Note(s): This table reports additional robustness test using alternative measures for CSRFormer. We regress the CSR of the subsequent firm (CSRLatter) in year t + 1 on the lagged CSR of the former firm in year t−1 (CSRFormerSingle and CSRFormerAvg) and the control variables in year t + 1. The average of the control variables is used for reporting the results in Column (2). 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 7 by authors