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International Journal of Corporate Social Responsibility

Table 4 Regression result of the effects of CSR (Social Contribution Value: scv) on the capital structure

From: Is capital structure associated with corporate social responsibility?

Explanatory variables

Explanatory variables (capital structure)

lev

levab

levdif

levdifd

debt

debtab

debtdif

debtdifd

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

scv

-1.899***

-0.00810***

-1.082***

-0.00895***

-0.250***

-0.00603***

-0.145***

-0.00749***

(-24.80)

(-17.05)

(-23.33)

(-17.12)

(-15.20)

(-11.80)

(-18.28)

(-14.30)

asset

13.88***

0.0857***

3.487***

0.0270***

3.576***

0.0895***

0.492***

0.0270***

(27.58)

(27.44)

(11.44)

(7.87)

(33.10)

(26.66)

(9.45)

(7.85)

mtb

4.443***

0.00544***

1.178***

0.00544***

0.293***

0.00355***

0.0520**

0.00292**

(22.38)

(4.41)

(9.81)

(4.02)

(6.88)

(2.68)

(2.53)

(2.15)

tang

-0.589***

-0.00411***

-0.0124

-0.000281

-0.135***

-0.00321***

-0.000729

-0.000336*

(-22.89)

(-25.79)

(-0.79)

(-1.60)

(-24.54)

(-18.71)

(-0.27)

(-1.91)

dep

2.026***

0.00951***

0.292**

-0.00417***

0.392***

0.00981***

-0.0290

-0.00473***

(9.09)

(6.88)

(2.16)

(-2.74)

(8.19)

(6.60)

(-1.26)

(-3.10)

re

-0.00139***

-0.00000651***

-0.000265*

-0.00000206

-0.000354***

-0.00000672***

-0.0000258

-0.000000524

(-6.09)

(-4.59)

(-1.91)

(-1.32)

(-7.21)

(-4.41)

(-1.09)

(-0.33)

insthold

-0.187***

-0.00122***

-0.0558***

-0.000273

-0.0559***

-0.00176***

-0.00343

-0.000244

(-5.96)

(-6.25)

(-2.94)

(-1.28)

(-8.31)

(-8.42)

(-1.06)

(-1.14)

dirhold

0.384***

0.00214***

0.0440

0.000237

0.0647***

0.00178***

0.00787*

0.000269

(8.55)

(7.66)

(1.62)

(0.77)

(6.70)

(5.94)

(1.69)

(0.87)

pledge

0.284***

0.00240***

-0.00224

0.000174

0.0891***

0.00260***

0.00409

0.000162

(8.27)

(11.27)

(-0.11)

(0.74)

(12.08)

(11.34)

(1.15)

(0.69)

INDUSTRY dummies

yes

yes

yes

yes

yes

yes

yes

yes

YEAR dummies

yes

yes

yes

yes

yes

yes

yes

yes

constant

-100.7***

-0.712***

-41.95***

0.213***

-9.898***

-0.661***

-5.998***

0.196***

(-14.08)

(-16.04)

(-9.69)

(4.37)

(-6.45)

(-13.87)

(-8.11)

(4.01)

Num. of obs

17,548

17,548

17,542

17,542

17,548

17,548

17,542

17,542

Adj. R-square

0.104

0.077

0.038

0.018

0.092

0.060

0.021

0.013

Prob. of F-stat

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

  1. This table reports the regression estimation results of the effects of CSR performance (proxied by the social contribution value: scv) on the corporate capital structure. The capital structure variables in model (1) ~ (8) are leverage ratio (lev), leverage ratio greater than mean (levab), change in leverage ratio (levdif), change in leverage ratio greater than 0 (levdifd), debt ratio (debt), debt ratio greater than mean (debtab), change in debt ratio (debtdif) and change in debt ratio greater than 0 (debtdifd). The control variables include firm scale (asset), market-to-book ratio (mtb), fixed assets to total assets (tang), depreciation to total assets (dep), R&D expense to net sales (rd), institutional investors’ shareholding (insthold), directors’ shareholding(dirhold), directors’ shareholding pledge ratio(pledge), industry dummies vector (INDUSTRY) and yearly dummies vector (YEAR). The values in brackets are the t-statistics of estimated coefficients (calculated by the White’s heteroscedasticity consistency robust standard error), and *, ** and *** indicates that the estimated coefficients reach significance level of 10%, 5% and 1%, respectively
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