Chinese shareholders’ reaction to the disclosure of environmental violations: a CSR perspective

International Journal of Corporate Social Responsibility

Table 10 Regression Result −2

Variables	Model 1–2		Model 2–2		Model 3–2
Variables	Coef.	P > t	Coef.	P > t	Coef.	P > t
Trend	0.393**	0.029	–	–	0.478***	0.009
Media_Att	0.004*	0.051	–	–	0.004*	0.056
Pre_Pollution	–	–	−0.708	0.740	−1.114	0.609
Pre_CSR	–	–	1.524**	0.034	1.817**	0.013
Market	−0.976	0.302	−1.440	0.137	−1.481	0.120
Industry	−0.057*	0.075	−0.068**	0.045	−0.076**	0.023
Size	0.004**	0.050	0.005*	0.011	0.005**	0.024
Ownership	2.096**	0.022	1.908**	0.035	2.416***	0.008
ROE	−0.932	0.394	−1.375	0.218	−1.447	0.187
PE	3.802***	0.000	1.737	0.109	2.756***	0.015
cons	−7.189***	0.005	−15.495***	0.016	−24.098***	0.001
observations	153		153		153
R²	0.131		0.127		0.172
Adjusted R²	0.083		0.078		0.113