.712	0.733

Variables	(1)	(2)	(3)	(4)	(5)
Variables	CSRLatter_t−2	CSRLatter_t−1	CSRLatter_t	CSRLatter_t+1	CSRLatter_t+2
Panel A: CSRFormer_t−2
CSRFormer_t−2	0.005	0.010	0.004	0.009	0.006
CSRFormer_t−2	(0.007)	(0.007)	(0.007)	(0.006)	(0.006)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,404	8,139	9,173	10,143	7,627
R²	0.795	0.766	0.739	0.717	0.731
Panel B: CSRFormer_t−1
CSRFormer_t−1	0.011	0.008	0.018**	0.013**	0.000
CSRFormer_t−1	(0.007)	(0.007)	(0.007)	(0.006)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,782	9,063	9,945	11,023	8,463
R²	0.797	0.767	0.728	0.706	0.727
Panel C: CSRFormer_t
CSRFormer_t	0.009	0.015	0.034***	0.017**	−0.004
CSRFormer_t	(0.006)	(0.009)	(0.008)	(0.007)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,969	9,227	9,900	10,964	7,445
R²	0.797	0.770	0.726	0.702	0.739
Panel D: CSRFormer_t+1
CSRFormer_t+1	0.007	0.013	0.025	−0.002	0.007
CSRFormer_t+1	(0.006)	(0.009)	(0.014)	(0.008)	(0.005)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,895	9,251	9,492	10,049	7,797
R²	0.801	0.767	0.719	0.711	0.735
Panel E: CSRFormer_t+2
CSRFormer_t+2	0.008	0.006	0.009	0.003	0.005
CSRFormer_t+2	(0.008)	(0.007)	(0.008)	(0.006)	(0.007)
All controls	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
N	7,505	8,962	9,365	10,022	7,780
R²	0.791	0.766	0.720	0.712	0.733

Note(s): This table reports the results of regressing the CSR of the subsequent firm (CSRLatter) on the CSR of the former firm (CSRFormer) and the control variables in different periods. Robust standard errors clustered by firm and year are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1. All variables are defined in Appendix 1

Source(s): Table 3 by authors

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