Table 3 The impact of cultural inclusion on corporate sustainability.
TFP_LP | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
C_Inclu | 0.140*** (8.253) | 0.122*** (5.229) | ||
Out_cui | 0.158*** (5.802) | 0.155*** (5.127) | ||
Size | 0.536*** (66.381) | 0.536*** (66.103) | 0.536*** (66.069) | 0.534*** (65.856) |
ROA | 2.765*** (17.671) | 2.771*** (17.620) | 2.763*** (17.592) | 2.780*** (17.683) |
LEV | 1.017*** (25.984) | 1.011*** (25.743) | 1.014*** (25.828) | 1.020*** (25.970) |
BM | 0.002 (0.053) | −0.004 (−0.102) | 0.005 (0.134) | 0.008 (0.207) |
Attention | 0.003*** (5.657) | 0.003*** (5.134) | 0.003*** (5.584) | 0.003*** (5.331) |
RET | 0.064*** (4.643) | 0.065*** (4.734) | 0.064*** (4.645) | 0.064*** (4.652) |
Turnover | −0.000 (−0.918) | −0.000 (−0.989) | −0.000 (−1.008) | −0.000 (−1.057) |
TOP_1 | 0.000 (0.390) | 0.000 (0.392) | 0.000 (0.421) | 0.000 (0.288) |
TOP_10 | 0.002*** (3.862) | 0.002*** (4.245) | 0.002*** (3.840) | 0.002*** (3.912) |
Boardsize | −0.011*** (−3.387) | −0.013*** (−3.986) | −0.012*** (−3.480) | −0.013*** (−3.764) |
Indeboard | −0.184* (−1.778) | −0.218** (−2.101) | −0.193* (−1.863) | −0.217** (−2.088) |
Lncom | 0.048*** (5.208) | 0.059*** (6.466) | 0.046*** (4.937) | 0.049*** (5.256) |
SOE | 0.073*** (5.354) | 0.058*** (4.302) | 0.074*** (5.382) | 0.065*** (4.773) |
Separation | 0.001** (2.204) | 0.001** (1.972) | 0.002** (2.272) | 0.002** (2.402) |
CO_CEO | −0.038*** (−3.421) | −0.033*** (−2.994) | −0.037*** (−3.399) | −0.035*** (−3.223) |
GDP_per | 0.000 (0.884) | −0.000 (−0.479) | ||
GDP_growth | 0.001 (0.224) | 0.007 (1.444) | ||
Pop_growth | 0.010*** (4.003) | 0.013*** (5.248) | ||
Consume_per | 0.003 (0.074) | 0.124*** (2.906) | ||
Constant | −5.334*** (−28.552) | −5.512*** (−29.359) | −5.489*** (−6.741) | −7.308*** (−8.787) |
Fixed-effect | √ | √ | √ | √ |
Obs | 10140 | 10140 | 10140 | 10140 |
R-squared | 0.787 | 0.786 | 0.787 | 0.787 |
