Table 1 Abbreviations and definitions of variables
From: Is capital structure associated with corporate social responsibility?
Variable | Abbreviation | Definition |
|---|---|---|
Explained variable–capital structure | ||
Leverage ratio | lev | Total liabilities/total equity |
Leverage ratio greater than mean | levab | If the leverage ratio is larger than the mean of all firms in specific year, it is equal to 1, and 0 otherwise |
Change in Leverage ratio | levdif | Leverage ratio at year t minus Leverage ratio at year t-1 |
Change in Leverage ratio greater than 0 | levdifd | If the change in leverage ratio is greater than zero, it is equal to 1, and 0 otherwise |
Debt ratio | debt | Total liabilities/total assets |
Debt ratio greater than mean | debtab | If the debt ratio is larger than the mean of all firms in specific year, it is equal to 1, and 0 otherwise |
Change in debt ratio | debtdif | Debt ratio at year t minus debt ratio at year t-1 |
Change in debt ratio greater than 0 | debtdifd | If the change in debt ratio is greater than zero, it is equal to 1, and 0 otherwise |
Main explanatory variable–CSR performance | ||
Current CSR performance | csrdummy | If a firm is either in annual name-list of the winners of “CSR Award” by the Global Views Monthly or the “Best Corporate Citizens” by the Common Wealth in a particular year, csrdummy is equal to 1, and 0 otherwise |
Cumulative CSR performance | csrcumu | The cumulative years of a firm being either in the annual name-list of the winners of “CSR Award” by the Global Views Monthly or the “Best Corporate Citizens” by the Common Wealth |
Continuous CSR performance | csrcont | If a firm is continuously being either in annual name-list of the winners of “CSR Award” by the Global Views Monthly or the “Best Corporate Citizens” by the Common Wealth in sample period, csrcont is equal to 1, and 0 otherwise |
Overlap CSR performance | csrovlp | If a firm is in the annual name-list of the winners of “CSR Award” by the Global Views Monthly and the “Best Corporate Citizens” by the Common Wealth in a particular year, csrovlp is equal to 1, and 0 otherwise |
Social contribution value | scv | Sum of cash dividend, employee salary and benefits, interest expense and tax, and then takes natural logarithm |
Social returns on assets | sroa | social contribution value / shares outstanding |
Social contribution value per share | scvps | social contribution value / total assets |
Control variable | ||
Scale | asset | The total amount of assets and then takes the natural logarithm |
Market-to-book ratio | mtb | (Market value of common equity / book value of common equity) |
Fixed assets to total assets | tang | (Non-current assets/total assets) × 100% |
Depreciation to total assets | dep | (Depreciation/total assets) × 100% |
R&D expense to net sales | rd | (R&D expenses/net sales) × 100% |
Institutional investors shareholding | insthold | (Number of shares hold by institutional investors / number of shares outstanding) × 100% |
Directors shareholding | dirhold | (number of shares hold by directors / number of shares outstanding) × 100% |
Directors’ shareholding pledge ratio | pledge | (Number of shares pledged by all directors / number of shares hold by all directors) × 100% |
Industry dummies | INDUSTRY | Industry dummies vector, including 30 industry dummies (sample belongs to 31 industries) |
Yearly dummies | YEAR | Year dummies vector, including 13 industry dummies (sample is divided into 14 years) |