From: Is capital structure associated with corporate social responsibility?
Explanatory variables | Explanatory variables (capital structure) | |||||||
---|---|---|---|---|---|---|---|---|
lev | levab | debt | debtab | lev | levab | debt | debtab | |
(1) | (2) | (3) | (4) | (1) | (2) | (3) | (4) | |
scvps | -1.835*** | -0.00842*** | -0.268*** | -0.00761*** | -1.155*** | -0.00494*** | -0.165*** | -0.00473*** |
(-15.14) | (-11.36) | (-10.42) | (-9.57) | (-16.08) | (-11.26) | (-10.84) | (-10.04) | |
scvps*family | 0.841*** | 0.00425*** | 0.124*** | 0.00356*** | Â | Â | Â | Â |
(6.44) | (5.32) | (4.50) | (4.15) | Â | Â | Â | Â | |
scvps*tsunami | Â | Â | Â | Â | -2.137*** | -0.0128*** | -0.400*** | -0.00923*** |
 |  |  |  | (-7.11) | (-6.95) | (-6.28) | (-4.68) | |
asset | 12.03*** | 0.0792*** | 3.449*** | 0.0881*** | 11.97*** | 0.0790*** | 3.446*** | 0.0879*** |
(22.99) | (24.75) | (31.14) | (25.67) | (22.90) | (24.71) | (31.14) | (25.63) | |
mtb | 5.538*** | 0.00943*** | 0.436*** | 0.00740*** | 5.481*** | 0.00914*** | 0.428*** | 0.00716*** |
(26.14) | (7.27) | (9.71) | (5.32) | (25.90) | (7.06) | (9.55) | (5.16) | |
tang | -0.610*** | -0.00423*** | -0.140*** | -0.00335*** | -0.598*** | -0.00417*** | -0.139*** | -0.00329*** |
(-22.54) | (-25.52) | (-24.45) | (-18.85) | (-22.24) | (-25.40) | (-24.35) | (-18.68) | |
dep | 2.380*** | 0.0110*** | 0.412*** | 0.0102*** | 2.335*** | 0.0108*** | 0.404*** | 0.00999*** |
(10.23) | (7.72) | (8.35) | (6.67) | (10.04) | (7.56) | (8.20) | (6.54) | |
rd | -0.00105*** | -0.00000508*** | -0.000304*** | -0.00000566*** | -0.00104*** | -0.00000504*** | -0.000303*** | -0.00000563*** |
(-4.52) | (-3.57) | (-6.18) | (-3.71) | (-4.49) | (-3.55) | (-6.16) | (-3.69) | |
insthold | -0.146*** | -0.00105*** | -0.0527*** | -0.00171*** | -0.159*** | -0.00112*** | -0.0546*** | -0.00177*** |
(-4.33) | (-5.12) | (-7.39) | (-7.73) | (-4.73) | (-5.45) | (-7.67) | (-8.01) | |
dirhold | 0.313*** | 0.00171*** | 0.0490*** | 0.00148*** | 0.324*** | 0.00175*** | 0.0505*** | 0.00152*** |
(6.56) | (5.84) | (4.84) | (4.72) | (6.79) | (6.01) | (5.00) | (4.87) | |
pledge | 0.284*** | 0.00246*** | 0.0920*** | 0.00267*** | 0.289*** | 0.00249*** | 0.0928*** | 0.00269*** |
(8.04) | (11.40) | (12.31) | (11.54) | (8.19) | (11.52) | (12.42) | (11.64) | |
INDUSTRY dummies | yes | yes | yes | yes | yes | yes | yes | yes |
YEAR dummies | yes | yes | yes | yes | yes | yes | yes | yes |
constant | -87.85*** | -0.676*** | -9.775*** | -0.680*** | -87.25*** | -0.672*** | -9.727*** | -0.678*** |
(-11.60) | (-14.59) | (-6.10) | (-13.69) | (-11.53) | (-14.53) | (-6.07) | (-13.66) | |
Num. of obs | 16,504 | 16,504 | 16,504 | 16,504 | 16,507 | 16,507 | 16,507 | 16,507 |
Adj. R-square | 0.095 | 0.074 | 0.093 | 0.063 | 0.096 | 0.075 | 0.094 | 0.063 |
Prob. of F-stat | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |