Table 8 Heterogeneity of institutional... | Emerald Publishing

Table 8

Heterogeneity of institutional ownership and CSR spending – moderating the effect of profitability of the firms

Variable	Coefficient	Std. error	t-statistic	Prob
Heterogeneity of institutional ownership --- Profit-making firms
DII_PREDICTED	0.194	0.013	15.474	0.000
FII_PREDICTED	0.089	0.011	7.785	0.000
COVID19_Dummy	0.112	0.020	5.583	0.000
Constant	6.488	0.358	18.121	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.742	F-statistic		2870.0***
Adjusted R-squared	0.742	Industry fixed effects		YES
Heterogeneity of institutional ownership --- Loss-making firms
DII_PREDICTED	0.196	0.045	4.362	0.000
FII_PREDICTED	0.202	0.048	4.179	0.000
COVID19_Dummy	0.427	0.075	5.701	0.000
Constant	7.291	0.655	11.124	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.566	F-statistic		149.70***
Adjusted R-squared	0.562	Industry fixed effects		YES

Variable	Coefficient	Std. error	t-statistic	Prob
Heterogeneity of institutional ownership --- Profit-making firms
DII_PREDICTED	0.194	0.013	15.474	0.000
FII_PREDICTED	0.089	0.011	7.785	0.000
COVID19_Dummy	0.112	0.020	5.583	0.000
Constant	6.488	0.358	18.121	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.742	F-statistic		2870.0***
Adjusted R-squared	0.742	Industry fixed effects		YES
Heterogeneity of institutional ownership --- Loss-making firms
DII_PREDICTED	0.196	0.045	4.362	0.000
FII_PREDICTED	0.202	0.048	4.179	0.000
COVID19_Dummy	0.427	0.075	5.701	0.000
Constant	7.291	0.655	11.124	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.566	F-statistic		149.70***
Adjusted R-squared	0.562	Industry fixed effects		YES

Source(s): Authors’ calculations