Can returnee managers promote CSR performance? Evidence from China

Wen, Wen; Song, Jianbo

doi:10.1186/s11782-017-0012-8

Frontiers of Business Research in China

Table 2 Pearson (Spearman) Correlation Coefficients Analysis

From: Can returnee managers promote CSR performance? Evidence from China

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
CSR_Score	(1)	1.000	0.063^***	−0.028^**	0.010	0.036^***	−0.064^***	0.027^**	0.230^***	−0.005	0.379^***	0.489^***	−0.078^***
Returnee (0/1)	(2)	0.076^***	1.000	−0.031^***	0.005	−0.030^**	−0.008	−0.018	0.006	−0.013	0.087^***	0.035^***	−0.006
State control (0/1)	(3)	−0.025^*	−0.031^***	1.000	−0.004	0.012	−0.052^***	−0.075^***	0.063^***	−0.032^***	−0.004	−0.035^***	0.037^***
Board independence	(4)	0.008	0.006	−0.013	1.000	0.016	0.078^***	0.012	−0.036^***	−0.020^*	0.017	−0.017	0.004
Power balance	(5)	0.040^***	−0.027^**	−0.006	0.017	1.000	−0.109^***	−0.291^***	0.131^***	0.066^***	0.173^***	−0.089^***	0.125^***
Duality (0/1)	(6)	−0.081^***	−0.008	−0.052^***	0.093^***	−0.111^***	1.000	0.189^***	−0.125^***	−0.087^***	−0.161^***	0.037^***	−0.111^***
Managerial ownership	(7)	−0.072^***	−0.040^***	−0.086^***	0.076^***	−0.220^***	0.230^***	1.000	−0.232^***	−0.251^***	−0.081^***	0.189^***	−0.206^***
Institutional ownership	(8)	0.281^***	0.013	0.067^***	−0.043^***	0.141^***	−0.137^***	−0.339^***	1.000	−0.020^*	0.163^***	0.025^**	0.166^***
Firm age	(9)	−0.014	−0.010	−0.029^**	−0.027^**	0.052^***	−0.086^***	−0.368^***	0.026^**	1.000	0.050^***	−0.101^***	0.151^***
Size	(10)	0.413^***	0.089^***	−0.004	−0.011	0.158^***	−0.156^***	−0.175^***	0.191^***	0.013	1.000	0.043^***	0.319^***
ROA	(11)	0.356^***	0.024^**	−0.030^**	−0.022^*	−0.057^***	0.008	0.123^***	0.050^***	−0.094^***	0.142^***	1.000	−0.396^***
Leverage	(12)	−0.005	−0.008	0.038^***	−0.007	0.112^***	−0.110^***	−0.263^***	0.170^***	0.153^***	0.282^***	−0.349^***	1.000

Notes. (1) ^***, ^**, ^* indicates significance levels at 0.01, 0.05, and 0.10, respectively, using two tailed tests. (2) The left below triangle represents Pearson coefficients and the right upper triangle represents Spearman coefficients. (3) We report in parentheses t-statistics based on standard errors that are clustered within firm, and are robust to heteroscedasticity. (4) All the continuous variables are winsorized at 1 and 99%. (5) Using CSR_rate as proxy for CSR performance can get similar result. (6) See Appendix A for variable definitions

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