Probability of entering the CC program
| Dependent variables | Adoption (1) | Early adoption (2) |
|---|---|---|
| Size | 0.630*** (0.036) | 0.174*** (0.074) |
| ROA | 0.046*** (0.009) | 0.043** (0.017) |
| Growth | −0.134 (0.089) | −0.701 (0.468) |
| ROA volatility | −0.003 (0.014) | 0.036** (0.016) |
| Leverage | −1.229*** (0.345) | −0.209*** (0.756) |
| Intangibles | −0.884** (0.319) | −2.706 (1.922) |
| Listed | −0.902*** (0.162) | 1.098*** (0.353) |
| Observations Pseudo R-squared | 1,466 0.523 | 245 0.184 |
| Year FE | Yes | Yes |
| Dependent variables | ||
|---|---|---|
| 0.630 | 0.174 | |
| 0.046 | 0.043 | |
| −0.134 (0.089) | −0.701 (0.468) | |
| −0.003 (0.014) | 0.036 | |
| −1.229 | −0.209 | |
| −0.884 | −2.706 (1.922) | |
| −0.902 | 1.098 | |
| Observations Pseudo | 1,466 0.523 | 245 0.184 |
| Year FE | Yes | Yes |
Note(s): This table shows the determinants of CC program adoption and presents coefficients from the estimation of a probit model in equation (1) with the dummy variables Adoption in column (1) and Early Adoption in column (2) as the dependent variables. Our full sample consists of 1,466 firm-year observations for 2014–2021. Standard errors are clustered at the firm level, adjusted for heteroskedasticity, and are reported within parentheses. Significance at the 10, 5 and 1% levels is indicated by *, ** and ***, respectively. FE denotes fixed effect. All continuous variables are winsorised at 1% and 99% levels
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