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) | |
csrdummy | -19.45*** | -0.121*** | -5.080*** | -0.147*** | Â | Â | Â | Â |
(-6.18) | (-6.20) | (-7.54) | (-7.06) | Â | Â | Â | Â | |
csrcumu | Â | Â | Â | Â | -2.512*** | -0.0196*** | -0.738*** | -0.0265*** |
 |  |  |  | (-5.04) | (-6.38) | (-6.93) | (-8.03) | |
asset | 11.70*** | 0.0773*** | 3.424*** | 0.0870*** | 11.66*** | 0.0782*** | 3.435*** | 0.0887*** |
(24.13) | (25.80) | (32.99) | (27.07) | (23.80) | (25.83) | (32.76) | (27.35) | |
mtb | 4.565*** | 0.00719*** | 0.356*** | 0.00516*** | 4.568*** | 0.00729*** | 0.358*** | 0.00534*** |
(24.37) | (6.20) | (8.87) | (4.15) | (24.36) | (6.29) | (8.93) | (4.30) | |
tang | -0.527*** | -0.00386*** | -0.131*** | -0.00308*** | -0.525*** | -0.00385*** | -0.131*** | -0.00307*** |
(-21.32) | (-25.30) | (-24.82) | (-18.83) | (-21.24) | (-25.23) | (-24.73) | (-18.75) | |
dep | 2.543*** | 0.0118*** | 0.482*** | 0.0116*** | 2.536*** | 0.0118*** | 0.481*** | 0.0116*** |
(11.81) | (8.84) | (10.44) | (8.10) | (11.77) | (8.85) | (10.42) | (8.12) | |
rd | -0.000954*** | -0.00000429*** | -0.000280*** | -0.00000492*** | -0.000952*** | -0.00000428*** | -0.000280*** | -0.00000493*** |
(-4.56) | (-3.32) | (-6.27) | (-3.56) | (-4.56) | (-3.32) | (-6.27) | (-3.56) | |
insthold | -0.227*** | -0.00136*** | -0.0617*** | -0.00187*** | -0.229*** | -0.00135*** | -0.0618*** | -0.00185*** |
(-7.46) | (-7.22) | (-9.46) | (-9.25) | (-7.50) | (-7.18) | (-9.47) | (-9.17) | |
dirhold | 0.345*** | 0.00192*** | 0.0612*** | 0.00166*** | 0.344*** | 0.00191*** | 0.0609*** | 0.00165*** |
(7.91) | (7.14) | (6.57) | (5.76) | (7.89) | (7.11) | (6.53) | (5.72) | |
pledge | 0.293*** | 0.00242*** | 0.0878*** | 0.00259*** | 0.292*** | 0.00240*** | 0.0873*** | 0.00256*** |
(8.75) | (11.70) | (12.27) | (11.69) | (8.72) | (11.60) | (12.19) | (11.55) | |
INDUSTRY dummies | yes | yes | yes | yes | yes | yes | yes | yes |
YEAR dummies | yes | yes | yes | yes | yes | yes | yes | yes |
constant | -89.68*** | -0.679*** | -10.40*** | -0.690*** | -89.12*** | -0.693*** | -10.60*** | -0.717*** |
(-12.72) | (-15.59) | (-6.89) | (-14.78) | (-12.50) | (-15.72) | (-6.94) | (-15.19) | |
Num. of obs | 18,963 | 18,963 | 18,963 | 18,963 | 18,963 | 18,963 | 18,963 | 18,963 |
Adj. R-square | 0.079 | 0.065 | 0.086 | 0.057 | 0.078 | 0.065 | 0.086 | 0.058 |
Prob. of F-stat | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |