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Table 5 CSR and financial performance

From: Cross-listing and CSR performance: evidence from AH shares

 

Tobin’s Q t + 1

ROA t + 1

CSR score

−0.00

−0.00

(−0.01)

(−0.30)

Size

−0.37a

0.00c

(−1.76)

(2.67)

Leverage

3.23a

−0.01

(1.81)

(−0.60)

Constant

13.29c

0.87c

(3.90)

(15.64)

Industry and Year fixed effects

YES

YES

Observations

391

392

R-squared

0.10

0.22

  1. This table presents the regression estimations of the following model:
  2. \( {\mathit{\mathsf{Financial}\ \mathsf{performance}}}_{\mathit{\mathsf{it}}+\mathsf{1}}=\alpha +\beta \times \mathit{\mathsf{CSR}}\ {\mathit{\mathsf{score}}}_{\mathit{\mathsf{it}}}+\gamma \times {\mathit{\mathsf{controls}}}_{\mathit{\mathsf{it}}}+{\mathit{\mathsf{\varepsilon}}}_{\mathit{\mathsf{it}}} \)
  3. 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