Cross-listing and CSR performance: evidence from AH shares

Frontiers of Business Research in China

Table 6 Robustness checks

Panel A: Different filtering
	Full sample	Top 3 quartiles	Above median
Cross-listing	0.73^c	0.62^b	0.52 ^a
	(3.12)	(2.36)	(1.95)
Panel B: Different specifications
	PSM	Including Lagged Dependent
Cross-listing	0.52^b	0.17^a
	(2.05)	(1.97)

This table presents the Tobit regression estimations of the following model:
\( \mathit{\mathsf{CSR}}\ {\mathit{\mathsf{score}}}_{\mathit{\mathsf{i}\mathsf{t}}}=\alpha +\beta \ast \mathit{\mathsf{cross}}-{\mathit{\mathsf{listing}}}_{\mathit{\mathsf{i}}}+\gamma \ast {\mathit{\mathsf{controls}}}_{\mathit{\mathsf{i}\mathsf{t}}}+{\mathit{\mathsf{\varepsilon}}}_{\mathit{\mathsf{i}\mathsf{t}}} \)
Panel A presents the results with different filtering of sample firms and Panel B presents the results with different model specifications. Only the coefficients on Cross-listing are reported. 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