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Table 9 Managers Obtained Experience from Developed Countries

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

 

Y = CSR_Score i,t

Y = CSR_Rate i,t

(1)

(2)

(3)

(4)

Returnee developed (0/1) i,t

2.066**

 

0.097***

 

(2.50)

 

(2.95)

 

Returnee number developed i,t

 

1.584***

 

0.072***

 

(3.20)

 

(3.49)

State control (0/1) i,t

−2.317*

−2.294*

−0.089*

−0.088*

(−1.75)

(−1.73)

(−1.85)

(−1.83)

Board Independence i,t

10.840*

10.994*

0.373

0.380*

(1.87)

(1.90)

(1.63)

(1.67)

Power balance i,t

−0.067*

−0.067*

−0.003**

−0.003**

(−1.78)

(−1.77)

(−2.44)

(−2.43)

Duality (0/1) i,t

−0.702

−0.700

−0.025

−0.025

(−1.23)

(−1.22)

(−1.15)

(−1.14)

Managerial ownership i,t

1.390

1.523

−0.033

−0.027

(0.80)

(0.88)

(−0.49)

(−0.40)

Institutional ownership i,t

12.569***

12.622***

0.453***

0.455***

(8.72)

(8.78)

(8.01)

(8.08)

Firm age i,t

0.059

0.057

0.002

0.002

(1.01)

(0.97)

(0.97)

(0.91)

Size i,t

6.364***

6.308***

0.206***

0.203***

(23.18)

(22.86)

(19.40)

(19.09)

ROA i,t

76.618***

76.658***

1.584***

1.585***

(19.43)

(19.43)

(11.23)

(11.25)

Leverage i,t

−5.075***

−5.047***

−0.094**

−0.092**

(−4.03)

(−4.01)

(−2.04)

(−2.02)

Intercept

−123.730***

−122.563***

−2.611***

−2.560***

(−19.02)

(−18.78)

(−10.30)

(−10.07)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Observations

9519

9519

9519

9519

Adjusted R-squared

0.34

0.34

0.23

0.23

  1. Notes. (1) ***, **, * indicates significance levels at 0.01, 0.05, and 0.10, respectively, using two tailed tests. (2) We report in parentheses t-statistics based on standard errors that are clustered within firm, and are robust to heteroscedasticity. (3) All the continuous variables are winsorized at 1 and 99%. (4) See Appendix A for variable definitions