Excluding financial industry Multiple global corporate social responsibility pronouncements and corporate social responsibility harmonisation excluding financial industry
| DEP = CSR policy | |
|---|---|
| Variable(s) | Coefficient (t-value) |
| Framework | 0.1161*** (10.83) |
| Foreign_sales | 0.0003*** (2.90) |
| Leverage | 0.0905*** (3.97) |
| Profit | 0.0366 (0.68) |
| Size | 0.0079*** (2.85) |
| MTB | −0.0013 (−1.20) |
| Analysts | 0.0533*** (8.80) |
| Acnonex | −0.0001** (−0.37) |
| Shright | 0.0099 (0.88) |
| Csrcommittee | 0.0619*** (8.86) |
| Awards | 0.0411*** (7.37) |
| Diversity | −0.0007*** (−4.02) |
| Institution | −0.0938 (−1.13) |
| GDP | −0.0137 (−0.64) |
| Civil | 0.03497*** (3.68) |
| Constant | 0.6590** (2.54) |
| Year_FE | Yes |
| Industry_FE | Yes |
| Country_FE | Yes |
| N | 2,062 |
| F | 45.07 |
| Adjusted R2 | 0.4732 |
| DEP = CSR policy | |
|---|---|
| Variable(s) | Coefficient ( |
| Framework | 0.1161 |
| Foreign_sales | 0.0003 |
| Leverage | 0.0905 |
| Profit | 0.0366 (0.68) |
| Size | 0.0079 |
| MTB | −0.0013 (−1.20) |
| Analysts | 0.0533 |
| Acnonex | −0.0001 |
| Shright | 0.0099 (0.88) |
| Csrcommittee | 0.0619 |
| Awards | 0.0411 |
| Diversity | −0.0007 |
| Institution | −0.0938 (−1.13) |
| GDP | −0.0137 (−0.64) |
| Civil | 0.03497 |
| Constant | 0.6590 |
| Year_FE | Yes |
| Industry_FE | Yes |
| Country_FE | Yes |
| N | 2,062 |
| F | 45.07 |
| Adjusted | 0.4732 |
Note(s): Table 7 reports the OLS regressions result of testing the relationship between multiple global CSR pronouncements and CSR harmonisation excluding financial industry. 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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