Table 6 Impact of institutional... | Emerald Publishing

Table 6

Impact of institutional ownership on CSR spending controlling endogeneity issue with 2SLS model

Variable	Coefficient	Std. error	t-statistic	Prob
Total institutional ownership
TII_PREDICTED	0.740	0.024	−7.354	0.000
COVID19_Dummy	0.104	0.020	5.152	0.000
Constant	0.637	0.042	15.044	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.724	F-statistic		647.341***
Adjusted R-squared	0.723	Industry fixed effects		YES
Heterogeneity of institutional ownership
DII_PREDICTED	0.608	0.024	−0.435	0.089
FII_PREDICTED	0.362	0.029	17.127	0.000
COVID19_Dummy	0.104	0.020	5.152	0.000
Constant	0.047	0.004	10.802	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.724	F-statistic		647.341***
Adjusted R-squared	0.723	Industry fixed effects		YES

Variable	Coefficient	Std. error	t-statistic	Prob
Total institutional ownership
TII_PREDICTED	0.740	0.024	−7.354	0.000
COVID19_Dummy	0.104	0.020	5.152	0.000
Constant	0.637	0.042	15.044	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.724	F-statistic		647.341***
Adjusted R-squared	0.723	Industry fixed effects		YES
Heterogeneity of institutional ownership
DII_PREDICTED	0.608	0.024	−0.435	0.089
FII_PREDICTED	0.362	0.029	17.127	0.000
COVID19_Dummy	0.104	0.020	5.152	0.000
Constant	0.047	0.004	10.802	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.724	F-statistic		647.341***
Adjusted R-squared	0.723	Industry fixed effects		YES

Source(s): Authors’ calculations