Note(s): This table reports analyses for the CSR dimensions. Panel A regresses five CSR dimensions of the subsequent firm in year t+1 on lagged overall CSR of the former firm in year t-1 (CSRFormer) and control variables in year t+1. Panel B regresses the overall CSR of the subsequent firm (CSRLatter) in year t+1 on lagged five CSR dimensions of the former firm in year t-1 and control variables in year t+1. Panel C regresses five CSR dimensions of the subsequent firm in year t+1 on lagged five CSR dimensions of the former firm in year t-1 and control variables in year t+1. Robust standard errors clustered by firm and year are in parentheses. All variables are defined in  Appendix 1. ^***p < 0.01, ^**p < 0.05, ^*p < 0.1

Source(s): Table 5 by authors