Table 10 The Heterogeneity of CSR’s moderate role in stock return recovery for state vs non-state companies.
Non-state companies | State companies | |||||
|---|---|---|---|---|---|---|
RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Logcovid19 | −0.001 [0.124] | −0.001 [0.119] | −0.001 [0.120] | −0.001 [0.158] | −0.001 [0.151] | −0.001 [0.141] |
CSR | 1.187 [0.826] | 0.886 [0.969] | ||||
CSR*Logcovid19 | 0.091 [0.111] | 0.000 [0.130] | ||||
StrategicCSR | 1.730 [1.060] | −0.360 [0.966] | ||||
StrategicCSR*LogCovid19 | 0.099* [0.052] | 0.086 [0.129] | ||||
ResponsiveCSR | 0.045 [0.971] | 2.586* [1.386] | ||||
ResponsiveCSR*LogCovid19 | −0.001 [0.131] | −0.001 [0.186] | ||||
Size | −0.582*** [0.124] | −0.626*** [0.125] | −0.398*** [0.118] | 0.288** [0.122] | 0.475*** [0.124] | 0.475*** [0.115] |
Leverage | −3.639*** [0.505] | −3.646*** [0.505] | −3.737*** [0.505] | −0.343 [0.749] | −0.385 [0.751] | −0.808 [0.751] |
ROA | −1.107** [0.490] | −1.099** [0.490] | −1.030** [0.490] | 1.345 [1.046] | 1.395 [1.046] | 0.952 [1.046] |
MtB | −1.064*** [0.099] | −1.088*** [0.100] | −1.040*** [0.099] | 0.259* [0.143] | 0.306** [0.143] | 0.246* [0.142] |
Age | −0.537*** [0.164] | −0.591*** [0.165] | −0.524*** [0.165] | 0.156 [0.233] | 0.187 [0.234] | 0.265 [0.233] |
Cash | 3.857*** [1.483] | 3.827*** [1.483] | 4.025*** [1.484] | 12.908*** [2.096] | 12.775*** [2.097] | 12.577*** [2.093] |
Growth | −1.084*** [0.323] | −0.987*** [0.323] | −1.079*** [0.323] | −1.036** [0.445] | −1.059** [0.446] | −1.128** [0.445] |
Constant | 24.725*** [3.418] | 26.256*** [3.449] | 21.675*** [3.358] | −6.308* [3.267] | −9.949*** [3.339] | −11.306*** [3.164] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 23108 | 23108 | 23108 | 10057 | 10057 | 10057 |
adj. R-sq | 0.043 | 0.043 | 0.042 | 0.064 | 0.064 | 0.068 |
