Table 5 Robustness tests (2) (1) (2) (3)...

Table 5

Robustness tests (2)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$C A P$	$C A P$
$A E M$	−0.007**	−0.048*			−0.028*		−0.104***
$A E M$	(−2.26)	(−1.73)			(−1.89)		(−2.61)
$R E M$			−0.044*	−0.095***		−0.093***		−0.097**
$R E M$			(−1.93)	(−3.61)		(−3.52)		(−2.31)
$C S R_d u m m y$	0.176***	0.180***	0.189***	0.179***	0.170***	0.191***	0.033**	0.087***
$C S R_d u m m y$	(4.54)	(4.62)	(5.01)	(4.77)	(3.98)	(5.17)	(2.07)	(3.51)
$S T A T E$					0.036***	0.099**	0.019*	0.042*
$S T A T E$					(2.88)	(1.99)	(1.95)	(1.87)
$A E M \times C S R_d u m m y$		0.041*			0.074*		0.180***
$A E M \times C S R_d u m m y$		(1.84)			(1.69)		(2.99)
$R E M \times C S R_d u m m y$				0.095***		0.075***		0.081**
$R E M \times C S R_d u m m y$				(3.68)		(2.75)		(1.82)
$A E M \times S T A T E$					0.543***		0.129
$A E M \times S T A T E$					(2.69)		(0.57)
$R E M \times S T A T E$						0.016		0.002
$R E M \times S T A T E$						(0.67)		(0.05)
$C S R_d u m m y \times S T A T E$					0.204**	0.137***	0.063**	0.051*
$C S R_d u m m y \times S T A T E$					(2.11)	(2.58)	(1.99)	(1.78)
$A E M \times C S R_d u m m y \times S T A T E$					0.297*		0.354*
$A E M \times C S R_d u m m y \times S T A T E$					(1.83)		(1.68)
$R E M \times C S R_d u m m y \times S T A T E$						0.032**		0.008**
$R E M \times C S R_d u m m y \times S T A T E$						(2.03)		(2.12)
$S I Z E$	−0.086**	−0.086**	−0.092**	−0.083**	−0.074	−0.085*	0.514***	0.411***
$S I Z E$	(−1.98)	(−1.96)	(−2.27)	(−2.07)	(−1.63)	(−2.04)	(8.69)	(10.00)
$A G E$	−0.039	−0.038	−0.028	−0.028	−0.062*	−0.032	0.003	0.009
$A G E$	(−1.13)	(−1.09)	(−0.84)	(−0.83)	(−1.78)	(−0.96)	(0.11)	(0.32)
$R O A$	0.022	0.022	0.016	0.012	0.011	0.003	0.026	0.01
$R O A$	(0.62)	(0.63)	(0.45)	(0.35)	(0.31)	(0.03)	(1.07)	(0.99)
$L E V$	0.175***	0.175***	0.164***	0.161***	0.169***	0.157***	−0.078***	−0.072***
$L E V$	(4.08)	(4.08)	(3.89)	(3.84)	(4.02)	(3.78)	(−3.47)	(−3.62)
$B O A R D$	−0.058*	−0.056	−0.064*	−0.059*	−0.058	−0.051	−0.069**	−0.069***
$B O A R D$	(−1.67)	(−1.62)	(−1.84)	(−1.71)	(−1.61)	(−1.44)	(−1.98)	(−2.60)
$W O M E N$	−0.029	−0.028	−0.025	−0.022	−0.020	−0.024	−0.008	−0.042**
$W O M E N$	(−0.87)	(−0.83)	(−0.75)	(−0.69)	(−0.60)	(−0.63)	(−0.39)	(−2.08)
$I N D E P$	−0.045	−0.046	−0.037	−0.035	−0.040	−0.032	−0.083***	−0.051**
$I N D E P$	(−1.59)	(−1.53)	(−1.29)	(−1.21)	(−1.35)	(−1.11)	(−3.26)	(−2.45)
Industry effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,237	1,237	1,287	1,287	1,237	1,287	1,203	1,252
Adj. R-sq	0.057	0.057	0.056	0.065	0.097	0.086	0.329	0.355

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$T O B I N$	$C A P$	$C A P$
$A E M$	−0.007**	−0.048*			−0.028*		−0.104***
$A E M$	(−2.26)	(−1.73)			(−1.89)		(−2.61)
$R E M$			−0.044*	−0.095***		−0.093***		−0.097**
$R E M$			(−1.93)	(−3.61)		(−3.52)		(−2.31)
$C S R_d u m m y$	0.176***	0.180***	0.189***	0.179***	0.170***	0.191***	0.033**	0.087***
$C S R_d u m m y$	(4.54)	(4.62)	(5.01)	(4.77)	(3.98)	(5.17)	(2.07)	(3.51)
$S T A T E$					0.036***	0.099**	0.019*	0.042*
$S T A T E$					(2.88)	(1.99)	(1.95)	(1.87)
$A E M \times C S R_d u m m y$		0.041*			0.074*		0.180***
$A E M \times C S R_d u m m y$		(1.84)			(1.69)		(2.99)
$R E M \times C S R_d u m m y$				0.095***		0.075***		0.081**
$R E M \times C S R_d u m m y$				(3.68)		(2.75)		(1.82)
$A E M \times S T A T E$					0.543***		0.129
$A E M \times S T A T E$					(2.69)		(0.57)
$R E M \times S T A T E$						0.016		0.002
$R E M \times S T A T E$						(0.67)		(0.05)
$C S R_d u m m y \times S T A T E$					0.204**	0.137***	0.063**	0.051*
$C S R_d u m m y \times S T A T E$					(2.11)	(2.58)	(1.99)	(1.78)
$A E M \times C S R_d u m m y \times S T A T E$					0.297*		0.354*
$A E M \times C S R_d u m m y \times S T A T E$					(1.83)		(1.68)
$R E M \times C S R_d u m m y \times S T A T E$						0.032**		0.008**
$R E M \times C S R_d u m m y \times S T A T E$						(2.03)		(2.12)
$S I Z E$	−0.086**	−0.086**	−0.092**	−0.083**	−0.074	−0.085*	0.514***	0.411***
$S I Z E$	(−1.98)	(−1.96)	(−2.27)	(−2.07)	(−1.63)	(−2.04)	(8.69)	(10.00)
$A G E$	−0.039	−0.038	−0.028	−0.028	−0.062*	−0.032	0.003	0.009
$A G E$	(−1.13)	(−1.09)	(−0.84)	(−0.83)	(−1.78)	(−0.96)	(0.11)	(0.32)
$R O A$	0.022	0.022	0.016	0.012	0.011	0.003	0.026	0.01
$R O A$	(0.62)	(0.63)	(0.45)	(0.35)	(0.31)	(0.03)	(1.07)	(0.99)
$L E V$	0.175***	0.175***	0.164***	0.161***	0.169***	0.157***	−0.078***	−0.072***
$L E V$	(4.08)	(4.08)	(3.89)	(3.84)	(4.02)	(3.78)	(−3.47)	(−3.62)
$B O A R D$	−0.058*	−0.056	−0.064*	−0.059*	−0.058	−0.051	−0.069**	−0.069***
$B O A R D$	(−1.67)	(−1.62)	(−1.84)	(−1.71)	(−1.61)	(−1.44)	(−1.98)	(−2.60)
$W O M E N$	−0.029	−0.028	−0.025	−0.022	−0.020	−0.024	−0.008	−0.042**
$W O M E N$	(−0.87)	(−0.83)	(−0.75)	(−0.69)	(−0.60)	(−0.63)	(−0.39)	(−2.08)
$I N D E P$	−0.045	−0.046	−0.037	−0.035	−0.040	−0.032	−0.083***	−0.051**
$I N D E P$	(−1.59)	(−1.53)	(−1.29)	(−1.21)	(−1.35)	(−1.11)	(−3.26)	(−2.45)
Industry effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,237	1,237	1,287	1,287	1,237	1,287	1,203	1,252
Adj. R-sq	0.057	0.057	0.056	0.065	0.097	0.086	0.329	0.355

Source(s): Author's own creation/work

The table reports the results of OLS models with fixed effects for year and industry with other proxies for CSR disclosure and firm's value; standard errors are clustered by industry. The variables are described in Appendix B. *, ** and *** indicate statistical significance at less than the 10%, 5% and 1% levels, respectively

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