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International Journal of Corporate Social Responsibility

Table 5 Regression result of the effects of CSR (Social Returns on Assets: sroa) 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)

sroa

-1.677***

-0.00805***

-0.811***

-0.00538***

-0.277***

-0.00732***

-0.114***

-0.00468***

(-39.18)

(-30.05)

(-30.87)

(-17.98)

(-29.97)

(-25.38)

(-25.40)

(-15.58)

asset

11.19***

0.0745***

1.910***

0.0136***

3.238***

0.0816***

0.283***

0.0158***

(23.56)

(25.08)

(6.55)

(4.10)

(31.57)

(25.48)

(5.66)

(4.76)

mtb

5.028***

0.00821***

1.468***

0.00743***

0.387***

0.00603***

0.0925***

0.00463***

(25.91)

(6.76)

(12.32)

(5.47)

(9.24)

(4.61)

(4.53)

(3.41)

tang

-0.706***

-0.00472***

-0.0621***

-0.000539***

-0.157***

-0.00381***

-0.00806***

-0.000571***

(-27.79)

(-29.70)

(-3.98)

(-3.03)

(-28.70)

(-22.27)

(-3.01)

(-3.21)

dep

2.654***

0.0124***

0.621***

-0.00170

0.485***

0.0122***

0.0162

-0.00263*

(12.22)

(9.10)

(4.66)

(-1.12)

(10.34)

(8.33)

(0.71)

(-1.73)

re

-0.00154***

-0.00000747***

-0.000299**

-0.00000187

-0.000394***

-0.00000792***

-0.0000325

-0.000000424

(-6.92)

(-5.36)

(-2.19)

(-1.20)

(-8.18)

(-5.27)

(-1.38)

(-0.27)

insthold

-0.116***

-0.000860***

-0.0245

-0.0000960

-0.0431***

-0.00141***

0.00111

-0.0000856

(-3.79)

(-4.48)

(-1.30)

(-0.45)

(-6.51)

(-6.83)

(0.34)

(-0.40)

dirhold

0.400***

0.00224***

0.0482*

0.000227

0.0687***

0.00190***

0.00863*

0.000266

(9.13)

(8.15)

(1.79)

(0.74)

(7.25)

(6.43)

(1.87)

(0.87)

pledge

0.234***

0.00214***

-0.0230

0.0000719

0.0795***

0.00233***

0.000999

0.0000682

(6.99)

(10.21)

(-1.12)

(0.31)

(10.97)

(10.32)

(0.28)

(0.29)

INDUSTRY dummies

yes

yes

yes

yes

yes

yes

yes

yes

YEAR dummies

yes

yes

yes

yes

yes

yes

yes

yes

constant

-58.53***

-0.523***

-19.39***

0.387***

-3.787**

-0.508***

-2.920***

0.343***

(-8.46)

(-12.08)

(-4.57)

(7.99)

(-2.53)

(-10.89)

(-4.01)

(7.08)

Num. of obs

17,548

17,548

17,542

17,542

17,548

17,548

17,542

17,542

Adj. R-square

0.148

0.107

0.059

0.020

0.125

0.086

0.038

0.015

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 result of the effects of CSR performance (proxied by the social returns on assets: sroa) 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 *** indicate that the estimated coefficients reach significance level of 10%, 5% and 1%, respectively
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