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** | Â | 0.097*** | Â |
(2.50) | Â | (2.95) | Â | |
Returnee number developed i,t | Â | 1.584*** | Â | 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 |