From: Can returnee managers promote CSR performance? Evidence from China
Variables | Â | (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 |