Table 1 Variables used for analysis... | Emerald Publishing

Table 1

Variables used for analysis

Variables	Significance	Units	Definition
RoA	Dependent	Ratio	PAT/Total assets
Independent variables
CSR intensity		Ratio	Ratio of CSR expenditure to PAT
Age	Firm life-cycle stage	Number	Number of years since the inception of the firm
Future growth	Firm life-cycle stage	Ratio	Tobin’s Q is used as the measure of growth. It is calculated as the ratio of the market value of assets to their book value
Ownership	Ownership structure	Category	Two categories were created based on whether the ownership lies with the government or private parties
Promoters’ holding	Ownership structure	%	% Shareholding of promoters in a given year
Firm size	Control variables	INR	Natural log of reported assets in a given year
Liquidity		Ratio	Current ratio: current assets/current liabilities
Cash flow from operations (CFO)		INR	Cash from operations during a given year
Leverage ratio		Ratio	Ratio of long-term debt to total assets
Tangibility		Ratio	Ratio of gross block (book value of plant and machinery) to total assets

Variables	Significance	Units	Definition
RoA	Dependent	Ratio	PAT/Total assets
Independent variables
CSR intensity		Ratio	Ratio of CSR expenditure to PAT
Age	Firm life-cycle stage	Number	Number of years since the inception of the firm
Future growth	Firm life-cycle stage	Ratio	Tobin’s Q is used as the measure of growth. It is calculated as the ratio of the market value of assets to their book value
Ownership	Ownership structure	Category	Two categories were created based on whether the ownership lies with the government or private parties
Promoters’ holding	Ownership structure	%	% Shareholding of promoters in a given year
Firm size	Control variables	INR	Natural log of reported assets in a given year
Liquidity		Ratio	Current ratio: current assets/current liabilities
Cash flow from operations (CFO)		INR	Cash from operations during a given year
Leverage ratio		Ratio	Ratio of long-term debt to total assets
Tangibility		Ratio	Ratio of gross block (book value of plant and machinery) to total assets

Source(s): Authors’ analysis