ΔCSR |
−0.0131 |
0.0017 (0.59) | −0.0208 |
−0.0007 (−0.73) |
ΔCSR |
−0.0163 |
−0.0061 |
||
ΔSize | 0.9445 |
3.1999 |
−0.0751 (−1.15) | 2.0405 |
ΔROA | 3.1905 |
−16.2485 |
5.6848 |
−15.4860 |
ΔAge | 0.3425 (0.43) | −1.3515 |
−0.0981 (−0.32) | −0.1314 (−0.47) |
ΔVCF | 0.6081 (0.45) | −2.8218 |
0.2477 (0.48) | −0.9724 |
Δoverhead | 12.4276 |
−7.0720 |
4.4970 |
−10.6482 |
ΔNDTS | −10.4221 (−1.44) | −13.0303 |
3.2840 (1.18) | −26.0014 |
ΔMTB | 0.0874 |
−0.4907 |
−0.0156 |
0.1604 |
ΔDiv | −0.0005 (−0.01) | −0.2662 |
0.1689 |
−0.3473 |
ΔPPE | −0.4916 (−0.75) | 5.2796 |
0.0463 (0.18) | 3.4835 |
ΔLncon | −3.5143 |
−6.5829 |
−0.8265 |
−3.6601 |
ΔGrowth | −0.0156 (−0.23) | 0.4864 |
−0.0286 (−1.12) | −0.3487 |
ΔRET | −1.1422 (−1.17) | −18.2114 |
−1.1966 |
−2.1178 |
ΔIndratio | −0.6330 (−0.57) | 0.8220 (0.74) | −0.2544 (−0.60) | 0.2334 (0.60) |
ΔDuality | 0.1502 (1.07) | −0.1674 (−1.18) | −0.0247 (−0.46) | −0.0028 (−0.06) |
Constant | −0.3142 (−0.36) | 1.4759 |
0.2355 (0.71) | 0.1100 (0.36) |
Year/industry | Yes | Yes | Yes | Yes |
N | 17164 | 17164 | 17164 | 17164 |
0.0872 | 0.2325 | 0.0528 | 0.2586 | |
Adj- |
0.0850 | 0.2306 | 0.0504 | 0.2568 |
CSR | −0.0166 |
−0.0093 |
Controls | Yes | Yes |
Constant | −46.7106 |
−28.4039 |
Year/Industry | Yes | Yes |
N | 8599 | 8599 |
0.3815 | 0.3802 | |
Adj- |
0.3783 | 0.3771 |
Explained variables | FDR | Z_score as calculated in |
O_score as calculated in |
||
Explanatory variables | CSR | CSR score is obtained from the CSR reports of listed companies published in Hexun. |
Control variables | Size | Natural logarithm of total assets at the end of the year. |
ROA | ROA is equal to pretax operating income divided by total assets. | |
Age | Age is equal to inspection year minus listing year. | |
VCF | Three year volatility of the ratio of cash flow to total assets at the end of the year. | |
Overhead | Overhead is the management expense that happened during the current year divided by total assets. | |
NDTS | NDTS is the ratio of current year depreciation and amortisation to total assets. | |
MTB | MTB is the growth rate of firms, and it is the ratio of the market value of equity at the end of the year to the book value of equity at the end of the year. | |
Div | Div represents weather the enterprise has had dividend payouts in the current year; if yes it takes the value of 1 and 0 otherwise. | |
PPE | The ratio of total noncurrent assets to total assets. | |
Lncon | Lncon is the combined shareholding of the top five shareholders. | |
Growth | Growth is the growth rate of operating income that equals change in sales revenue of the current year compared to the previous year, and then divided by the previous year’s operating income. | |
RET | RET is the firm’s average monthly stock return during the year. | |
Indratio | The proportion of independent directors to the total number of directors. | |
Duality | Duality is a dummy variable that equals 1 if chairman and the general manager are in one position and 0 otherwise. |
CSR | −0.0169 |
−0.0099 |
−0.0164 |
−0.0398 |
−0.0073 |
−0.0103 |
HHI | 14.6110 |
4.2472 |
||||
CSR*HHI | −0.0911 |
−0.0435 |
||||
Size | 2.0913 |
2.0756 |
0.8739 |
0.8697 |
||
ROA | −36.6600 |
−36.1459 |
−26.9191 |
−26.7790 |
||
Age | 0.0488 |
0.0522 |
0.0215 |
0.0225 |
||
VCF | 10.7848 |
10.7521 |
−0.5821 (−1.07) | −0.5788 (−1.07) | ||
Overhead | 4.3665 |
5.8658 |
−16.1690 |
−15.7934 |
||
NDTS | 15.1886 |
14.8717 |
−20.6733 |
−20.8409 |
||
MTB | −0.6836 |
−0.6920 |
0.2599 |
0.2581 |
||
Div | −0.2356 |
−0.2202 |
−0.3078 |
−0.3027 |
||
PPE | 4.1707 |
4.1867 |
3.7310 |
3.7347 |
||
Lncon | −4.8438 |
−4.6771 |
−2.7487 |
−2.7058 |
||
Growth | 1.3257 |
1.3227 |
0.2641 |
0.2626 |
||
RET | −12.8841 |
−11.9855 |
−1.9071 |
−1.6842 |
||
Indratio | −4.2738 |
−4.3505 |
−0.7872 |
−0.8201 |
||
Duality | −0.5299 |
−0.5266 |
0.0088 (0.18) | 0.0095 (0.20) | ||
Constant | −7.2702 |
−46.4121 |
−44.2865 |
−10.0410 |
−28.1203 |
−27.5263 |
Year/Industry | Yes | Yes | Yes | Yes | Yes | Yes |
N | 23660 | 23660 | 23659 | 23660 | 23660 | 23659 |
Adj- |
0.0977 | 0.3779 | 0.3813 | 0.1443 | 0.3960 | 0.3972 |
F | 86.4271 | 327.5768 | 318.0266 | 133.9788 | 353.5853 | 339.8737 |
ShareholderR | −0.0775 |
−0.0738 |
||
EmployeeR | −0.0463 |
−0.0643 |
||
ExternalR | −0.0067 (−1.38) | 0.0121 (1.58) | ||
Controls | Yes | Yes | Yes | Yes |
Constant | −46.1237 |
−46.5026 |
−46.0650 |
−46.5855 |
Year/Industry | Yes | Yes | Yes | Yes |
N | 23660 | 23660 | 23660 | 23660 |
Adj- |
0.3783 | 0.3779 | 0.3777 | 0.3784 |
328.1829 | 327.5895 | 327.3737 | 314.1067 |
CSR |
−0.0174 |
−0.0095 |
Size |
2.1373 |
0.7652 |
ROA |
−28.8522 |
−19.5183 |
Age |
0.0127 (1.39) | 0.0117 |
VCF |
8.3963 |
−0.2604 (−0.43) |
overhead |
0.6466 (0.31) | −15.3937 |
NDTS |
12.3036 |
−17.8428 |
MTB |
−0.4280 |
0.2122 |
Div |
0.0453 (0.33) | −0.1449 |
PPE |
3.1000 |
3.0327 |
Lncon |
−4.6787 |
−2.7233 |
Growth |
0.9543 |
0.2054 |
RET |
−6.0977 |
−3.2185 |
Indratio |
−4.6850 |
−0.4761 (−1.12) |
Duality |
−0.4769 |
0.0440 (0.82) |
Constant | −46.6619 |
−25.7190 |
Year/Industry | Yes | Yes |
N | 20363 | 20363 |
0.3128 | 0.3038 | |
Adj- |
0.3114 | 0.3023 |
CSR | −0.0236 |
−0.0030 (−0.60) | −0.0157 |
−0.0001 (−0.02) |
Controls | Yes | Yes | Yes | Yes |
Constant | −51.6314 |
−43.2057 |
−34.0105 |
−26.3189 |
Year/Industry | Yes | Yes | Yes | Yes |
N | 11830 | 11829 | 11830 | 11829 |
0.3654 | 0.3780 | 0.3770 | 0.3403 | |
Adj- |
0.3641 | 0.3767 | 0.3757 | 0.3390 |
ShareholderR | −0.0775 |
−0.0738*** (−4.58) | ||
EmployeeR | −0.0463 |
−0.0643** (−2.46) | ||
ExternalR | −0.0067 (−1.38) | 0.0121 (1.58) | ||
Controls | Yes | Yes | Yes | Yes |
Constant | −27.8747 |
−28.0681 |
−27.9260*** (−54.14) | −28.1411*** (−54.16) |
Year/Industry | Yes | Yes | Yes | Yes |
23,660 | 23,660 | 23,660 | 23,660 | |
Adj- |
0.3783 | 0.3779 | 0.3777 | 0.3784 |
328.1829 | 327.5895 | 327.3737 | 314.1067 |
Z_score | 23660 | 0.1785 | 6.7777 | 2.0313 | 3.7837 | 7.4065 | 8.8820 | 55.5422 |
O_score | 23660 | −27.3073 | −11.5968 | −13.3983 | −10.7945 | −8.8855 | 3.9466 | −5.0486 |
CSR | 23660 | −3.1500 | 24.8365 | 16.5800 | 22.1300 | 27.8000 | 16.0305 | 74.5200 |
Size | 23660 | 19.7510 | 22.1602 | 21.2268 | 21.9870 | 22.8968 | 1.2861 | 25.8845 |
ROA | 23660 | −0.2157 | 0.0394 | 0.0147 | 0.0368 | 0.0657 | 0.0557 | 0.1962 |
Age | 23660 | 0.0000 | 10.0511 | 4.0000 | 9.0000 | 16.0000 | 7.0084 | 25.0000 |
VCF | 23660 | 0.0022 | 0.0453 | 0.0189 | 0.0339 | 0.0586 | 0.0392 | 0.2164 |
Overhead | 23660 | 0.0041 | 0.0447 | 0.0248 | 0.0394 | 0.0581 | 0.0282 | 0.1544 |
NDTS | 23660 | 0.0007 | 0.0238 | 0.0119 | 0.0209 | 0.0325 | 0.0157 | 0.0763 |
MTB | 23660 | 0.5996 | 3.5910 | 1.7365 | 2.6862 | 4.3403 | 3.0321 | 19.1986 |
Div | 23660 | 0.0000 | 0.7555 | 1.0000 | 1.0000 | 1.0000 | 0.4298 | 1.0000 |
PPE | 23660 | 0.0022 | 0.2186 | 0.0889 | 0.1845 | 0.3128 | 0.1656 | 0.7144 |
Lncon | 23660 | 0.2021 | 0.5356 | 0.4230 | 0.5381 | 0.6489 | 0.1523 | 0.8804 |
Growth | 23660 | −0.5395 | 0.1967 | −0.0090 | 0.1159 | 0.2795 | 0.4604 | 3.1335 |
RET | 23660 | −0.0686 | 0.0102 | −0.0188 | 0.0052 | 0.0319 | 0.0421 | 0.1592 |
Indratio | 23660 | 0.3333 | 0.3748 | 0.3333 | 0.3333 | 0.4286 | 0.0536 | 0.5714 |
Duality | 23660 | 0.0000 | 0.2575 | 0.0000 | 0.0000 | 1.0000 | 0.4373 | 1.0000 |
m_CSR | −0.0126 |
−0.0090 |
Controls | Yes | Yes |
Constant | −40.0503 |
−17.4561 |
Year/Industry | Yes | Yes |
N | 23660 | 23660 |
Adj- |
0.3019 | 0.3023 |