Table 8 Threshold effect of CSR on FP...

Table 8

Threshold effect of CSR on FP

Variable	Performance is ROA		Performance is Tobin’s Q ratio
Variable	Coeff	T-stat	Coeff	T-stat
First regime	ESGS < 56.78%		ESGS < 41.02%
ESGS	−0.022	−1.523	2.493	0.683
SIZE	−1.200	−2.174**	−1.700	−0.082
SALGR	2.688	7.834***	1.372	3.074***
LEVR	−1.951	−2.070***	−0.284	−3.068***
TANG	0.005	0.036	−2.671	−1.331
DIVP	0.009	1.962**	2.050	2.167**
Second regime	ESGS > 56.78%		ESGS > 41.02%
ESGS	0.040	2.413**	0.031	3.683***
SIZE	0.082	0.352	2.829	4.082***
SALGR	0.513	1.077	2.873	0.074
LEVR	−0.201	−5.229***	−0.596	−5.032***
TANG	−0.026	−3.028***	−1.231	−1.831*
DIVP	0.020	3.418***	0.100	0.467
AIC	3.096		0.069
BIC	3.117		0.084
$C$	56.78%		41.02%
$γ$	0.200		0.200
F (11, 6,139)	53.447 (0.000)		9.219 (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	ESGS < 56.78%		ESGS < 41.02%
ESGS	−0.022	−1.523	2.493	0.683
SIZE	−1.200	−2.174**	−1.700	−0.082
SALGR	2.688	7.834***	1.372	3.074***
LEVR	−1.951	−2.070***	−0.284	−3.068***
TANG	0.005	0.036	−2.671	−1.331
DIVP	0.009	1.962**	2.050	2.167**
Second regime	ESGS > 56.78%		ESGS > 41.02%
ESGS	0.040	2.413**	0.031	3.683***
SIZE	0.082	0.352	2.829	4.082***
SALGR	0.513	1.077	2.873	0.074
LEVR	−0.201	−5.229***	−0.596	−5.032***
TANG	−0.026	−3.028***	−1.231	−1.831*
DIVP	0.020	3.418***	0.100	0.467
AIC	3.096		0.069
BIC	3.117		0.084
$C$	56.78%		41.02%
$γ$	0.200		0.200
F (11, 6,139)	53.447 (0.000)		9.219 (0.000)
Obs	8.129		8,129

Note(s): ***, *** and * indicate level of significance at 1, 5 and 10%. ROA and Tobin’s Q ratio are the dependent variables

Source(s): Table inserted by authors

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