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

International Journal of Corporate Social Responsibility

Table 9 Regression result −1

Variables	Model 1–1		Model 2–1		Model 3–1
Variables	Coef.	P > t	Coef.	P > t	Coef.	P > t
Trend	0.409***	0.010	–	–	0.498***	0.002
Media_Att	0.004**	0.011	–	–	0.004**	0.013
Pre_Pollution	–	–	−1.415	0.457	−1.759	0.358
Pre_CSR	–	–	1.606**	0.012	1.880***	0.004
Market	−0.861	0.303	−1.355	0.116	−1.373	0.101
Industry	−0.068**	0.018	−0.076**	0.012	−0.084***	0.005
Size	0.004**	0.025	0.005***	0.003	0.005***	0.010
Ownership	1.948**	0.016	1.729**	0.032	2.255***	0.005
ROE	−1.694*	0.083	−2.118**	0.035	−2.204**	0.024
PE	3.370***	0.000	1.262	0.189	2.321**	0.020
cons	−7.371***	0.001	−15.608***	0.006	−24.595***	0.000
observations	151		151		151
R²	0.169		0.157		0.220
Adjusted R²	0.123		0.110		0.165