Heckman selection bias analysis
| Variable(s) | First stage | Second stage |
|---|---|---|
| DEP = GRI | DEP = CSR policy | |
| Coefficient (t-value) | Coefficient (t-value) | |
| Env | 0.0155** (2.36) | |
| Framework | 0.1010*** (10.44) | |
| Foreign_sales | 0.0018 (1.42) | 0.0002* (1.79) |
| Leverage | 0.2385 (0.85) | 0.0430** (2.13) |
| Profit | −2.1477*** (−3.01) | 0.1426*** (2.66) |
| Size | 0.1035*** (3.13) | 0.0056** (2.19) |
| MTB | −0.0013 (−0.09) | −0.0010 (−0.90) |
| Analysts | 0.1006 (1.44) | 0.0445*** (8.93) |
| Acnonex | 0.0017 (0.50) | −0.0001 (−0.56) |
| Shright | 0.0755 (0.55) | 0.0066 (0.62) |
| Csrcommittee | 0.7918 (8.82) | 0.0111 (1.23) |
| Awards | 0.3495*** (4.85) | 0.0186*** (3.32) |
| Diversity | 0.0088*** (3.97) | −0.0012*** (−7.42) |
| Institution | 1.9861* (1.91) | −0.1180 (−1.58) |
| GDP | −0.8393* (−2.73) | 0.0257 (1.19) |
| Civil | 1.3505*** (11.84) | −0.0641*** (−4.24) |
| Lambda | −0.1261 (−8.06) | |
| Constant | −40.3968** (−2.33) | 0.5083** (2.06) |
| Year_FE | Yes | Yes |
| Industry_FE | Yes | Yes |
| Country_FE | Yes | Yes |
| N | 2439 | 2439 |
| LR chi2 (F) | 1123.87 | 59.77 |
| Pseudo R2 (Adj.R2) | 0.3667 | 0.5090 |
| Variable(s) | First stage | Second stage |
|---|---|---|
| DEP = GRI | DEP = CSR policy | |
| Coefficient | Coefficient | |
| Env | 0.0155 | |
| Framework | 0.1010 | |
| Foreign_sales | 0.0018 (1.42) | 0.0002 |
| Leverage | 0.2385 (0.85) | 0.0430 |
| Profit | −2.1477 | 0.1426 |
| Size | 0.1035 | 0.0056 |
| MTB | −0.0013 (−0.09) | −0.0010 (−0.90) |
| Analysts | 0.1006 (1.44) | 0.0445 |
| Acnonex | 0.0017 (0.50) | −0.0001 (−0.56) |
| Shright | 0.0755 (0.55) | 0.0066 (0.62) |
| Csrcommittee | 0.7918 (8.82) | 0.0111 (1.23) |
| Awards | 0.3495 | 0.0186 |
| Diversity | 0.0088 | −0.0012 |
| Institution | 1.9861 | −0.1180 (−1.58) |
| GDP | −0.8393 | 0.0257 (1.19) |
| Civil | 1.3505 | −0.0641 |
| Lambda | −0.1261 (−8.06) | |
| Constant | −40.3968 | 0.5083 |
| Year_FE | Yes | Yes |
| Industry_FE | Yes | Yes |
| Country_FE | Yes | Yes |
| N | 2439 | 2439 |
| LR chi2 (F) | 1123.87 | 59.77 |
| Pseudo | 0.3667 | 0.5090 |
Note(s): Table 10 reports the results of the Heckman Selection Bias regarding the relationship between Harmonisation and multiple global CSR pronouncements. The first stage dependent variable is GRI (Indicator variable equal to 1 for firms that uses GRI guidelines/standards, 0 otherwise). The second stage results on the effect of harmonisation and multiple global CSR pronouncements, where dependent variable is CSR_POLICY. All variable definitions appear 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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