DiD test with entropy balanced matching
| Variables | CSRLatter | |
|---|---|---|
| POST | 2.520** | (0.975) |
| Size | 6.594*** | (1.507) |
| ROA | 5.914 | (3.603) |
| Leverage | −0.293 | (0.182) |
| Growth | 1.802* | (0.900) |
| TobinQ | 0.416* | (0.186) |
| OwnershipCon | 0.095* | (0.041) |
| SOE | 0.767 | (0.613) |
| MgmtHolding | 1.319* | (0.634) |
| CEODuality | −1.363 | (1.006) |
| ExeAge | 0.083 | (0.048) |
| ExeGender | 0.008 | (1.175) |
| ExeEdu | 2.058* | (1.076) |
| ExeOverseas | −0.263 | (0.920) |
| ExeAcademic | 0.694 | (0.890) |
| ExeFinBack | −0.016 | (0.886) |
| Constant | −54.809*** | (13.835) |
| Year FE | Yes | |
| Firm FE | Yes | |
| N | 14,817 | |
| R2 | 0.654 | |
| Variables | ||
|---|---|---|
| 2.520** | (0.975) | |
| 6.594*** | (1.507) | |
| 5.914 | (3.603) | |
| −0.293 | (0.182) | |
| 1.802* | (0.900) | |
| 0.416* | (0.186) | |
| 0.095* | (0.041) | |
| 0.767 | (0.613) | |
| 1.319* | (0.634) | |
| −1.363 | (1.006) | |
| 0.083 | (0.048) | |
| 0.008 | (1.175) | |
| 2.058* | (1.076) | |
| −0.263 | (0.920) | |
| 0.694 | (0.890) | |
| −0.016 | (0.886) | |
| Constant | −54.809*** | (13.835) |
| Year FE | Yes | |
| Firm FE | Yes | |
| N | 14,817 | |
| 0.654 | ||
Note(s): This table reports the DiD results with entropy balanced matching 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 8 by authors
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