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International Journal of Corporate Social Responsibility

Table 6 Regression result of the effects of CSR (Social Contribution Value Per Share: scvps) 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)

scvps

-1.204***

-0.00524***

-0.364***

-0.00314***

-0.174***

-0.00494***

-0.0441***

-0.00259***

(-16.82)

(-11.96)

(-8.42)

(-6.48)

(-11.48)

(-10.53)

(-6.05)

(-5.33)

asset

11.90***

0.0785***

2.053***

0.0150***

3.432***

0.0876***

0.284***

0.0166***

(22.74)

(24.55)

(6.50)

(4.24)

(30.99)

(25.52)

(5.33)

(4.67)

mtb

5.480***

0.00913***

1.504***

0.00757***

0.427***

0.00715***

0.0824***

0.00465***

(25.86)

(7.05)

(11.75)

(5.28)

(9.53)

(5.15)

(3.82)

(3.24)

tang

-0.586***

-0.00411***

0.0114

-0.000118

-0.136***

-0.00324***

0.00211

-0.000211

(-21.82)

(-24.99)

(0.70)

(-0.65)

(-23.99)

(-18.42)

(0.77)

(-1.16)

dep

2.345***

0.0108***

0.469***

-0.00228

0.406***

0.0100***

-0.000574

-0.00299*

(10.07)

(7.59)

(3.33)

(-1.45)

(8.23)

(6.57)

(-0.02)

(-1.90)

rd

-0.00104***

-0.00000500***

-0.0000517

-0.000000212

-0.000302***

-0.00000560***

0.00000173

0.00000112

(-4.45)

(-3.51)

(-0.37)

(-0.13)

(-6.12)

(-3.67)

(0.07)

(0.71)

insthold

-0.162***

-0.00114***

-0.0540***

-0.000280

-0.0551***

-0.00178***

-0.00349

-0.000237

(-4.81)

(-5.52)

(-2.66)

(-1.23)

(-7.74)

(-8.06)

(-1.02)

(-1.04)

dirhold

0.330***

0.00179***

0.0353

0.000208

0.0517***

0.00155***

0.00660

0.000217

(6.91)

(6.14)

(1.23)

(0.64)

(5.12)

(4.96)

(1.36)

(0.67)

pledge

0.291***

0.00250***

0.00229

0.000245

0.0932***

0.00270***

0.00501

0.000223

(8.24)

(11.57)

(0.11)

(1.03)

(12.46)

(11.68)

(1.39)

(0.93)

INDUSTRY dummies

yes

yes

yes

yes

yes

yes

yes

yes

YEAR dummies

yes

yes

yes

yes

yes

yes

yes

yes

constant

-87.50***

-0.674***

-31.73***

0.303***

-9.775***

-0.679***

-4.354***

0.278***

(-11.55)

(-14.54)

(-6.94)

(5.90)

(-6.09)

(-13.67)

(-5.64)

(5.42)

Num. of obs

16,507

16,507

16,501

16,501

16,507

16,507

16,501

16,501

Adj. R-square

0.093

0.072

0.013

0.004

0.092

0.062

0.004

0.003

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 per share: scvps) 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 using White's heteroscedasticity consistency robust standard error), and *, **, and *** indicate that the estimated coefficients are significant at the 10%, 5%, and 1% significance levels, respectively
  2. *indicates that the estimated coefficient of the regression is statistically significant at least at the 10% level
  3. **indicate that the estimated coefficient of the regression is statistically significant at least at the 5% level
  4. ***indicate that the estimated coefficient of the regression is statistically significant at least at the 1% level
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