Table 7 CSRD–firm value relationship... | Emerald Publishing

Table 7

CSRD–firm value relationship using 2SLS

	(1) Full sample	(2) Pre-regulation	(3) Post-regulation	(4) Non-high profile	(5) High-profile	(6) Low-PCI	(7) High-PCI
Variables	Q	Q	Q	Q	Q	Q	Q
CSRD	0.1020**	0.0049	0.0475**	0.1109**	−0.0113	0.0186	0.0421**
CSRD	(0.043)	(0.009)	(0.023)	(0.046)	(0.012)	(0.024)	(0.019)
RISK	0.1911	0.0785	0.1501	0.3035*	−0.7936	0.0694	−0.2906
RISK	(0.192)	(0.119)	(0.207)	(0.169)	(0.532)	(0.172)	(0.186)
SIZE	0.0396	0.0876***	0.0929***	0.0580**	−0.0025	0.0805***	0.0883***
SIZE	(0.024)	(0.016)	(0.026)	(0.030)	(0.028)	(0.023)	(0.029)
LEV	−0.0665	−0.0418	−0.2127**	−0.1350	0.2125	−0.0894	−0.1236
LEV	(0.083)	(0.072)	(0.093)	(0.093)	(0.183)	(0.084)	(0.122)
ROA	2.4290***	1.2794***	3.7792***	2.9200***	0.8866**	2.6631***	2.4175***
ROA	(0.311)	(0.263)	(0.398)	(0.401)	(0.441)	(0.338)	(0.503)
GRO	−0.0024	−0.0006	−0.0005	−0.0029	0.0821	−0.0005	−0.0006
GRO	(0.002)	(0.001)	(0.010)	(0.002)	(0.089)	(0.002)	(0.005)
AGE	−0.1111**	−0.0412*	−0.2679***	−0.1077***	−0.2600	−0.1552**	−0.1117*
AGE	(0.045)	(0.025)	(0.094)	(0.035)	(0.171)	(0.064)	(0.063)
Constant	−0.5961	−0.5731**	−0.0892	−1.0551***	2.1770	0.0609	−0.4509
Constant	(0.508)	(0.227)	(0.668)	(0.374)	(1.477)	(0.565)	(0.470)
Adjusted R-squared	0.065	0.295	0.309	0.123	0.098	0.266	0.309
Year and industry controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes

	(1)Full sample	(2)Pre-regulation	(3)Post-regulation	(4)Non-high profile	(5)High-profile	(6)Low-PCI	(7)High-PCI
Variables	Q	Q	Q	Q	Q	Q	Q
CSRD	0.1020**	0.0049	0.0475**	0.1109**	−0.0113	0.0186	0.0421**
CSRD	(0.043)	(0.009)	(0.023)	(0.046)	(0.012)	(0.024)	(0.019)
RISK	0.1911	0.0785	0.1501	0.3035*	−0.7936	0.0694	−0.2906
RISK	(0.192)	(0.119)	(0.207)	(0.169)	(0.532)	(0.172)	(0.186)
SIZE	0.0396	0.0876***	0.0929***	0.0580**	−0.0025	0.0805***	0.0883***
SIZE	(0.024)	(0.016)	(0.026)	(0.030)	(0.028)	(0.023)	(0.029)
LEV	−0.0665	−0.0418	−0.2127**	−0.1350	0.2125	−0.0894	−0.1236
LEV	(0.083)	(0.072)	(0.093)	(0.093)	(0.183)	(0.084)	(0.122)
ROA	2.4290***	1.2794***	3.7792***	2.9200***	0.8866**	2.6631***	2.4175***
ROA	(0.311)	(0.263)	(0.398)	(0.401)	(0.441)	(0.338)	(0.503)
GRO	−0.0024	−0.0006	−0.0005	−0.0029	0.0821	−0.0005	−0.0006
GRO	(0.002)	(0.001)	(0.010)	(0.002)	(0.089)	(0.002)	(0.005)
AGE	−0.1111**	−0.0412*	−0.2679***	−0.1077***	−0.2600	−0.1552**	−0.1117*
AGE	(0.045)	(0.025)	(0.094)	(0.035)	(0.171)	(0.064)	(0.063)
Constant	−0.5961	−0.5731**	−0.0892	−1.0551***	2.1770	0.0609	−0.4509
Constant	(0.508)	(0.227)	(0.668)	(0.374)	(1.477)	(0.565)	(0.470)
Adjusted R-squared	0.065	0.295	0.309	0.123	0.098	0.266	0.309
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