Table 10 Heterogeneity of institutional... | Emerald Publishing

Table 10

Heterogeneity of institutional ownership and CSR spending – moderating the effect of firm size

Variable	Coefficient	Std. error	t-statistic	Prob
Large size firms
DII_PREDICTED	0.204	0.015	13.887	0.000
FII_PREDICTED	0.130	0.015	8.726	0.000
COVID19_Dummy	0.167	0.029	5.663	0.000
Constant	15.949	0.721	22.128	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.615	F-statistic		887.70****
Adjusted R-squared	0.614	Industry fixed effects		YES
Small size firms
DII_PREDICTED	0.213	0.025	8.476	0.000
FII_PREDICTED	−0.023	0.024	−0.945	0.345
COVID19_Dummy	0.141	0.026	5.411	0.000
Constant	15.718	0.639	24.591	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.304	F-statistic		243.10***
Adjusted R-squared	0.303	Industry fixed effects		YES

Variable	Coefficient	Std. error	t-statistic	Prob
Large size firms
DII_PREDICTED	0.204	0.015	13.887	0.000
FII_PREDICTED	0.130	0.015	8.726	0.000
COVID19_Dummy	0.167	0.029	5.663	0.000
Constant	15.949	0.721	22.128	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.615	F-statistic		887.70****
Adjusted R-squared	0.614	Industry fixed effects		YES
Small size firms
DII_PREDICTED	0.213	0.025	8.476	0.000
FII_PREDICTED	−0.023	0.024	−0.945	0.345
COVID19_Dummy	0.141	0.026	5.411	0.000
Constant	15.718	0.639	24.591	0.000
Controlling variables	----SAME AS IN BASELINE MODEL----
R-squared	0.304	F-statistic		243.10***
Adjusted R-squared	0.303	Industry fixed effects		YES

Source(s): Authors’ calculations