Table 7 Institutional ownership and CSR... | Emerald Publishing

Table 7

Institutional ownership and CSR spending – moderating the effect of profitability of the firms

Variable	Coefficient	Std. error	t-statistic	Prob
Total institutional ownership --- Profit-making firms
TII_PREDICTED	0.299	0.015	19.454	0.000
COVID19_Dummy	0.125	0.020	6.219	0.000
Constant	8.565	0.3662	23.386	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.744	F-statistic		3221.000***
Adjusted R-squared	0.744	Industry fixed effects		YES
Total institutional ownership --- Loss-making firms
TII_PREDICTED	0.332	0.058	5.690	0.000
COVID19_Dummy	0.402	0.075	5.373	0.000
Constant	7.470	0.615	12.145	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.565	F-statistic		165.900***
Adjusted R-squared	0.561	Industry fixed effects		YES

Variable	Coefficient	Std. error	t-statistic	Prob
Total institutional ownership --- Profit-making firms
TII_PREDICTED	0.299	0.015	19.454	0.000
COVID19_Dummy	0.125	0.020	6.219	0.000
Constant	8.565	0.3662	23.386	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.744	F-statistic		3221.000***
Adjusted R-squared	0.744	Industry fixed effects		YES
Total institutional ownership --- Loss-making firms
TII_PREDICTED	0.332	0.058	5.690	0.000
COVID19_Dummy	0.402	0.075	5.373	0.000
Constant	7.470	0.615	12.145	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.565	F-statistic		165.900***
Adjusted R-squared	0.561	Industry fixed effects		YES

Source(s): Authors’ calculations