Table 9 Institutional ownership and CSR... | Emerald Publishing

Table 9

Institutional ownership and CSR spending – moderating the effect of firm size

Variable	Coefficient	Std. error	t-statistic	Prob
Large size firms
TII_PREDICTED	0.325	0.019	16.812	0.000
COVID19_Dummy	0.166	0.029	5.698	0.000
Constant	15.926	1.288	12.369	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.617	F-statistic		993.50***
Adjusted R-squared	0.616	Industry fixed effects		YES
Small size firms
TII_PREDICTED	0.331	0.030	10.960	0.000
COVID19_Dummy	0.156	0.026	5.990	0.000
Constant	15.763	0.824	19.127	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.310	F-statistic		277.6***
Adjusted R-squared	0.309	Industry fixed effects		YES

Variable	Coefficient	Std. error	t-statistic	Prob
Large size firms
TII_PREDICTED	0.325	0.019	16.812	0.000
COVID19_Dummy	0.166	0.029	5.698	0.000
Constant	15.926	1.288	12.369	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.617	F-statistic		993.50***
Adjusted R-squared	0.616	Industry fixed effects		YES
Small size firms
TII_PREDICTED	0.331	0.030	10.960	0.000
COVID19_Dummy	0.156	0.026	5.990	0.000
Constant	15.763	0.824	19.127	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.310	F-statistic		277.6***
Adjusted R-squared	0.309	Industry fixed effects		YES

Source(s): Authors’ calculations