Cross-listing and CSR performance: evidence from AH shares

Frontiers of Business Research in China

Table 2 Cross-listing and CSR

	(1)	(2)	(3)
Cross-listing	0.76^c	0.69^c	0.75^c
Cross-listing	(3.38)	(2.66)	(2.99)
Size		0.02	0.58^c
Size		(0.23)	(3.95)
Leverage		−0.12	−1.24
Leverage		(−0.12)	(−1.17)
MTB		−0.08	0.05
MTB		(−0.72)	(0.49)
ROA		4.46	−0.21
ROA		(1.24)	(−0.06)
Constant	7.07^c	6.55^c	−8.09^b
Constant	(45.05)	(2.96)	(−2.39)
Industry and Year fixed effects	NO	NO	YES
Observations	626	626	626
Pseudo R-squared	0.01	0.01	0.10

Heteroskedasticity-consistent t-statistics adjusted for firm level clustering are reported in parentheses. ^a, ^b, and ^c represent statistical significance at 10%, 5%, and 1%, respectively