Results of FE panel data regression – OLS (Model 1–5) and GMM results
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | GMM |
|---|---|---|---|---|---|---|
| CSR intensity (lag) | −0.0568*** (0.000) | −0.0334*** (0.000) | −0.0567*** (0.000) | −0.0737*** (0.000) | −0.0542*** (0.000) | −0.1911*** (0.007) |
| Age | −0.0007*** (0.014) | −0.0006** (0.020) | −0.0007** (0.013) | −0.0007** (0.010) | −0.0006** (0.031) | −0.0002*** (0.000) |
| Future growth | 0.0002*** (0.002) | 0.0008*** (0.000) | 0.0002*** (0.002) | 0.0002*** (0.002) | 0.0010*** (0.000) | 0.0051*** (0.000) |
| Promoters’ holding | −0.0001 (0.346) | −0.0001 (0.605) | −0.0001 (0.357) | −0.0001 (0.479) | −0.0001 (0.734) | −0.0002 (0.565) |
| Liquidity | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0081*** (0.000) |
| CFO (log) | 0.0057*** (0.000) | 0.0056*** (0.000) | 0.0057*** (0.000) | 0.0058*** (0.000) | 0.0055*** (0.000) | 0.0039*** (0.000) |
| Leverage | −0.0729*** (0.000) | −0.0721*** (0.000) | −0.0728*** (0.000) | −0.0730*** (0.000) | −0.0722*** (0.000) | −0.0951*** (0.000) |
| Tangibility | −0.0504*** (0.000) | −0.0503*** (0.000) | −0.0505*** (0.000) | −0.0505*** (0.000) | −0.0491*** (0.000) | −0.0454* (0.096) |
| Int_Age | −0.0003*** (0.001) | – | – | – | −0.0006*** (0.001) | −0.0006* (0.080) |
| Int_Futuregrowth | – | −0.0151*** (0.000) | – | – | −0.0214*** (0.000) | −0.0844*** (0.008) |
| Int_Ownership | – | – | −0.0363 (0.173) | – | −0.0429 (0.107) | −0.1664 (0.185) |
| Int_Promoter | – | – | – | 0.0003* (0.089) | 0.0009*** (0.000) | 0.0021** (0.038) |
| Constant | 0.0716*** (0.000) | 0.0716*** (0.000) | 0.0722*** (0.000) | 0.0731*** (0.000) | 0.0698*** (0.000) | 0.0403*** (0.000) |
| Observations | 4,980 | 4,980 | 4,980 | 4,980 | 4,980 | Observations: 3112 |
| Number of firms | 1,419 | 1,419 | 1,419 | 1,419 | 1,419 | |
| R-squared | 0.1330 | 0.1461 | 0.1336 | 0.1316 | 0.1540 | 0.2147 |
| F-Statistic (p-value) | 49.18*** (0.000) | 51.69*** (0.000) | 49.14*** (0.000) | 49.23*** (0.000) | 44.72*** (0.000) | Endogeneity GMM C Statistic (p-value) 0.4306 (0.5117) |
| Hausman Statistic (p-value) | 161.68*** (0.000) | 157.88*** (0.000) | 158.35*** (0.000) | 159.26*** (0.000) | 150.43*** (0.000) | Hansen’s J (p-value) 19.435 (0.2128) |
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | GMM |
|---|---|---|---|---|---|---|
| CSR intensity (lag) | −0.0568*** (0.000) | −0.0334*** (0.000) | −0.0567*** (0.000) | −0.0737*** (0.000) | −0.0542*** (0.000) | −0.1911*** (0.007) |
| Age | −0.0007*** (0.014) | −0.0006** (0.020) | −0.0007** (0.013) | −0.0007** (0.010) | −0.0006** (0.031) | −0.0002*** (0.000) |
| Future growth | 0.0002*** (0.002) | 0.0008*** (0.000) | 0.0002*** (0.002) | 0.0002*** (0.002) | 0.0010*** (0.000) | 0.0051*** (0.000) |
| Promoters’ holding | −0.0001 (0.346) | −0.0001 (0.605) | −0.0001 (0.357) | −0.0001 (0.479) | −0.0001 (0.734) | −0.0002 (0.565) |
| Liquidity | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0046*** (0.000) | 0.0081*** (0.000) |
| CFO (log) | 0.0057*** (0.000) | 0.0056*** (0.000) | 0.0057*** (0.000) | 0.0058*** (0.000) | 0.0055*** (0.000) | 0.0039*** (0.000) |
| Leverage | −0.0729*** (0.000) | −0.0721*** (0.000) | −0.0728*** (0.000) | −0.0730*** (0.000) | −0.0722*** (0.000) | −0.0951*** (0.000) |
| Tangibility | −0.0504*** (0.000) | −0.0503*** (0.000) | −0.0505*** (0.000) | −0.0505*** (0.000) | −0.0491*** (0.000) | −0.0454* (0.096) |
| Int_Age | −0.0003*** (0.001) | – | – | – | −0.0006*** (0.001) | −0.0006* (0.080) |
| Int_Futuregrowth | – | −0.0151*** (0.000) | – | – | −0.0214*** (0.000) | −0.0844*** (0.008) |
| Int_Ownership | – | – | −0.0363 (0.173) | – | −0.0429 (0.107) | −0.1664 (0.185) |
| Int_Promoter | – | – | – | 0.0003* (0.089) | 0.0009*** (0.000) | 0.0021** (0.038) |
| Constant | 0.0716*** (0.000) | 0.0716*** (0.000) | 0.0722*** (0.000) | 0.0731*** (0.000) | 0.0698*** (0.000) | 0.0403*** (0.000) |
| Observations | 4,980 | 4,980 | 4,980 | 4,980 | 4,980 | Observations: 3112 |
| Number of firms | 1,419 | 1,419 | 1,419 | 1,419 | 1,419 | |
| 0.1330 | 0.1461 | 0.1336 | 0.1316 | 0.1540 | 0.2147 | |
| 49.18*** (0.000) | 51.69*** (0.000) | 49.14*** (0.000) | 49.23*** (0.000) | 44.72*** (0.000) | Endogeneity GMM C Statistic ( | |
| Hausman Statistic ( | 161.68*** (0.000) | 157.88*** (0.000) | 158.35*** (0.000) | 159.26*** (0.000) | 150.43*** (0.000) | Hansen’s J ( |
Note(s): 1 Ownership variable dropped because of FE model
2 Size (log) dropped due to high correlation with CFO (log); better fit obtained using CFO (log)
3 p-values in parenthesis ***p < 0.01, **p < 0.05 and *p < 0.1
4 Coefficient of time variables not included in the table
Source(s): Authors’ analysis
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