Table 11 CSR and Firm Value

CSR_Score _i,t

0.007^***

0.006^***

(6.87)

(6.55)

CSR_Level _i,t

0.179^***

0.170^***

(7.36)

(7.07)

Returnee (0/1) _i,t

0.237^***

0.233^***

0.233^***

0.230^***

(4.44)

(4.38)

(4.37)

(4.31)

State control (0/1) _i,t

0.016

0.016

0.026

0.026

(0.17)

(0.18)

(0.27)

(0.28)

Board Independence _i,t

1.320^***

1.323^***

1.355^***

1.357^***

(3.41)

(3.43)

(3.54)

(3.56)

Power balance _i,t

−0.005^**

−0.005^**

−0.005^**

−0.005^**

(−2.53)

(−2.45)

(−2.54)

(−2.46)

Duality (0/1) _i,t

−0.004

−0.004

−0.003

−0.004

(−0.09)

(−0.10)

(−0.08)

(−0.09)

Managerial ownership _i,t

−0.279^**

−0.265^**

−0.253^*

−0.240^*

(−2.09)

(−1.99)

(−1.91)

(−1.82)

Institutional ownership _i,t

0.390^***

0.390^***

0.390^***

0.390^***

(4.58)

(4.59)

(4.59)

(4.60)

Firm age _i,t

0.007^*

0.007^*

0.007^*

0.007^*

(1.68)

(1.68)

(1.78)

(1.77)

Size _i,t

−0.795^***

−0.791^***

−0.776^***

−0.773^***

(−35.23)

(−35.96)

(−33.98)

(−34.67)

ROA _i,t

3.204^***

3.424^***

3.054^***

3.264^***

(8.86)

(9.63)

(8.47)

(9.22)

Leverage _i,t

−0.140

−0.155

−0.678^***

−0.692^***

(−1.47)

(−1.64)

(−6.98)

(−7.17)

Intercept

19.364^***

19.034^***

18.920^***

18.611^***

(38.42)

(39.11)

(37.35)

(38.03)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Observations

9428

9428

9295

9295

Adjusted R-squared

0.49

0.49

0.52

0.52