Is capital structure associated with corporate social responsibility?

Hsu, Shu-Chen; Wu, Kun-Tsung; Wang, Qing; Chang, Yuan

doi:10.1186/s40991-023-00081-9

International Journal of Corporate Social Responsibility

Table 2 Descriptive statistics

From: Is capital structure associated with corporate social responsibility?

Variable	Panel A. Full samples					Panel B. Samples of CSR-firms (samples of firms that scvps greater than median)					Panel C. Samples of non CSR-firms (samples of firms that scvps smaller than median)					Difference in mean
Variable	Num. of obs	Mean	Std. Dev	Min	Max	Num. of obs	Mean	Std. Dev	Min	Max	Num. of obs	Mean	Std. Dev	Min	Max	Difference in mean
lev	21,155	75.381	79.976	1.3618	722.01	8,565	69.020	62.054	1.7480	640.62	8,566	79.500	91.603	1.3618	722.01	-10.480^***
levab	21,155	0.3351	0.4721	0.0000	1.0000	8,565	0.3115	0.4631	0.0000	1.0000	8,566	0.3449	0.4753	0.0000	1.0000	-0.0334^***
levdif	20,896	-0.4555	47.604	-701.76	662.40	8,564	-2.5771	38.718	-701.76	434.76	8,560	3.9681	50.851	-678.4	662.40	-6.5451^***
levdifd	20,896	0.5064	0.5000	0.0000	1.0000	8,564	0.4819	0.4997	0.0000	1.0000	8,560	0.5473	0.4978	0.0000	1.0000	-0.0654^***
debt	21,155	35.767	16.671	7.9020	70.340	8,565	35.468	15.323	7.9020	70.340	8,566	35.701	17.563	7.9020	70.340	-0.2336
debtab	21,155	0.4783	0.4995	0.0000	1.0000	8,565	0.4605	0.4985	0.0000	1.0000	8,566	0.4860	0.4998	0.0000	1.0000	-0.0255^***
debtdif	20,896	-0.1023	7.9304	-59.931	61.942	8,564	-0.3426	7.0098	-55.144	57.156	8,560	0.4437	8.0058	-58.411	61.942	-0.7863^***
debtdifd	20,896	0.4973	0.5000	0.0000	1.0000	8,564	0.4819	0.4997	0.0000	1.0000	8,560	0.5297	0.4991	0.0000	1.0000	-0.0478^***
scv	19,390	10.376	7.5924	-17.733	20.366	8,565	13.689	1.2551	10.366	20.366	8,566	7.0623	9.8360	-17.733	17.639	6.6271^***
sroa	19,390	12.409	14.038	-175.96	131.92	8,565	19.253	9.3212	1.6005	113.11	8,566	3.5287	11.126	-175.09	60.336	15.724^***
scvps	17,131	4.6566	8.3704	-15.873	336.94	8,565	8.3796	10.475	3.0966	336.94	8,566	0.9340	1.6391	-15.873	3.0938	7.4456^***
asset	21,155	15.007	1.4492	4.6052	21.924	8,565	15.446	1.3606	12.002	21.924	8,566	14.930	1.3445	10.179	20.326	0.5155^***
mtb	19,727	1.8970	2.9026	0.0800	192.99	8,565	2.0983	1.5607	0.2600	22.670	8,565	1.5159	3.5536	0.0900	192.99	0.5824^***
tang	21,154	52.426	23.387	0.0000	100.00	8,565	50.269	22.295	0.1203	99.967	8,566	57.493	23.061	0.1251	100.00	-7.2238^***
depc	20,977	2.0025	2.5891	0.0000	61.812	8,565	1.9996	2.3645	0.0000	20.342	8,564	1.8971	2.6247	0.0000	54.092	0.1025^***
rd	20,129	71.925	2665.0	0.0000	233489.1	8,343	4.1320	6.2753	0.0000	85.320	8,170	123.05	3511.0	0.0000	233489.1	-118.92^***
insthold	19,990	39.006	22.806	0.0000	100.00	8,565	42.699	22.792	0.0000	100.00	8,562	33.701	21.256	0.0000	97.920	8.9977^***
dirhold	20,011	21.825	14.894	0.0000	99.710	8,565	21.780	14.950	0.1200	87.830	8,565	20.030	13.175	0.0000	84.260	1.7500^***
pledge	20,011	7.4121	16.373	0.0000	100.00	8,565	6.2826	14.071	0.0000	100.00	8,565	9.4013	19.048	0.0000	100.00	-3.1188^***

This table reports the basic statistics of each variable, including the number of non-missing observations, mean, standard deviation, minimum and maximum of full samples (Panel A), samples of CSR-firms (samples of firm that scvps are greater than median, Panel B) and samples of non CSR-firms (samples of firm that scvps are smaller than median, Panel C). The rightmost column reports the differences (and t-statistics) in means of each variable, and *, ** and *** indicate a statistically significant difference at the 10%, 5%, and 1% level in means for two groups of samples on a specific variable, respectively
^*indicates a statistically significant difference at the 10% level in means for two groups of samples on a specific variable
^**indicate a statistically significant difference at the 5% level
^***indicate a statistically significant difference at the 1% level in means for two groups of samples on a specific variable

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