Cross-listing and CSR performance: evidence from AH shares

Frontiers of Business Research in China

Table 3 Technical vs. Institutional CSR

	Technical CSR score	Institutional CSR score
Cross-listing	1.10^c	0.42
Cross-listing	(3.86)	(1.47)
Size	0.60^c	0.52^c
Size	(3.84)	(3.73)
Leverage	−2.27^a	−0.03
Leverage	(−1.88)	(−0.03)
MTB	0.09	0.00
MTB	(0.97)	(0.03)
ROA	−3.67	3.27
ROA	(−0.93)	(0.88)
Constant	−9.46^c	−7.80^b
Constant	(−2.59)	(−2.46)
Industry and Year fixed effects	YES	YES
Observations	626	626
Pseudo R-squared	0.09	0.07

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