Descriptive statistics
| Variable(s) | N | Mean | SD | p25 | p50 | p75 | Min | Max |
|---|---|---|---|---|---|---|---|---|
| Panel A: Full sample | ||||||||
| CSR_policy | 2,443 | 0.7650 | 0.1602 | 0.7 | 0.8 | 0.9 | 0.3 | 1 |
| Framework | 2,443 | 0.0.6555 | 0.3410 | 0.3333 | 0.6667 | 1 | 0 | 1 |
| Foreign_sales | 2,443 | 52.5860 | 34.4697 | 18.98 | 59.21 | 84.56 | 0 | 98.71 |
| Lev | 2,443 | 0.1828 | 0.1302 | 0.0799 | 0.1687 | 0.2693 | 0 | 0.5359 |
| Profit | 2,443 | 0.0462 | 0.0528 | 0.0124 | 0.0388 | 0.0715 | −0.1048 | 0.2311 |
| Size | 2,443 | 8.070 | 1.5444 | 6.9432 | 7.9526 | 9.1795 | 4.8175 | 11.5503 |
| Mtb | 2,443 | 2.6876 | 2.8415 | 0.9615 | 1.7911 | 3.4381 | 0.0945 | 17.6909 |
| Analysts | 2,443 | 2.6431 | 0.6503 | 2.3026 | 2.7726 | 3.1355 | 0 | 3.5553 |
| AC_independence | 2,443 | 94.4069 | 11.0944 | 100 | 100 | 100 | 50 | 100 |
| SH_right | 2,443 | 0.9415 | 0.2348 | 1 | 1 | 1 | 0 | 1 |
| CSR_committee | 2,443 | 0.7806 | 0.4139 | 1 | 1 | 1 | 0 | 1 |
| Awards | 2,443 | 0.4826 | 0.4998 | 0 | 0 | 1 | 0 | 1 |
| Diversity | 2,443 | 26.5788 | 16.8950 | 14.2860 | 25.0000 | 33.3330 | 0 | 89.4700 |
| Institution | 2,443 | 1.3214 | 0.3286 | 1.1532 | 1.4138 | 1.5125 | 0.2861 | 1.7738 |
| GDP | 2,443 | 10.6019 | 0.2940 | 10.5657 | 10.6643 | 10.7535 | 9.4397 | 11.0351 |
| Civil | 2,443 | 0.7278 | 0.4452 | 0 | 1 | 1 | 0 | 1 |
| Variable(s) | Mean | SD | p25 | p50 | p75 | Min | Max | |
|---|---|---|---|---|---|---|---|---|
| CSR_policy | 2,443 | 0.7650 | 0.1602 | 0.7 | 0.8 | 0.9 | 0.3 | 1 |
| Framework | 2,443 | 0.0.6555 | 0.3410 | 0.3333 | 0.6667 | 1 | 0 | 1 |
| Foreign_sales | 2,443 | 52.5860 | 34.4697 | 18.98 | 59.21 | 84.56 | 0 | 98.71 |
| Lev | 2,443 | 0.1828 | 0.1302 | 0.0799 | 0.1687 | 0.2693 | 0 | 0.5359 |
| Profit | 2,443 | 0.0462 | 0.0528 | 0.0124 | 0.0388 | 0.0715 | −0.1048 | 0.2311 |
| Size | 2,443 | 8.070 | 1.5444 | 6.9432 | 7.9526 | 9.1795 | 4.8175 | 11.5503 |
| Mtb | 2,443 | 2.6876 | 2.8415 | 0.9615 | 1.7911 | 3.4381 | 0.0945 | 17.6909 |
| Analysts | 2,443 | 2.6431 | 0.6503 | 2.3026 | 2.7726 | 3.1355 | 0 | 3.5553 |
| AC_independence | 2,443 | 94.4069 | 11.0944 | 100 | 100 | 100 | 50 | 100 |
| SH_right | 2,443 | 0.9415 | 0.2348 | 1 | 1 | 1 | 0 | 1 |
| CSR_committee | 2,443 | 0.7806 | 0.4139 | 1 | 1 | 1 | 0 | 1 |
| Awards | 2,443 | 0.4826 | 0.4998 | 0 | 0 | 1 | 0 | 1 |
| Diversity | 2,443 | 26.5788 | 16.8950 | 14.2860 | 25.0000 | 33.3330 | 0 | 89.4700 |
| Institution | 2,443 | 1.3214 | 0.3286 | 1.1532 | 1.4138 | 1.5125 | 0.2861 | 1.7738 |
| GDP | 2,443 | 10.6019 | 0.2940 | 10.5657 | 10.6643 | 10.7535 | 9.4397 | 11.0351 |
| Civil | 2,443 | 0.7278 | 0.4452 | 0 | 1 | 1 | 0 | 1 |
| Panel B: Sample distribution by year | ||||
| Year | N | % | CSR_policy | Framework |
| 2015 | 421 | 17.23 | 0.7278 | 0.6524 |
| 2016 | 433 | 17.72 | 0.7406 | 0.6520 |
| 2017 | 443 | 18.13 | 0.7650 | 0.6675 |
| 2018 | 564 | 23.09 | 0.7750 | 0.6460 |
| 2019 | 582 | 23.82 | 0.8002 | 0.6604 |
| Total | 2,443 | 100 | ||
| Year | % | CSR_policy | Framework | |
| 2015 | 421 | 17.23 | 0.7278 | 0.6524 |
| 2016 | 433 | 17.72 | 0.7406 | 0.6520 |
| 2017 | 443 | 18.13 | 0.7650 | 0.6675 |
| 2018 | 564 | 23.09 | 0.7750 | 0.6460 |
| 2019 | 582 | 23.82 | 0.8002 | 0.6604 |
| Total | 2,443 | 100 | ||
| Panel C: Sample distribution by country | ||||
| Country | N | % | CSR_policy | Framework |
| Austria | 52 | 2.13 | 0.7923 | 0.8013 |
| Belgium | 62 | 2.54 | 0.8000 | 0.7043 |
| Denmark | 65 | 2.66 | 0.6692 | 0.5590 |
| Finland | 77 | 3.15 | 0.8182 | 0.8355 |
| France | 265 | 10.85 | 0.8208 | 0.7145 |
| Germany | 239 | 9.78 | 0.8180 | 0.7866 |
| Greece | 35 | 1.43 | 0.7771 | 0.7810 |
| Hungary | 9 | 0.37 | 0.8333 | 0.7407 |
| Ireland | 29 | 1.19 | 0.7103 | 0.4598 |
| Italy | 113 | 4.63 | 0.7425 | 0.6578 |
| The Netherlands | 110 | 4.50 | 0.7364 | 0.6848 |
| Poland | 68 | 2.78 | 0.6397 | 0.6225 |
| Portugal | 32 | 1.31 | 0.8031 | 0.8542 |
| Spain | 106 | 4.34 | 0.8632 | 0.8962 |
| Sweden | 190 | 7.78 | 0.7411 | 0.8193 |
| The UK | 991 | 40.56 | 0.7435 | 0.5254 |
| Total | 2,443 | 100 | ||
| Country | % | CSR_policy | Framework | |
| Austria | 52 | 2.13 | 0.7923 | 0.8013 |
| Belgium | 62 | 2.54 | 0.8000 | 0.7043 |
| Denmark | 65 | 2.66 | 0.6692 | 0.5590 |
| Finland | 77 | 3.15 | 0.8182 | 0.8355 |
| France | 265 | 10.85 | 0.8208 | 0.7145 |
| Germany | 239 | 9.78 | 0.8180 | 0.7866 |
| Greece | 35 | 1.43 | 0.7771 | 0.7810 |
| Hungary | 9 | 0.37 | 0.8333 | 0.7407 |
| Ireland | 29 | 1.19 | 0.7103 | 0.4598 |
| Italy | 113 | 4.63 | 0.7425 | 0.6578 |
| The Netherlands | 110 | 4.50 | 0.7364 | 0.6848 |
| Poland | 68 | 2.78 | 0.6397 | 0.6225 |
| Portugal | 32 | 1.31 | 0.8031 | 0.8542 |
| Spain | 106 | 4.34 | 0.8632 | 0.8962 |
| Sweden | 190 | 7.78 | 0.7411 | 0.8193 |
| The UK | 991 | 40.56 | 0.7435 | 0.5254 |
| Total | 2,443 | 100 | ||
| Panel D: Sample distribution by industry | ||||
| Industry | N | % | CSR_policy | Framework |
| Agriculture, forestry and fishing | 4 | 0.16 | 0.9000 | 0.5833 |
| Construction | 162 | 6.63 | 0.7599 | 0.6502 |
| Financial industries | 381 | 15.60 | 0.6787 | 0.5897 |
| Manufacturing | 1029 | 42.12 | 0.8151 | 0.7331 |
| Mining | 45 | 1.84 | 0.7600 | 0.6667 |
| Other | 26 | 1.06 | 0.8115 | 0.7821 |
| Retail trade | 140 | 5.73 | 0.7179 | 0.3524 |
| Services | 248 | 10.15 | 0.7262 | 0.5484 |
| Transportation and communications service | 333 | 13.63 | 0.7631 | 0.7247 |
| Wholesale trade | 75 | 3.07 | 0.7307 | 0.5022 |
| Total | 2,443 | 100 | ||
| Industry | % | CSR_policy | Framework | |
| Agriculture, forestry and fishing | 4 | 0.16 | 0.9000 | 0.5833 |
| Construction | 162 | 6.63 | 0.7599 | 0.6502 |
| Financial industries | 381 | 15.60 | 0.6787 | 0.5897 |
| Manufacturing | 1029 | 42.12 | 0.8151 | 0.7331 |
| Mining | 45 | 1.84 | 0.7600 | 0.6667 |
| Other | 26 | 1.06 | 0.8115 | 0.7821 |
| Retail trade | 140 | 5.73 | 0.7179 | 0.3524 |
| Services | 248 | 10.15 | 0.7262 | 0.5484 |
| Transportation and communications service | 333 | 13.63 | 0.7631 | 0.7247 |
| Wholesale trade | 75 | 3.07 | 0.7307 | 0.5022 |
| Total | 2,443 | 100 | ||
Note(s): All variable definitions are in Appendix
Source(s): Table by author(s)
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.