Difference-in-differences analysis
| Variables | CSRLatter | |
|---|---|---|
| Post | 2.398*** | (0.840) |
| Size | 5.771*** | (0.929) |
| ROA | 14.074* | (7.513) |
| Leverage | 0.803 | (0.597) |
| Growth | 2.315* | (1.207) |
| TobinQ | −0.083 | (0.223) |
| OwnershipCon | 0.054** | (0.021) |
| SOE | 1.154*** | (0.447) |
| MgmtHolding | 0.207 | (0.472) |
| CEODuality | 0.244 | (0.433) |
| ExeAge | −0.014 | (0.029) |
| ExeGender | −0.64 | (0.688) |
| ExeEdu | 1.035* | (0.572) |
| ExeOverseas | 0.257 | (0.731) |
| ExeAcademic | 0.383 | (0.540) |
| ExeFinBack | −0.11 | (0.606) |
| Constant | −36.388*** | (9.226) |
| Year FE | Yes | |
| Firm FE | Yes | |
| N | 14,903 | |
| R2 | 0.600 | |
| Variables | ||
|---|---|---|
| 2.398*** | (0.840) | |
| 5.771*** | (0.929) | |
| 14.074* | (7.513) | |
| 0.803 | (0.597) | |
| 2.315* | (1.207) | |
| −0.083 | (0.223) | |
| 0.054** | (0.021) | |
| 1.154*** | (0.447) | |
| 0.207 | (0.472) | |
| 0.244 | (0.433) | |
| −0.014 | (0.029) | |
| −0.64 | (0.688) | |
| 1.035* | (0.572) | |
| 0.257 | (0.731) | |
| 0.383 | (0.540) | |
| −0.11 | (0.606) | |
| Constant | −36.388*** | (9.226) |
| Year FE | Yes | |
| Firm FE | Yes | |
| N | 14,903 | |
| 0.600 | ||
Note(s): This table reports the DiD results using CEO job-hopping event as a shock. POST equals 1 if firm i has an incoming CEO from a firm with greater CSR (i.e., CSRFormer > CSRLatter) and 0 otherwise. Robust standard errors clustered by firm and year are in parentheses. All other variables are defined in Appendix 1. ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Table 4 by authors
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