Firm fixed effects Multiple global corporate social responsibility pronouncements and corporate social responsibility harmonisation with firm fixed effects
| DEP = CSR policy | |
|---|---|
| Variable(s) | Coefficient (t-value) |
| Framework | 0.1077*** (6.68) |
| Foreign_sales | 0.0003** (1.98) |
| Leverage | 0.0668* (1.95) |
| Profit | 0.0109 (0.13) |
| Size | 0.0125*** (2.78) |
| MTB | −0.0010 (−0.49) |
| Analysts | 0.0461*** (5.00) |
| Acnonex | −0.0000 (−0.02) |
| Shright | 0.0088 (0.47) |
| Csrcommittee | 0.0615*** (5.79) |
| Awards | 0.0380*** (4.97) |
| Diversity | −0.0007*** (−2.73) |
| Institution | −0.0357 (−0.46) |
| GDP | −0.0162 (−0.35) |
| Civil | 0.0340** (2.03) |
| Constant | 0.5716 (1.19) |
| Year_FE | Yes |
| Industry_FE | Yes |
| Country_FE | Yes |
| Firm_FE | Yes |
| N | 2,443 |
| F | 26.03 |
| Adjusted R2 | 0.5051 |
| DEP = CSR policy | |
|---|---|
| Variable(s) | Coefficient ( |
| Framework | 0.1077 |
| Foreign_sales | 0.0003 |
| Leverage | 0.0668 |
| Profit | 0.0109 (0.13) |
| Size | 0.0125 |
| MTB | −0.0010 (−0.49) |
| Analysts | 0.0461 |
| Acnonex | −0.0000 (−0.02) |
| Shright | 0.0088 (0.47) |
| Csrcommittee | 0.0615 |
| Awards | 0.0380 |
| Diversity | −0.0007 |
| Institution | −0.0357 (−0.46) |
| GDP | −0.0162 (−0.35) |
| Civil | 0.0340 |
| Constant | 0.5716 (1.19) |
| Year_FE | Yes |
| Industry_FE | Yes |
| Country_FE | Yes |
| Firm_FE | Yes |
| N | 2,443 |
| F | 26.03 |
| Adjusted | 0.5051 |
Note(s): Table 8 reports the OLS regressions result of testing the relationship between multiple global CSR pronouncements and CSR harmonisation with firm fixed effects. 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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