Table 5 Heterogeneity of institutional... | Emerald Publishing

Table 5

Heterogeneity of institutional ownership and its impact on CSR spending

	Standardized coefficient	Standard error	t-value	p value
CONSTANT	2.939	0.338	8.707	0.000
DII	0.213	0.002	17.202	0.000
FII	0.138	0.001	12.131	0.000
PROM	0.085	0.001	7.879	0.000
ROA	0.320	0.001	32.337	0.000
LOGCASH	0.049	0.001	−5.033	0.000
LEVERAGE	−0.007	0.000	−0.654	0.513
AGE	1.488	0.007	113.548	0.000
SIZE	0.312	0.020	14.166	0.000
INDCSR	0.037	0.000	−3.724	0.000
COVID19_Dummy	0.118	0.020	5.927	0.000
R-squared	0.735	No. of firm years		11,134
Adjusted R-squared	0.734	No. of firms		2,171
F-statistic	655.113***	Study period		2014–2023
Industry fixed effects	YES	Year fixed effects		YES

	Standardized coefficient	Standard error	t-value	p value
CONSTANT	2.939	0.338	8.707	0.000
DII	0.213	0.002	17.202	0.000
FII	0.138	0.001	12.131	0.000
PROM	0.085	0.001	7.879	0.000
ROA	0.320	0.001	32.337	0.000
LOGCASH	0.049	0.001	−5.033	0.000
LEVERAGE	−0.007	0.000	−0.654	0.513
AGE	1.488	0.007	113.548	0.000
SIZE	0.312	0.020	14.166	0.000
INDCSR	0.037	0.000	−3.724	0.000
COVID19_Dummy	0.118	0.020	5.927	0.000
R-squared	0.735	No. of firm years		11,134
Adjusted R-squared	0.734	No. of firms		2,171
F-statistic	655.113***	Study period		2014–2023
Industry fixed effects	YES	Year fixed effects		YES

Source(s): Authors’ calculations