Descriptive statistics
| Variable | Significance | Mean | Std. dev | Min | Max | No. of obs |
|---|---|---|---|---|---|---|
| RoA | Dependent | 6.02 | 4.08 | 0.009 | 21.20 | 4,980 |
| CSR intensity | Independent | 3.61 | 10.91 | 0.004 | 257.14 | 4,980 |
| Age | Firm life-cycle | 37.60 | 20.78 | 1 | 127 | 4,980 |
| Future growth | 2.75 | 7.00 | 0 | 430.25 | 4,980 | |
| Promoters’ holding | Ownership | 55.91 | 17.94 | 0 | 99.03 | 4,980 |
| Size (log) | Control | 9.30 | 1.67 | 4.702 | 16.09 | 4,980 |
| Liquidity | 1.64 | 1.53 | 0.030 | 40.61 | 4,980 | |
| CFO (log) | 6.73 | 1.87 | −1.204 | 13.56 | 4,980 | |
| Leverage ratio | 9.20 | 9.97 | 0 | 69.16 | 4,980 | |
| Tangibility | 0.52 | 0.20 | 0.003 | 0.99 | 4,980 | |
| Int_Age | Interaction | 1.39 | 4.70 | 0.001 | 172.29 | 4,980 |
| Int_Futuregrowth | 0.08 | 0.35 | 0 | 17.85 | 4,980 | |
| Int_Ownership | 31.43 | 299.75 | 0 | 6146.40 | 4,980 | |
| Int_Promoter | 0.02 | 0.07 | 0 | 2.44 | 4,980 |
| Variable | Significance | Mean | Std. dev | Min | Max | No. of obs |
|---|---|---|---|---|---|---|
| RoA | Dependent | 6.02 | 4.08 | 0.009 | 21.20 | 4,980 |
| CSR intensity | Independent | 3.61 | 10.91 | 0.004 | 257.14 | 4,980 |
| Age | Firm life-cycle | 37.60 | 20.78 | 1 | 127 | 4,980 |
| Future growth | 2.75 | 7.00 | 0 | 430.25 | 4,980 | |
| Promoters’ holding | Ownership | 55.91 | 17.94 | 0 | 99.03 | 4,980 |
| Size (log) | Control | 9.30 | 1.67 | 4.702 | 16.09 | 4,980 |
| Liquidity | 1.64 | 1.53 | 0.030 | 40.61 | 4,980 | |
| CFO (log) | 6.73 | 1.87 | −1.204 | 13.56 | 4,980 | |
| Leverage ratio | 9.20 | 9.97 | 0 | 69.16 | 4,980 | |
| Tangibility | 0.52 | 0.20 | 0.003 | 0.99 | 4,980 | |
| Int_Age | Interaction | 1.39 | 4.70 | 0.001 | 172.29 | 4,980 |
| Int_Futuregrowth | 0.08 | 0.35 | 0 | 17.85 | 4,980 | |
| Int_Ownership | 31.43 | 299.75 | 0 | 6146.40 | 4,980 | |
| Int_Promoter | 0.02 | 0.07 | 0 | 2.44 | 4,980 |
Source(s): Authors’ analysis
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