Table 5. Lagged analysis Multiple global...

Table 5.

Lagged analysis Multiple global corporate social responsibility pronouncements and corporate social responsibility harmonisation with lagged analysis

	DEP = CSR policy
Variable(s)	Coefficient (t-value)
Framework_lag	0.0951*** (9.55)
Foreign_sales_lag	0.0003*** (3.02)
Leverage_lag	0.0976*** (4.68)
Profit_lag	0.0263 (0.53)
Size_lag	0.0150*** (6.27)
Mtb_lag	0.0005 (0.50)
Analysts_lag	0.0381*** (7.25)
Acnonex_lag	0.0000 (0.00)
Shright_lag	−0.0035 (−0.33)
Csrcommittee_lag	0.0491*** (7.50)
Awards_lag	0.0404*** (7.57)
Diversity_lag	−0.0006*** (−4.00)
Institution_lag	−0.0777 (−1.15)
Gdp_lag	−0.1012 (−0.46)
Civil_lag	0.0442*** (4.69)
Constant	0.5709** (2.23)
Year_FE	Yes
Industry_FE	Yes
Country_FE	Yes
N	2,198
F	50.97
Adjusted R²	0.4945

	DEP = CSR policy
Variable(s)	Coefficient (t-value)
Framework_lag	0.0951*** (9.55)
Foreign_sales_lag	0.0003*** (3.02)
Leverage_lag	0.0976*** (4.68)
Profit_lag	0.0263 (0.53)
Size_lag	0.0150*** (6.27)
Mtb_lag	0.0005 (0.50)
Analysts_lag	0.0381*** (7.25)
Acnonex_lag	0.0000 (0.00)
Shright_lag	−0.0035 (−0.33)
Csrcommittee_lag	0.0491*** (7.50)
Awards_lag	0.0404*** (7.57)
Diversity_lag	−0.0006*** (−4.00)
Institution_lag	−0.0777 (−1.15)
Gdp_lag	−0.1012 (−0.46)
Civil_lag	0.0442*** (4.69)
Constant	0.5709** (2.23)
Year_FE	Yes
Industry_FE	Yes
Country_FE	Yes
N	2,198
F	50.97
Adjusted R²	0.4945

Note(s): Table 5 reports the OLS regressions result of testing the relationship between multiple global CSR pronouncements and CSR harmonisation with lagged variables. The dependent variable is CSR policy, which is average of ten questions related to CSR policy adoption. All variable definitions are in Appendix. ***, ** and * represent statistical significance at the 1, 5 and 10% levels, respectively (two-tailed tests)

Source(s): Table by author(s)

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