Table 5 CSR–firm value relationship...

Table 5

CSR–firm value relationship

Variables	(1) Full sample	(2) Pre-regulation	(3) Post-regulation	(4) No-high-profile	(5) High-profile	(6) Low-PCI	(7) High-PCI
Variables	Q	Q	Q	Q	Q	Q	Q
CSRD	0.0119***	0.0044*	0.0187***	0.0178***	−0.0103	0.0119***	0.0174***
CSRD	(0.003)	(0.003)	(0.005)	(0.003)	(0.014)	(0.004)	(0.005)
RISK	−0.0909	0.0692	0.0492	0.0313	−0.7889	0.0154	−0.2494
RISK	(0.123)	(0.118)	(0.194)	(0.123)	(0.551)	(0.165)	(0.172)
SIZE	0.0919***	0.0878***	0.1057***	0.1134***	−0.0030	0.0833***	0.1071***
SIZE	(0.015)	(0.013)	(0.023)	(0.016)	(0.028)	(0.020)	(0.027)
LEV	−0.1131*	−0.0437	−0.2106**	−0.1593**	0.2153	−0.0979	−0.2445**
LEV	(0.066)	(0.069)	(0.093)	(0.079)	(0.191)	(0.087)	(0.120)
ROA	2.6224***	1.2745***	3.8950***	3.0822***	0.8825**	2.8109***	2.6045***
ROA	(0.281)	(0.260)	(0.384)	(0.356)	(0.443)	(0.342)	(0.532)
GRO	−0.0006	−0.0006	−0.0030	−0.0013	0.0821	−0.0026	−0.0051
GRO	(0.002)	(0.001)	(0.010)	(0.002)	(0.091)	(0.002)	(0.006)
AGE	−0.1425***	−0.0414*	−0.2500***	−0.1157***	−0.2586	−0.1154**	−0.0873
AGE	(0.047)	(0.025)	(0.090)	(0.038)	(0.176)	(0.057)	(0.060)
Constant	−0.6661*	−0.7517***	−0.4438	−1.1056***	1.2819	−0.6653	−1.0227**
Constant	(0.342)	(0.235)	(0.606)	(0.303)	(1.160)	(0.445)	(0.493)
N	2,477	1,070	1,407	2,026	451	1,691	786
R-squared	0.295	0.307	0.330	0.361	0.130	0.239	0.302
Year and industry controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Variables	(1)Full sample	(2)Pre-regulation	(3)Post-regulation	(4)No-high-profile	(5)High-profile	(6)Low-PCI	(7)High-PCI
Variables	Q	Q	Q	Q	Q	Q	Q
CSRD	0.0119***	0.0044*	0.0187***	0.0178***	−0.0103	0.0119***	0.0174***
CSRD	(0.003)	(0.003)	(0.005)	(0.003)	(0.014)	(0.004)	(0.005)
RISK	−0.0909	0.0692	0.0492	0.0313	−0.7889	0.0154	−0.2494
RISK	(0.123)	(0.118)	(0.194)	(0.123)	(0.551)	(0.165)	(0.172)
SIZE	0.0919***	0.0878***	0.1057***	0.1134***	−0.0030	0.0833***	0.1071***
SIZE	(0.015)	(0.013)	(0.023)	(0.016)	(0.028)	(0.020)	(0.027)
LEV	−0.1131*	−0.0437	−0.2106**	−0.1593**	0.2153	−0.0979	−0.2445**
LEV	(0.066)	(0.069)	(0.093)	(0.079)	(0.191)	(0.087)	(0.120)
ROA	2.6224***	1.2745***	3.8950***	3.0822***	0.8825**	2.8109***	2.6045***
ROA	(0.281)	(0.260)	(0.384)	(0.356)	(0.443)	(0.342)	(0.532)
GRO	−0.0006	−0.0006	−0.0030	−0.0013	0.0821	−0.0026	−0.0051
GRO	(0.002)	(0.001)	(0.010)	(0.002)	(0.091)	(0.002)	(0.006)
AGE	−0.1425***	−0.0414*	−0.2500***	−0.1157***	−0.2586	−0.1154**	−0.0873
AGE	(0.047)	(0.025)	(0.090)	(0.038)	(0.176)	(0.057)	(0.060)
Constant	−0.6661*	−0.7517***	−0.4438	−1.1056***	1.2819	−0.6653	−1.0227**
Constant	(0.342)	(0.235)	(0.606)	(0.303)	(1.160)	(0.445)	(0.493)
N	2,477	1,070	1,407	2,026	451	1,691	786
R-squared	0.295	0.307	0.330	0.361	0.130	0.239	0.302
Year and industry controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Note(s): *, ** and *** denote significance at the 1, 5 and 10% levels, respectively. Robust standard errors in parentheses

Source(s): Author’s own work

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