Table 8 Robustness check for Model I (EM)
EM = α + β1CSR + β2INDUS + β3SIZE + β4ROA + β5LEV + β6GROWTH + β7MTB + β8R & D + β9BIG4 + ε | |||
|---|---|---|---|
Variable | Coefficient | T | P-value |
CSR | .0002908 | 1.05 | 0.292 |
SIC | −.0004179 | −3.60 | 0.000 |
INDUS | −.0218191 | −4.74 | 0.000 |
SIZE | −.0043168 | −9.74 | 0.000 |
ROA | −.0706568 | −18.78 | 0.000 |
LEV | .0044265 | 1.72 | 0.085 |
GROWTH | −.0058265 | −3.26 | 0.001 |
MTB | .0008143 | 5.73 | 0.000 |
RD | −.0033122 | −4.08 | 0.000 |
BIG4 | −.0091071 | −3.54 | 0.000 |