Table 7 Results of the threshold effect...

Table 7

Results of the threshold effect of FP on CSR

Variable	Performance is ROA		Performance is Tobin’s Q ratio
Variable	Coeff	T-stat	Coeff	T-stat
First regime	ROA < 1,231%		TobinQ < 0.821%
FP	0.858	1.376	1.809	1.425
SIZE	1.281	4.943***	1.330	3.342***
SALGR	1.817	2.564***	0.322	2.048**
TANG	2.426	0.099	0.005	0.170
LEVR	−2.080	−2.321**	1.899	1.675*
DIVP	1.320	3.063***	0.039	2.523**
Second regime	ROA > 1.231%		TobinQ > 0.821%
FP	0.574	4.323***	1.662	2.857***
SIZE	2.991	5.399***	2.789	5.160***
SALGR	1.932	2.550**	1.647	2.502***
TANG	2.451	0.096	0.036	0.814
LEVR	−2.917	−2.381**	−2.386	−1.897*
DIVP	0.420	3.073***	0.090	3.791***
AIC	3.684		3.667
BIC	3.699		3.682
$C$	1.231%		0.821%
ϒ	0.200		1.400
F (11, 6,139)	65.521 (0.000)		79.185 (0.000)
Obs	8.129		8,129

Variable	Performance is ROA		Performance is Tobin’s Q ratio
Variable	Coeff	T-stat	Coeff	T-stat
First regime	ROA < 1,231%		TobinQ < 0.821%
FP	0.858	1.376	1.809	1.425
SIZE	1.281	4.943***	1.330	3.342***
SALGR	1.817	2.564***	0.322	2.048**
TANG	2.426	0.099	0.005	0.170
LEVR	−2.080	−2.321**	1.899	1.675*
DIVP	1.320	3.063***	0.039	2.523**
Second regime	ROA > 1.231%		TobinQ > 0.821%
FP	0.574	4.323***	1.662	2.857***
SIZE	2.991	5.399***	2.789	5.160***
SALGR	1.932	2.550**	1.647	2.502***
TANG	2.451	0.096	0.036	0.814
LEVR	−2.917	−2.381**	−2.386	−1.897*
DIVP	0.420	3.073***	0.090	3.791***
AIC	3.684		3.667
BIC	3.699		3.682
$C$	1.231%		0.821%
ϒ	0.200		1.400
F (11, 6,139)	65.521 (0.000)		79.185 (0.000)
Obs	8.129		8,129

Note(s): ***, ** and * indicate level of significance at 1%, 5% and 10%. ESGS is the dependent variable. The italic values represent the first and the second regimes

Source(s): Table inserted by authors

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